Pi Coin Drops More Than 70% After Failing to Deliver on Consensus Event Promises

Pi Coin has just lost more than 6% of its value, currently trading around $0.74, after having surged 150% to $1.50 ahead of the Consensus event.

Pi Coin (PI) has experienced a substantial decline of more than 6% in its value, currently trading at approximately $0.74. The cryptocurrency experienced a steep rise of 150% to reach $1.50 ahead of the Consensus event, where many investors anticipated an important announcement on May 14. However, with no notable updates, the price of Pi quickly 'turned back' from its peak.

Since hitting a high of $1.50, Pi has dropped over 70% from its recent peak, while daily trading volume has also fallen more than 44%, indicating a significant decline in buying power.

The $100 Million Fund Raises Doubts Instead of Building Trust

The introduction of the Pi Network Ventures project, valued at $100 million and focused on supporting decentralized applications (DApps), was initially met with positivity. Nevertheless, community trust has diminished as the development team stated that the fund could be paused or canceled at any time.

This announcement contributes to raising many doubts about the transparency and long-term commitment of Pi Network.

Expert Warning: Need to Move from Promises to Action

Dr. Altcoin, a cryptocurrency expert, highlighted the main reason for the decline in an analysis video. According to Dr. Altcoin, the essence of the problem lies in the ambiguous communication and repeated delays from the Pi Core Team.

"The promise of 100 DApps is not for advertising — it is the core of the ecosystem. If Pi does not create real value, we risk it becoming a memecoin, which would be a shame given the project's potential," Dr. Altcoin remarked in his analysis.

Despite his belief in Pi's long-term potential, Dr. Altcoin cautions that it may take another 2.5 to 5 years for Pi to truly achieve its goals, a timeframe much slower than the community's initial expectations.