An Ambitious Project, Mixed Reactions
The Pi Network, which recently saw a surge of 100% to reach $1.40, is now facing a sharp drop of 33%. The cryptocurrency is currently trading around $0.84. This sudden decline follows a major announcement by the project’s team on 14th May, leaving many supporters disappointed and angry.
Indeed, the Pi team unveiled the launch of Pi Network Ventures, a $100 million investment fund aimed at supporting startups and businesses that will help bring real utility to the Pi cryptocurrency. This fund, held in both Pi and US dollars, aims to finance innovative projects in various sectors to develop the Pi ecosystem.
According to the team, this initiative is a “crucial step” to accelerate the creation of useful applications and promote the adoption of the network in everyday life. However, this announcement has not been well received by a section of the community.
Bad News for Pi Network ?
Crypto analyst Dr. Altcoin strongly criticized this announcement on social media, calling it “pure betrayal”. According to him, this update, which introduces the Pi Network Ventures project, disregards the hard work and loyalty of the community that has contributed to building Pi over the past six years.
“We waited, we believed, and we contributed,” Dr. Altcoin wrote. “Now we are told that the promised true dApps (decentralized applications) by the team still do not exist, and $100 million in value will be used to finally build them. This value came from the trust and efforts of the Pioneer community.”
He also pointed out that most users, called Pioneers, have not even earned 1,000 tokens due to the team’s decision not to reward referral bonuses. “It’s unfair and shows how undervalued the community’s work has been,” he added.
With over 70 million users in more than 200 countries, the Pi Network has evolved into a global movement, driven not by investors, but by its own community. Today, many Pioneers feel neglected as the core team focuses on big ambitions and new projects.
“The silence of the core team is deafening,” concluded Dr. Altcoin. “Pioneers are not just users; we are the foundations of the Pi Network.”
The launch of Pi Network Ventures seems to have sparked mixed reactions within the crypto community. While some see it as a step towards broader adoption, others perceive this initiative as a betrayal of the project’s core values. Only time will tell if the Pi Network can regain the trust of its loyal base.
