- Pi Coin’s market capitalization dropped by almost $5 billion, dropping out of the top 20 list of cryptocurrencies.
- The Pioneer community was livid with the absence of operational DApps on the Pi Network despite all these years of assurances.
- Dr. Altcoin, the well known personality in the Pi Community, blamed the Core Team for ignoring its members.
A Sudden Crash Shakes Pi Coin Enthusiasts
The Coin value is down 33% in hours after Pi coin Network announced to open a $100 million VC fund, as the Pioneer community cries in outrage against betrayal with no working decentralized applications (DApps). Having seen the heights of $1.5 this week, the Pi cryptocurrency has already dropped 45%, giving up nearly all of this week’s gains.
The unexpected drop in the value of Pi Coin seemed to take everyone by surprise. Unofficially listed Pi exchanges saw a sharp sell off as rumors of internal conflict within the Pi Network team and potential delays regarding the highly anticipated Mainnet launch started circulating. Although Pi’s were not officially listed on any of the major exchanges, this did not stop speculative markets from reacting in fear.
Several early adopters, some of whom have been mining Pi coin on their cellphones since 2019, are stunned at the sharp drop. “We were promised revolution, not this,” one commenter sighed on Reddit’s r/PiNetwork. Another said, “This isn’t a price drop. It’s a betrayal.”.
Broken Promises and Mounting Frustration
Since its launch, Pi has positioned itself as a decentralized, open source alternative to other cryptocurrencies such as Bitcoin and Ethereum. Unlike traditional mining, which involves costly hardware, Pi enabled users to “mine” coins on their phones with little energy expenditure. This distinctive method of mining drew tens of millions of users worldwide.
But what began as a bright promise of mobile mining has more and more been sullied by delays, secrecy, and even doubts over the project’s real usefulness. The Pi Network core team has consistently pushed back its full Mainnet rollout, blaming security audits and ecosystem building. But to many in the Pi community, those delays now seem like obstructionism.
Pi Network Reacts, But Perhaps Not In Time
In response to the backlash, the Pi Core Team issued a brief statement urging calm and reiterating their commitment to a “secure and sustainable Mainnet rollout.” They attributed the crash to “external market speculation not reflective of Pi’s true value” and promised more updates soon.
But perhaps the harm has already been inflicted. Trust is difficult to mend once it’s been broken particularly in the tumultuous world of crypto. Leading Pi influencers have started distancing themselves from the project, and several community moderators have quit in outrage.
Pi Coin Slips Out Of Top 20 Crypto List
In the midst of the huge rally to $1.5 this week, the market cap of Pi Coin reached $11.12 billion, surpassing Litecoin and Bitcoin Cash . But the excitement has died out soon after the announcement as the altcoin shed close to $5 billion in valuation over the past three days alone.
Pi Network price is currently trading 32% lower today at $0.8881, as daily trade volumes surged 35% to $951 million. The second reason for Pi Coin drop today is the 5.2 million unlock, and therefore, traders are anticipating some volatility before it recovers beyond $1 again.
What’s Next?
In spite of the present crisis, there are those who still think Pi can recoverif the team is able to deliver on its commitments. “This might be a wake up call,” commented a Pi developer on Telegram. “If the Core Team makes swift decisions and engages the community more directly, Pi can still achieve its original vision.”
But after the recent price crash, doubts are surfacing. The larger crypto community has also noticed, with critics labeling Pi as a cautionary tale regarding hype projects with uncertain timelines and invisible leadership.
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