A Tragic Tale of $18B Vanishing: The Pi Network’s Grand Deception 🎭💸

by

The Inevitable Unraveling: A Tale of Hopes and Hype

Why do mortals still believe in the alchemy of “Pi”?

Behold, the once-glorious Pi Network, now a specter of its former self, has plunged into the abyss with such vigor that even the most ardent optimist would weep. Ninety percent of its value has evaporated, leaving behind a trail of shattered dreams and a market cap that now resembles a beggar’s pouch. The whispers of “rug pull” echo louder than the clinking of empty wallets.

What awaits the poor souls who still cling to PI?

Without a miracle-or perhaps a divine intervention from the elusive “team”-the token’s fate remains sealed in the vaults of despair. The community’s trust, once a fragile thread, now dangles by a hair, while the supply grows like a serpent in the grass, coiling tighter around the project’s fate.

The Pi Network [PI], once hailed as the savior of the crypto commons, has descended into chaos since its March debut. A fleeting peak of $2.79 and a vainglorious $18 billion market cap, born of FOMO and hubris, now lies in ruins. The price, now a pitiful $0.26, has shed over $16 billion in six months, a financial hemorrhage that would make even the most stoic investor wince. 😢

A pseudonymous sage, Mr. Spock, declared the crash a “rug pull” with the solemnity of a priest at a funeral. Alas, the truth is often buried beneath the rubble of shattered illusions.

“Pi’s descent from glory to gutter is a parable for the ages. One might say it is the crypto equivalent of a Russian novel: tragic, self-inflicted, and utterly inevitable. 📖💔”

The Hype Machine: A Gilded Cage

In May, the same accusations of betrayal resurfaced when the team allegedly siphoned $100 million into a venture fund-a treasure trove, it seems, for ventures far removed from the promised utopia. The community, a flock of starry-eyed dreamers, felt the sting of betrayal as the fund’s treasures were squandered on “external uses,” a euphemism as clear as mud. 🤔

Backlash, that old friend of the disillusioned, crushed any hope of a rebound. PI’s price, like a deflated balloon, sank below $0.50, a fate as predictable as the sunrise. Yet, in this tale of woe, a curious twist emerges: Pi Scan reveals that some, perhaps the mad or the masochistic, still cling to PI like a lifeline. 🤝

In the past 24 hours, a net flow of $112.3 million-tokens fleeing exchanges like rats from a sinking ship-suggests a buying spree. One might call it madness, or perhaps a perverse form of hope. 🤡

The Derivatives of Despair

Even as the speculative fervor wanes, the derivatives market tells a tale of desolation. Open Interest, once a proud $120 million, now lies in tatters at $20 million. The futures market, a mirror to the soul of greed, reflects a collapse so profound it would make a monk weep. 🙏

The inflationary tide, relentless and cruel, has swelled the circulating supply by over a billion tokens since May. A flood of PI tokens, like a plague, drowns the market in its own excess. 🐍

The community, once a chorus of hope, now sings a dirge. The project team, once demigods, are now villains in the eyes of the faithful. Unless they mend the broken trust with acts of penance, PI’s price will remain a ghost story told in the dark. 🕯️

Read More

2025-10-07 03:09