Pi Coin (PI) Drops 33% as Pi Network Announces $100M VC Fund

From a peak of $1.5 earlier this week, Pi Coin now trades at $0.8881. The sharp fall erased nearly $5 billion in market value, triggering massive backlash from the community.

The price of Pi Coin has dropped sharply in recent hours, falling over 33% after the announcement of a $100 million venture capital fund for DApp development. From a peak of $1.5 earlier this week, the coin now trades at $0.8881. This sharp fall has erased nearly $5 billion in market value, triggering massive backlash from the community.

The Pi Network currently boasts over 70 million users in 200 countries. However, supporters are questioning the value of their participation without tangible DApps or rewards. This discontent is growing as communication from the Core Team remains minimal.

The Pi Core Team Faced Growing Backlash

On Wednesday, the Pi Core Team revealed Pi Network Ventures, a $100 million venture capital fund to support DApp projects. However, the announcement triggered anger among Pioneers, who cited the absence of live decentralized applications.

Community members, on multiple platforms, expressed their disappointment, stating that six years of support have yielded no usable applications. Many have accused the team of shifting focus from product development to external investments. Despite long development timelines, the promise of 100 functional DApps remains unmet. While the fund aims to attract developers to build DApps on Pi Chain, Pioneers feel neglected after years of platform growth without direct rewards.

Dr Altcoin, a prominent figure in the community, criticized the team’s priorities and lack of transparency in a statement that went viral. He said the Core Team is failing to deliver a working ecosystem and neglecting the support of its early backers. His statement was shared widely and sparked further reactions from users on Telegram and Discord.

“Today the Pi Core Team announcement about Pi Network Ventures is nothing short of a betrayal to the Pioneer community, the very people who built this project from the ground up over the past six years.

We waited, we believed, and we contributed under the promise that time was coming for the platform to launch. But six years later, we still don't have a working ecosystem, no DApps to use, and no clear vision for the future of the project.

The team decided to launch a $100 million venture capital fund called Pi Network Ventures to invest in DApp projects. This comes after years of the community asking for DApps and the team promising that they were coming soon.

Pioneers have been patient and supportive of the project. We participated in network security, brought in new users, and contributed to the growth of the Pi Network. Yet, we are being left behind as the team shifts its attention to broader goals.

The community is feeling undervalued and excluded. Our efforts have not been recognized, and our contributions are being brushed aside.

According to Dr Picoin, over 94% of users haven't managed to collect 1,000 Pi tokens despite years of participation. This is due to poor incentive models and limited referral bonuses offered over the years.

This lack of meaningful rewards raises serious doubts about the project's commitment to its core supporters. Despite contributing to network security and growth, many users feel that the project's vision no longer includes them.

The community members believe that their contribution has been instrumental in reaching this stage, but now the Core Team is setting its sights on broader goals, leaving the core supporters behind.

This shift in priorities has led to growing discontent among the community, who feel betrayed by the lack of progress and the shifting focus of the project.

The community is feeling undervalued and excluded. Our efforts have not been recognized, and our contributions are being brushed aside.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years.

The community feels undervalued and excluded, and their efforts have not been recognized.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years. The community feels undervalued and excluded, and their efforts have not been recognized.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years. The community feels undervalued and excluded, and their efforts have not been recognized.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years. The community feels undervalued and excluded, and their efforts have not been recognized.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years. The community feels undervalued and excluded, and their efforts have not been recognized.

This lack of progress and the shifting priorities of the project have led to growing discontent among the community members, who feel betrayed by the project they supported for years. The community feels undervalued and excluded, and their efforts have not been recognized.