Pi Coin’s price has plummeted 33% in a matter of hours, losing nearly $5 billion in market cap, after the Pi Network announced the launch of its $100 million Pi Network Ventures fund. The announcement has sparked outrage among the Pioneer community, who feel betrayed by the lack of functioning decentralized applications (DApps), despite years of promises from the core team.
Community Outrage Over Lack of DApps
Pi Coin, which reached a high of $1.50 earlier this week, has now fallen by 45% from its recent highs, with the price currently sitting at $0.8881. The Pioneer community, which helped build Pi Network over the last six years, has expressed frustration, especially considering the absence of real, functioning DApps on the platform.
Pi Network Ventures: Betrayal or Progress?
The Pi Core team unveiled Pi Network Ventures, a $100 million VC fund aimed at funding projects and startups to build DApps. However, the community feels that this move is premature, given that no usable applications have been developed yet. Critics argue that the focus should have been on fulfilling earlier promises before seeking additional investment.
Dr. Altcoin further criticized the Pi Core team for undervaluing the community’s contributions, pointing out that more than 94% of Pioneers failed to earn 1,000 Pi tokens due to the team’s reluctance to offer adequate rewards for referral bonuses.
Pi Coin Market Performance
Pi Coin’s market cap surged to $11.12 billion earlier this week, briefly overtaking Litecoin and Bitcoin Cash. However, the excitement around Pi Network’s announcement quickly faded, with the cryptocurrency now slipping out of the top 20 by market cap. In just three days, Pi Coin lost nearly $5 billion in value.
Current Price: $0.8881 (down 32% today).
24-Hour Trading Volume: $951 million (up 35%).
A significant 5.2 million Pi token unlock has contributed to the current volatility, with traders awaiting price stability before a potential recovery above the $1 mark.
Looking Ahead: Volatility and Community Struggles
As the Pi Coin price faces short-term volatility, the community’s frustration could continue to impact its value. The ongoing lack of progress with DApps, combined with the Pi Core team’s focus on external funding over internal ecosystem development, has left many Pioneers feeling that their support has not been adequately rewarded.
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