Pi Coin Price Drops 30% Following VC Fund Announcement
The price of Pi Coin has dropped sharply following the announcement of Pi Network Ventures, a $100 million venture capital initiative. The coin recently surged over 350% to a peak of $1.50 on May 12 but has since plunged over 42%, trading at approximately $0.87, down 30% in the last 24 hours. This decline has erased around $2.65 billion from its market cap, now at $6.28 billion.
Key Issues
- The announcement triggered disappointment among the Pioneer community, who awaited functional decentralized applications (DApps).
- Criticism arose regarding the Core team's failure to deliver a functioning ecosystem after six years.
- Dr Altcoin reported that 60% of his followers expressed frustration with the announcement.
- 94% of active users have not collected even 1,000 Pi tokens due to inadequate rewards and incentives.
- Concerns include backlog issues with KYC processes and slow validator approvals.
Community Perspectives
- Some members remain optimistic about the long-term vision of building a sustainable ecosystem.
- Analysts suggest that a listing on major exchanges like Binance could enhance liquidity and restore confidence.