- Pi Network price dropped below $0.5, sparking backlash from users and accusations against founder Dr. Nicolas Kokkalis, who defended the decline as part of a broader crypto market correction.
- With the upcoming Pi2Day update on June 28, the community hopes new developments will restore trust and stabilize the coin’s value.
Pi Price Dips Spark Panic and Outrage
The Pi Network has found itself in the crosshairs of controversy after the price of PI coin fell below $0.5, triggering an emotional backlash from users. The sharp decline—dropping to around $0.47—sent shockwaves across the community, with many voicing frustration over social media. Some users went as far as labeling the project’s founder, Dr. Nicolas Kokkalis, a “scammer,” alleging mismanagement and broken promises.
However, Kokkalis didn’t stay silent. He defended the project, pointing to broader market turbulence caused by geopolitical tensions, particularly between Iran and Israel, as the main reason for the downturn—not internal failure.
Founder Responds: “Do You Know About Crypto?”
As users flooded platforms like X with heated criticism, one particularly vocal user accused the founder of fraud, demanding answers for the falling price. Kokkalis fired back, reminding critics that the entire crypto market was facing a correction.
“Do you know about crypto? Why are other cryptos going down?” he asked, suggesting Pi’s price drop mirrored that of other digital assets during turbulent times. He also hinted that the full launch of the open mainnet and future exchange listings could help restore the coin’s value and credibility.
Community Divided Ahead of Major Update
While some praised Kokkalis for his transparency and willingness to engage, others felt his comments brushed aside deeper concerns—such as KYC delays, stalled wallet migrations, and doubts over Pi’s real-world utility.
Still, the community holds out hope. With Pi2Day scheduled for June 28, many expect updates that could reignite momentum and renew trust in the project. If successful, these developments may be key in reversing negative sentiment and setting Pi Network back on a bullish path.
Until then, uncertainty reigns, and the Pi community remains split between cautious optimism and growing skepticism.
