Pi Network has seen its market capitalization plummet by over 90% since March 2025, shedding nearly $18 billion in value. The cryptocurrency's price has dropped from $2.79 to $0.26, while its circulating supply has increased by more than 1 billion tokens since May. Allegations of a 'rug pull' have resurfaced, with a pseudonymous commentator, Mr Spock, accusing the team of diverting funds to a $100 million venture fund. Despite a recent net inflow of $112.3 million, speculative interest in Pi Network has significantly waned. Open interest in futures markets has decreased from $120 million to $20 million, reflecting a more than tenfold drop in investor engagement.