Pi Network Token Drops 33% After Ventures Announcement

Pi Network, which recently experienced a significant price surge to $1.40 following a 100% increase, has now seen a 33% drop, with the token currently trading at around $0.86. This sharp decline follows an announcement made by the Pi Core Team on May 14, which left many supporters feeling disappointed and angry.

The announcement in question was the launch of Pi Network Ventures, a $100 million investment program. This initiative is designed to support startups and businesses that aim to bring real-world use to the Pi cryptocurrency. The fund, which is held in both Pi and U.S. dollars, seeks to back innovative projects across various industries to foster the growth of the Pi ecosystem. Users can find more information about the program directly from the home screen of the Pi Network app. The team described this move as a “pivotal step forward” intended to accelerate the creation of useful applications and encourage the adoption of Pi in everyday life.

However, the announcement has sparked significant backlash from the community. Crypto analyst Dr. Altcoin criticized the update on social media, labeling it “nothing short of a betrayal.” He argued that the new project, Pi Network Ventures, overlooked the hard work and loyalty of the community that had contributed to the development of Pi over the past six years. Dr. Altcoin highlighted that many users, known as Pioneers, had not earned even 1,000 Pi tokens due to the team’s decision not to reward referral bonuses, which he deemed unfair and a sign that the community’s efforts had been undervalued.

With over 70 million users across more than 200 countries, Pi Network has grown into a global movement driven by its people rather than investors. Many Pioneers now feel left behind as the Core Team focuses on ambitious new projects. Dr. Altcoin emphasized that the silence from the Core Team has been deafening, stating that Pioneers are not just users but the foundation of the Pi Network.