Pi Network Is Going Through a Volatile Phase as Its Token Price Continues to Slide

The Pi Network is going through a volatile phase as its token price continues to slide amid fresh allegations of a pump-and-dump scheme and suspicious wallet activity.

The Pi Network is currently in a turbulent phase with its token price showing significant volatility amid fresh allegations of a pump-and-dump scheme and suspicious activity in major wallets.

However, despite these setbacks, the Pi Core Team has announced new job openings, further leaving the community both puzzled and concerned.

Price Drops Despite Fund Announcement

Following a brief spike to $1.6796 on May 8, the price of Pi has pulled back sharply and is now trading at around $0.75.

While this level is still slightly above the token’s early April lows, it marks a steep decline from the recent peak of $2.98 that occurred in late February.

Even a major announcement on May 14 about a $100 million ecosystem fund to boost network development failed to stem the price slide. Some members of the community believe that this fund may be contributing to sell pressure as it will be used to support projects and startups, not buy up liquidity in the market.

Technical analysts are monitoring the critical $0.70 support level. A breach of this support would also invalidate the 50% Fibonacci retracement level from the recent low of $0.38 in early April to the high of $2.98. In such a scenario, it could pave the way for a more substantial drop, potentially targeting the $0.40 mark.

However, on May 15, the price showed strength in remaining above the 0.38 fib. It will be interesting to see if the bulls can capitalize on this resilience to push for higher prices.

Credit: TradingView

Hiring Spree Amid the Chaos

Interestingly, amidst the ongoing issues with falling prices and increasing controversies, the Pi Core Team has released a fresh list of job openings.

This move comes at a time when investor confidence is shaky due to the recent price crash and the community is raising concerns about a possible pump-and-dump scheme.

Many community members are pointing out that the Pi Core Team controls over 10,0000 institutions, while only the 7 largest are easily accessible for tracking.

In the last five months alone, there have been significant changes in the balances of these institutions. For instance, Foundation 3’s wallet currently holds 4.7 billion Pi, whereas Foundation 2 has only 24 million Pi remaining.

The community is demanding answers about the whereabouts of these large amounts of Pi and are calling for greater transparency and accountability from the Pi Core Team.