Pi Coin drops 33% as Pioneers react negatively to the launch of the $100M Pi Network Ventures VC fund.
In the hours following the Pi Network’s declaration of establishing a $100 million venture capital fund, the price of Pi Coin has plummeted by 33%. The Pioneer community is furious, as there are currently no operational decentralized applications (DApps). From the highs of $1.5 earlier this week, the Pi cryptocurrency has already plummeted 45%, losing most of its weekly gains.
Why Is Pi Coin Crashing Today, Despite a $100M Venture Capital Fund?
On Wednesday, the Pi Core team announced the establishment of a $100 million VC Fund, Pi Network Ventures. This will fund initiatives and startups developing decentralized applications (DApps) on the platform. Nevertheless, the Pioneer community thinks the Pi Core team has betrayed them by failing to develop functional DApps on the platform. Dr. Altcoin, a prominent figure in the Pi Community, writes:
“Today the Pi Core Team announcement about Pi Network Ventures is nothing short of a betrayal to the Pioneer community, the very people who built this project from the ground up over the past six years. We waited, we believed, and we contributed under the promise that time was needed to develop a strong ecosystem with 100 real, functioning DApps. Now, after six long years, we are told that the DApps the Core Team envisions still do not exist “.
Is the core community being neglected by the Pi Network Team?
Dr. Altcoin has also accused the Pi Core team of undervaluing the contributions of the core community members and neglecting them. Dr. Altcoin has stated that the Core Team’s failure to recompense referral bonuses adequately resulted in over 94% of Pioneers, who have contributed to the development and maintenance of the network, being unable to acquire 1,000 Pi tokens.
Dr. Altcoin observed, “This is not only unjust; it is a clear indication that the community’s efforts have been undervalued.” The Pioneer community is comprised of 70 million members in 200 countries. Dr. Altcoin asserted that Pi Network’s ambitious global objectives have compromised the community.
“The silence from the Pi Core Team on protecting the interests of its community is deafening. Pioneers are not just users — we are the stakeholders, the foundation, and the reason Pi Network exists,” Dr. Altcoin emphasized.
Pi Coin Excluded From The Top 20 Crypto List
Pi Coin’s market capitalization reached $11.12 billion, surpassing that of Litecoin and Bitcoin Cash, amid the substantial increase to $1.5 earlier this week. Nevertheless, the announcement’s excitement has dissipated rapidly, as the altcoin’s valuation has plummeted by nearly $5 billion in the past three days.
Today, the price of the Pi Network is $0.8881, which is 32% lower than yesterday. The daily trading volume has increased by 35% to $951 million. The 5.2 million activation contributes to the Pi Coin’s decline today. Consequently, traders anticipate some volatility before the cryptocurrency rises above $1.
