Pi Network Drops 33%, Falls Below $1 Amid Accusations of Betrayal from Community
Pi Network, a cryptocurrency that recently saw a surge in value to $1.40 before plummeting by 33% to around $0.86, has left many investors and supporters reeling. The drastic drop in price followed an announcement from the Pi Core Team on May 14 that has sparked disappointment and anger within the community.
The announcement detailed the launch of Pi Network Ventures, a $100 million investment program aimed at supporting startups and businesses that will help bring real-world utility to the Pi cryptocurrency. The fund, which includes holdings in both Pi and U.S. dollars, is intended to back innovative projects across various industries to foster growth within the Pi ecosystem. Users can access more information about the program directly from the Pi Network app, with the team touting it as a significant step forward in accelerating the development of useful apps and promoting widespread adoption of Pi in everyday life.
However, not everyone within the Pi Network community has welcomed the news with open arms. Crypto analyst, Dr. Altcoin, took to social media to express his discontent, labeling the announcement as a “betrayal.” He criticized the introduction of Pi Network Ventures, claiming that it disregarded the dedication and loyalty of the community that had been instrumental in building Pi over the past six years.
Dr. Altcoin highlighted the fact that many users, known as Pioneers, had not even earned 1,000 Pi tokens due to the team’s decision to halt referral bonuses. This move, in his view, devalued the community’s efforts and contributions. With over 70 million users spanning more than 200 countries, Pi Network had grown into a global movement driven by its people rather than traditional investors. Now, many Pioneers feel marginalized as the Core Team shifts its focus towards ambitious new projects.
“The Core Team’s silence is deafening,” Dr. Altcoin remarked. “Pioneers are not just users – we are the bedrock of Pi Network.” The sentiment within the community reflects a sense of betrayal and neglect, as users grapple with the realization that their hard work and dedication may have been overlooked in favor of grander initiatives.
As Pi Network navigates this period of turbulence and backlash, it remains to be seen how the Core Team will address the concerns raised by its community. The future of Pi Network hinges on its ability to strike a balance between innovation and inclusivity, ensuring that all stakeholders feel valued and heard in the journey towards realizing the platform’s full potential.
