The native token of the Pi Network, PI, tumbled on Aug. 2 after the decentralized platform announced that “pioneers” had an option to lock up tokens even as more than 132 million are set to unlock in August. As shown by data, PI, which traded at nearly $0.46 on July 28, had plunged to under $0.35 (Aug. 2, 12:00 p.m. EST).

The drop brought PI’s 30-day decline to nearly 30%, further disillusioning long-term token holders. While pro-Pi Network social media users attributed the price tumble to whale manipulation, some users believe the decision to insist on locking up tokens is hurting the project.

“Why. No need lockups. You give them 1k pi after 7 years. And now you are insisting on locking for years again? Many people are losing their capital and belief on pi. Now Pi is in downfall to $0.1. Bad handlers of the Picoin project,” one user concluded.

According to an Aug. 1 lockup reminder, Pi Network pioneers “can voluntarily choose to create Lockups regardless of their migration status.” There are two types of lockups: pre-migration and post-migration. By creating a new lockup, token holders can boost individual mining rates, which in turn helps to support a robust and stable ecosystem and incentivize long-term engagement with the network.

However, following the announcement, the token tanked, sparking fresh allegations of impropriety against the core team. As previously reported by Bitcoin.com News, PI also plunged after a key announcement failed to excite exasperated holders. The drop also prompted some critics to label the project the “biggest rug of 2025.”

Meanwhile, one social media user, Dein, claimed PI’s retreat was because major investors are dumping the project.

“Those asking why Pi Network is crashing, here’s the reason behind its sharp decline. This month, Pi Network is set to unlock over 132 million Pi tokens, which are valued at over $70 million. This is the main reason major investors are exiting the project,” Dein argued.

The social media users also shared what they called the lock-up schedule between now and the end of 2025. As indicated by the schedule, more than 600 million PI tokens are set to be unlocked from September through December.

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