|
Getting your Trinity Audio player ready...
|
Pi Network, once riding high at $1.40 following a 100% surge, has now nosedived by 33% to $0.86, leaving many in the community disillusioned. The steep drop came after a May 14 announcement from the Pi Core Team about the launch of Pi Network Ventures, a $100 million investment program aimed at supporting startups that will drive real-world utility for the Pi cryptocurrency.
Why the Sudden Price Drop?
According to the Pi Core Team, the newly introduced Pi Network Ventures fund will back projects across various industries using a mix of Pi and U.S. dollars. The initiative, accessible via the Pi Network app, is being touted as a strategic move to foster the development of decentralized applications (DApps) and promote Pi adoption in daily life.
However, the announcement was met with criticism from some community members, including prominent crypto analyst Dr. Altcoin, who labeled it a “betrayal” of the Pioneer community. “We waited, we believed, and we contributed,” Dr. Altcoin said on social media. “Now, the Core Team is using $100 million to build what they promised years ago, while most Pioneers still don’t even hold 1,000 Pi tokens.”
Also Read: Is Binance Secretly Prepping Pi Network (PI) Listing? Stellar Wallet Activity Raises Eyebrows
Community Outrage and Claims of Betrayal
The backlash stems from frustration that Pi Network, with its 70 million users worldwide, has yet to deliver on promises of DApps that would bring tangible value to the Pi token. Instead, critics argue that the newly launched fund will primarily benefit startups and developers, not the loyal Pioneers who helped Pi Network grow to its current size.
“The silence from the Core Team is deafening,” Dr. Altcoin added, emphasizing that the move undervalues the efforts of those who have supported Pi since its inception.
What’s Next for Pi Network?
As Pi Network’s price continues to hover below the $1 mark, the focus now shifts to whether the new fund can successfully attract projects that will genuinely enhance Pi’s ecosystem. Meanwhile, analysts warn that without clear communication and tangible DApp rollouts, Pi Network could face further price declines, potentially testing lower support levels in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
