Pi Network Drops 33% as Users Express Disappointment with the New Pi Network Ventures Program

Pi Network, which recently surged to $1.40 following a 100% price jump, has now fallen by 33%. The token is currently trading at around $0.86.

Pi Network, which recently surged to $1.40 following a 100% price jump, has now fallen by 33%. The token is currently being priced at around $0.86, according to data from crypto exchange, Coinsbit.

The sharp drop comes after a May 14 announcement from the Pi Core Team left many supporters disappointed and angry.

What Happened?

On May 14, the Pi Core Team announced the launch of Pi Network Ventures—a $100 million investment program designed to support startups and businesses that will help bring real-world use to the Pi cryptocurrency. The fund, which will be held in both Pi and U.S. dollars, will aim to back innovative projects across different industries to grow the Pi ecosystem.

Those interested in learning more about the program can do so directly from the home screen of the Pi Network app. The team described the move as a “pivotal step forward” which will speed up the creation of useful apps and encourage the adoption of Pi in people’s daily lives.

Why Are People Upset?

Crypto analyst, Dr. Altcoin, took to social media to slam the announcement, which he described as “nothing short of a betrayal.”

The update, which saw the introduction of a new project called Pi Network Ventures, failed to mention the community that helped build Pi over the last six years.

“We waited, we believed, and we contributed. Now we’re told that the real DApps the team promised still don’t exist—and that $100 million in value will be used to finally build them. That value came from the trust and efforts of the Pioneer community.”

Dr. Altcoin went on to highlight how most users, who are known as Pioneers, didn’t even earn 1,000 Pi tokens due to the team’s decision not to reward referral bonuses. “This is unfair and shows how the community’s work has been undervalued.”

With over 70 million users in more than 200 countries, Pi Network has become a global movement—one which is driven by its people, not investors. But now, many Pioneers feel neglected as the Core Team now focuses on large ambitions and new projects.

“The silence from the Core Team is deafening. Pioneers aren’t just users—we’re the foundation of Pi Network.”