Pi Coin Plummets as Community Trust in Pi Network Core Team Wanes

– Pi Coin price drops over 30%, now below $0.90
– Pi Network Ventures announced, but community feels let down
– Open mainnet launched, yet promised apps missing
– Dr Altcoin criticizes Core Team, calls for action

Pi Network, a project aiming to create a decentralized digital currency, has been in development for six years. Its goal is to build a thriving ecosystem of decentralized applications (DApps) and connect Pi with real-world apps. However, recent developments have left many in the community feeling betrayed and disillusioned.

Pi Coin’s value has taken a nosedive, losing over 30% in the last 24 hours, now trading below $0.90. This steep decline follows a controversial move by the Pi Network’s Core Team: the announcement of Pi Network Ventures, a $100 million fund to support the development of DApps. While this might sound like a step forward, it’s been met with a collective groan from the community. Many were expecting an already thriving ecosystem of 100 functioning Pi apps, which was promised around the open mainnet launch in 2025. Instead, they’re still waiting.

The announcement of Pi Network Ventures, rather than instilling confidence, has fueled further frustration. It’s like showing up to a party with a promise of a grand buffet, only to serve appetizers and ask everyone to wait for the main course. Dr Altcoin, a vocal member of the Pi Network community, didn’t mince words:

The Pi Core Team’s Latest Move Leaves Pioneers Behind… After six years of dedication, mining, promoting, and waiting, Pioneers expected a thriving ecosystem. Instead, we…

Dr Altcoin’s frustration echoes throughout the community. The Pioneers, early adopters and supporters of Pi Network, feel sidelined. They’ve been mining, promoting, and patiently waiting, only to see their efforts seemingly funneled into a new venture fund rather than the promised ecosystem.

Adding to the woes are issues with referral and ambassador bonuses, which have been slow to materialize, and a KYC (Know Your Customer) process that’s been dragging its feet since 2021. It’s no wonder that the price of Pi Coin took a hit. The community was hoping for a major exchange listing or at least a working app ecosystem, not another round of promises backed by a venture fund.

Dr Altcoin’s critique goes beyond mere frustration; he’s calling for accountability:

Pioneers built this network. They’ve waited long enough.

Despite the harsh words, Dr Altcoin remains cautiously optimistic about Pi Network’s potential. But he insists that the Core Team needs to step up, improve transparency, and communicate better with the community. It’s not just about the money; it’s about rebuilding trust.

In a market as volatile as cryptocurrency, a 5.2 million token unlock didn’t help matters, adding selling pressure and increasing trading volumes by 35% to $951 million. Pi Coin’s market capitalization briefly surpassed $11 billion, only to plummet sharply thereafter, reflecting the community’s disappointment.

Pi Network’s broader vision includes a two-track growth strategy and the Open Network phase, aimed at connecting Pi with real-world apps. But without the promised apps and with ongoing issues like the slow KYC process, these goals seem distant. The Core Team’s focus on external investments through Pi Network Ventures, rather than on building the promised ecosystem, has left many wondering if the project can regain its footing.

While the Core Team’s intentions may be to bolster the ecosystem through Pi Network Ventures, the community’s perception is that this is a distraction from the core promises that attracted them to the project in the first place. The lack of 100 functioning Pi apps was supposed to be the crown jewel of the open mainnet launch, and their absence is a significant blow to the project’s credibility.

Furthermore, the slow and inconsistent KYC process has been a thorn in the side of the Pi Network community since 2021. This process, which is meant to verify the identity of users, has been a bottleneck, preventing many Pioneers from fully participating in the ecosystem. The delays and frustrations here only compound the sense of betrayal felt by many.

Despite these challenges, the cryptocurrency space is no stranger to volatility and setbacks. Projects with strong communities and visionary goals can often recover from such downturns. However, for Pi Network to do so, it must address these issues head-on. The Core Team needs to deliver on its promises, not just with words but with tangible results. The community’s trust is fragile, and it will take more than a venture fund to mend it.

As the dust settles on this latest development, the Pi Network community watches closely. Will the Core Team heed the calls for change, or will the Pioneers’ patience finally run out? Only time will tell, but one thing is clear: the path forward for Pi Network is fraught with challenges that require more than just a new venture fund to overcome.

Key Questions and Takeaways

• What caused the recent price drop of Pi Coin?

  The price drop was triggered by the announcement of Pi Network Ventures, which disappointed the community expecting a more substantial development like a major exchange listing or a working app ecosystem.

• What is Pi Network Ventures?

  Pi Network Ventures is a $100 million fund announced by the Pi Network to support the development of decentralized applications (DApps) within its ecosystem.

• Why is the Pi Network community frustrated with the Core Team?

  The community is frustrated due to unfulfilled promises, such as the lack of 100 functioning Pi apps despite the open mainnet launch, issues with referral and ambassador bonuses, and a slow and inconsistent KYC process.

• What does Dr Altcoin suggest the Core Team should do?

  Dr Altcoin calls for more transparency, better communication, and real action from the Core Team to address the community’s concerns and rebuild trust.

• Is there still hope for the Pi Network project according to Dr Altcoin?

  Yes, Dr Altcoin believes the project can still succeed but emphasizes the need for the Core Team to take responsibility and act on the community’s expectations.