Pi Network Announces Job Vacancies Amid Scam Rumors; Here’s How To Apply
The Pi Network has been facing a turbulent period, with its token price experiencing a significant decline amidst allegations of a pump-and-dump scheme and suspicious wallet activity. Despite these challenges, the Pi Core Team has made a surprising move by announcing new job openings, sparking confusion and concern within the community.
Price Drops Despite Fund Announcement
Following a brief peak at $1.6796 on May 8, the price of Pi has seen a sharp pullback and is currently trading at around $0.75. Despite remaining slightly above its early April lows, the token has dropped from its peak of $2.98 in late February.
Even the announcement of a $100 million ecosystem fund on May 14 by the Pi Core Team failed to halt the price decline. Some community members speculate that this fund may be adding to sell pressure rather than providing support to the market.
Technical analysts are closely monitoring the critical $0.70 support level. A break below this support could invalidate the 50% Fibonacci retracement level, potentially leading to a further drop to $0.40.
Hiring Spree Amid the Chaos
Interestingly, amidst the declining prices and ongoing controversies, the Pi Core Team has released a new list of job openings. This move has raised questions about the timing and intentions behind the recruitment drive, especially as investor confidence remains uncertain.
Allegations of Pump-and-Dump and Wallet Concerns
In addition to the price decline, the Pi community has raised concerns about possible pump-and-dump activities. Many community members believe that the Pi Core Team controls over 10,000 wallets and sub-wallets, with only the 7 largest wallets being easily traceable.
Over the past five months, there have been significant movements of Pi tokens between wallets controlled by the Pi Foundation. The community is particularly concerned about the large amounts of Pi being transferred between wallets and is calling for greater transparency and accountability from the Pi Core Team.
Overall, the Pi Network is navigating a challenging period marked by price volatility, allegations of misconduct, and a growing sense of unease within the community. The future of the project remains uncertain as stakeholders wait for clarity and reassurance from the Pi Core Team.
