Most popular theory:
There isn't really a more prominent theory, everyone has their own theories.What actually happened:
As you all know, Pinkie lived and worked on a rock farm on the outskirts of Ponyville. She grew up very unhappily, as her parents were very strict with her. Pinkie was born with bright pink colors, not the grayed hues the rest of her family had. This resulted in her family pushing her harder than her sisters, believing her coloring was a hint of her not wanting to be in the family, and not becoming a rock farmer like they were training all their kids to be. Pinkie was hidden upstairs when guests came, as her parents had been asked many times if she was adopted. Day after day, Pinkie worked harder than anypony on the farm. She cried when, at last, her eldest sibling Maude earned her cutie mark. Pinkie was now the only one with out a cutie mark. All her siblings had varying rock marks, but Pinkie, hard as she tried, couldn't seem to attain hers. Her parents panicked, and pushed Pinkie as far as they could. Day and now night, Pinkie sorted rock after rock after rock. She recieved only one and a half meals a day, and wasn't allowed to sleep after dawn or before midnight. The only contact she had was with her sisters in the afternoon, when they came out to work. However, they turned their noses up at her, and often ignored Pinkie completely.
Pinkie was working late the night that Rainbow set off her trademark Sonic Rainboom. Hungry and tired, she trudged out to the fields to finish her work. All of a sudden, the sky lit up as a beautiful rainbow dashed across the sky. The blast stripped Pinkie's hair of the straightening formula she put in everyday in order to look more like her sisters. Racing to find a mirror, Pinkie hurriedly tried to pat her hair down. Upon finding a reflective pail to look in, Pinkie giggled. Her hair was so curly and looked funny if you just tilt your head a certain way...
Pinkie rolled around in the diet, laughing hysterically.
"Pinkemina Diane Pie!"
Pinkie's father yelled. Pinkie stopped laughing at once, and stood to brush the diet off of her.
"Get back to work young lady!"
Her dad exclaimed.
Pinkie sighed. Continuing her work later in the night, she devised a plan. Laughing at her hair had been one of the best experiences for her in a while.
"Maybe if my family laughs to, they'll feel better and stop treating me like this!"
Pinkie whispered. She heard the house door close. Looking around to make sure nopony was watching her, Pinkie creeped into the she's.
She worked all night, blowing up balloons and making cake. And when the sun rose, she put on some fun music. Her feet tingled as her Pinkie sense felt someponies coming. She hid behind a table, waiting...
The door creaked open.
"SURPRISE!!"
Pinkie screamed. Her mom fainted on the spot.
"Pinkimena, clean all this up, NOW!" Her father roared.
"But dad, I-"
"No, Pinkie, no excuses! Clean up! And no dinner, as well as extra chores tonight!"
Pinkie hung her head.
"Yes father."
Her family left the barn, leaving Pinkie to clean up by herself.
"Why can't I do anything right?"
Pinkie muttered. She looked around at her beautiful party. Her eyes watering, she took down the streamers.
"I can't stay here"
Pinkie whispered. She popped some of her balloons. Sobbing, she looked at her decorated cake.
"Th-this c-can't go to w-waste!"
She cried.
She shook as she cut a piece of cake and slowly put it in her mouth.
"It's SO GOOD!!!" Pinkie wailed.
She devoured the entire cake and say in a puddle of her tears on the floor.
"I can't live in a place without happiness!"
"Well why don't you just leave then? No one here likes you!"
Pinkie was talking to herself again. It was a habit she had developed while working alone. It made her less lonely.
"Fine, you know what? I will leave, forever!"
Pinkie had made up her mind. She grabbed a blue streamer and a deflated yellow balloon. Carefully, she tied the streamer to a beam across the roof. Then, standing atop a chair, she wrapped the streamer around her neck and knotted it. Blowing up the balloon a little bit, Pinkie said her last words.
"Goodbye, unhappiness".
She fit the balloon over her head and jumped off the chair.
Yes you're reading this right.
Yes, Pinkie did die.
Pinkie became a ghost and traveled to Ponyville, having the freedom to finally leave, where she now spends her afterlife making sure no one feels the way she did. Because Pinkie is dead, she is able to accomplish many unnatural and unexplainable things, like slowing her falls, and appearing in different places faster than even Rainbow Dash. Pinkie has limited social skills, since she was isolated on the farm, contributing to her apparent weirdness, in which her friends say "She's just being Pinkie Pie". Overall, Pinkie is a happier pony now than she would have ever been alive.
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My Little Pony: The Histories
FanfictionA brief background on the characters in the popular series My Little Pony: Friendship Is Magic