Pi Token Plummets 41% Amid Manipulation Claims, Community Fights Back

Pi Network, a cryptocurrency project, is currently facing significant challenges as its native token, pi, has experienced a substantial price decline. The token's value recently dropped below $1, reaching a low of $0.87 before slightly recovering to $0.9913. Over the past week, Pi has lost approximately 41% of its value, raising concerns among investors about a potential further decline, possibly to below $0.60. This volatility has created a sense of unease within the community.

In response to the price drop, supporters of Pi Network are developing a new project called PiDaoSwap. This initiative aims to create a decentralized exchange (DEX) where users can trade Pi without relying on external exchanges that may be manipulating its price. The decentralized nature of PiDaoSwap is intended to ensure that the value of Pi reflects genuine market demand, rather than being artificially influenced by external factors.

PiDaoSwap is currently in its final stages of development and is awaiting Know Your Business (KYB) approval from the Pi core team. The project has already secured organizational verification on Twitter, indicating its progress. The Pi Network community in VietNames has asserted that PiDaoSwap will prevent external exchanges from manipulating Pi’s price, as some platforms are reportedly using bots to artificially alter its valuation. However, the lack of listing on major exchanges like Binance, despite growing community pressure, remains a point of frustration for Pi supporters.

Despite the potential of PiDaoSwap, there are concerns regarding Pi Network’s intellectual property (IP) policies. The official documentation prohibits the use of “Pi-related” branding without approval from the core team. This has led the PiDaoSwap team to question whether their project name and domain need modifications to comply with these restrictions before its launch.

As Pi Network grapples with declining prices and allegations of price manipulation, industry experts have expressed mixed opinions about the project’s future. Justin Bons, the founder of CyberCapital, has criticized Pi’s mining process and tokenomics, describing the project as highly centralized and suggesting that its key functions are locked behind KYC verification. Bons has gone so far as to label Pi an “investment scam.”

Conversely, crypto analyst Dr. Altcoin has defended Pi Network, stating that after years of involvement with the project, he has found no evidence to suggest it is a scam. With increasing scrutiny, price instability, and regulatory challenges, Pi Network is at a critical juncture. The success of PiDaoSwap in countering price manipulation and restoring investor confidence will be a key factor in determining the project’s sustainability.