Pi Network price continues to fall despite big fund announcement

Pi Network is going through a volatile phase as its token price continues to decline.

The Pi Network token price continues to decline as it faces new allegations of pump-and-dump schemes and suspicious wallet activity.

Despite these obstacles, the Pi Core Team announced a new job opening, leaving the community both confused and worried.

Pi Network Price Drops Further Amidst Ecosystem Fund Announcement

Following a brief spike to $1.6796 on May 8, the Pi price has seen another round of sharp declines.

Currently, the token is trading at around $0.75, still slightly higher than the early April low. However, it represents a significant fall from the 2023 peak of $2.98, which was reached in late February.

Even the big announcement on May 14, where the Pi Core Team launched a $100 million ecosystem fund to drive network development and startup investments, failed to stop the price drop.

Some community members have argued that these funds could trigger selling pressure, rather than support the market.

Technical analysts are now focused on the crucial support level at $0.70. A break below this level will invalidate the 50% Fibonacci retracement level and could open up further downside opportunities down to $0.40.

On the other hand, a move above the 38.2% Fib level, currently at $1, could bring back into focus the 50% Fib at $1.40 and the 38.2% Fib at $1.90.

Pi Core Team Announces New Job Opening As Investor Confidence Lowers

Interestingly, amidst the price drop and increasing controversy, the Pi Core Team has also listed a new job opening.

The move comes at a time when investor confidence is shaky, leading many to question the timing and motives behind the hiring wave.

Many are also concerned about the lack of transparency regarding the Pi Core Team’s own wallet activity.

According to reports, the team controls over 10,000 wallets and sub-wallets, although only the 7 largest wallets are easily traceable.

In the last five months:

Currently, Foundation 3’s wallet holds 4.7 billion Pi, while Foundation 2 only has 24 million Pi left.

The community is demanding an explanation of where the massive amount of Pi has gone and urging the Pi Core Team to show greater transparency and accountability in its actions.

The post Pi Network Token Price Drops Again Amidst Pump-and-Dump Concerns appeared first on PINTU Blog.

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