🤑 Pi Network: Whales Dive In, Lawsuit Waves Crash 🌊

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Ah, the Pi Network, that elusive siren of the crypto seas, has once again lured the unsuspecting into its turbulent waters. Today, December 8th, its price sank deeper, as if dragged by the weight of a lawsuit filed in October, its echoes now rippling through the market. 🌊

  • The Pi Network price, like a wounded seabird, has plummeted by double digits in recent days. 🐦‍⬛
  • A lawsuit, as sharp as a harpoon, has been thrust into the heart of its parent company and founders in the U.S. ⚖️
  • Yet, the greatest of whales, undeterred by the storm, continues to feast on the falling tokens. 🐋

Pi Coin (PI), once a gleaming pearl in the crypto oyster, has now dulled to $0.2200, its lowest since November 16th, and a staggering ~23% below its November 28th peak. It remains a shadow of its former self, far from its all-time high. 🌑

This latest plunge comes as the lawsuit against Chengdiao Fan, Nikolas Kokkalis, Pi Community Company, and Socialchain has surfaced, its details as damning as a pirate’s confession. 🏴‍☠️

Harro Moen, the accuser, claims the company and its executives orchestrated a “massive fraud” through token transfers, secret sales of 2 billion tokens, and deliberate migration delays. He further alleges they deceived over 60 million users into believing Pi was a decentralized network, when in truth, it was as centralized as a king’s court, ruled by three validator nodes. 👑 Pi Network and its team, silent as a graveyard, have yet to respond. 🪦

This is not the first time Pi Network has been branded a scam. In February, shortly after its mainnet launch, Bybit’s CEO called it a scam, explaining why his exchange would not list it. Yet, like a stubborn barnacle, the project clings to life. 🦪

Despite the legal tempest, the biggest whale continues to swim against the current, accumulating tokens with the voracity of a great white. Data reveals the whale transferred 1.62 million tokens from OKX three days ago, and another 430,536 on Sunday. A small amount was also moved from Gate.io, perhaps a test run for further accumulation. Now, the whale holds 390.97 million tokens, worth about $86 million, a bet that the price will rebound like a phoenix from the ashes. 🐋🔥

Pi Network Price Technical Analysis 🧮

The daily chart paints a picture of a ship adrift in a storm, with the Pi Network price falling from $0.2820 on November 28th to the current $0.2190. The token teeters on the edge of the Supertrend indicator, a bearish omen. It lingers below the 50-day Exponential Moving Average, while the Relative Strength Index dips below the neutral point at 50. 📉

Thus, the token is likely to continue its descent, with the next key support level at the psychological $0.20. However, in the long term, there is hope for a rebound, as the token enters the accumulation phase of the Wyckoff Theory. Perhaps, like a seasoned sailor, it will weather the storm and sail into calmer waters. ⛵

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2025-12-08 18:07