{"id":17497,"date":"2025-12-08T14:53:43","date_gmt":"2025-12-08T14:53:43","guid":{"rendered":"https:\/\/bitunikey.com\/news\/pi-network-price-falls-as-top-whale-resumes-purchases-despite-lawsuit\/"},"modified":"2025-12-08T14:53:47","modified_gmt":"2025-12-08T14:53:47","slug":"pi-network-price-falls-as-top-whale-resumes-purchases-despite-lawsuit","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/pi-network-price-falls-as-top-whale-resumes-purchases-despite-lawsuit\/","title":{"rendered":"Pi Network price falls as top whale resumes purchases despite lawsuit"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Pi Network price continued its downtrend today, Dec. 8, as a lawsuit filed against the developers in October emerged.\u00a0<\/p>\n<div id=\"cn-block-summary-block_22636479763d032c4b4557a4c728c08d\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Pi Network price has pulled back by double digits in the past few days.<\/li>\n<li>A lawsuit against the parent company and its founders was filed in the U.S.<\/li>\n<li>The coin\u2019s biggest whale has continued accumulating in the past few days.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Pi Coin (PI) token dropped to $0.2200, its lowest level since Nov. 16, and ~23% below the highest point on Nov. 28. It remains much lower than the all-time high.<\/p>\n<p>The ongoing Pi Network price crash happened after details of a lawsuit against Chengdiao Fan, Nikolas Kokkalis, Pi Community Company, and Socialchain emerged.\u00a0<\/p>\n<p>This <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.law.com\/radar\/card\/pm-60789834-moen\" target=\"_blank\" rel=\"nofollow\">lawsuit<\/a> was filed by Harro Moen, who accused SocialChain and its executives of conducting a \u201cmassive fraud\u201d through token transfers, secret sales of 2 billion tokens, and deliberate migration delays.\u00a0<\/p>\n<p>He also argues that the company and its executives misled over 60 million users to believe that it was a decentralized network. He noted that Pi was a centralized project maintained by three validator nodes controlled by the company. Pi Network and its team have not responded to the claims.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>It is not the first time that Pi Network has been called a scam or fraud. In February, shortly after the mainnet launch, Bybit\u2019s CEO, called the company a scam, explaining why his exchange would not list it.<\/p>\n<p>Still, the ongoing legal issues have not prevented the biggest whale from continuing his accumulation. Data <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/piscan.io\/account\/GASWBDATCXXIUGHR7DWSFAAONZB2L5NFMBTDCYQQ2TQLRQNCTKJ2AODM\" target=\"_blank\" rel=\"nofollow\">show<\/a> that the whale moved 1.62 million tokens from OKX three days ago, and another 430,536 on Sunday.\u00a0<\/p>\n<p>The whale also moved a small amount of tokens from Gate.io, possibly as he was testing the process, in a sign that he plans to continue the accumulation process. He now holds 390.97 million tokens worth about $86 million, a sign that he expects the price will rebound in the coming weeks.<\/p>\n<h2 class=\"wp-block-heading\">Pi Network price technical analysis\u00a0<\/h2>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">Pi Coin price chart | Source: crypto.news\u00a0<\/figcaption><\/figure>\n<p>The daily timeframe chart shows that the Pi Network price has remained under pressure in the past few weeks, falling from a high of $0.2820 on Nov. 28 to the current $0.2190.<\/p>\n<p>The token is attempting to move below the Supertrend indicator, which would be a bearish sign. It also remains below the 50-day Exponential Moving Average, while the Relative Strength Index has moved below the neutral point at 50.\u00a0<\/p>\n<p>Therefore, the token will likely continue falling, with the next key support level being the psychological level at $0.20.\u00a0<\/p>\n<p>In the long term, however, there is a likelihood that the token will rebound as it is now in the accumulation phase of the Wyckoff Theory.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Pi Network price continued its downtrend today, Dec. 8, as a lawsuit filed against the developers in October emerged.\u00a0 Summary Pi Network price has pulled back by double digits in&hellip;<\/p>\n","protected":false},"author":1,"featured_media":12048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-17497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=17497"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17497\/revisions"}],"predecessor-version":[{"id":17498,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/17497\/revisions\/17498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/12048"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=17497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=17497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=17497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}