The price of Pi Network recently soared by 100% to $1.40, but has since dropped by 33%. Currently, the token is trading at around $0.86. This crash stemmed from a statement released by the Pi core team on May 14, which left many supporters feeling disappointed and angry.
What happened?
On May 14, the Pi core team announced the launch of Pi Network Ventures—a $100 million investment plan aimed at supporting startups and businesses that drive the practical application of Pi cryptocurrency. The fund is held in both Pi and USD, and aims to support innovative projects across various industries to strengthen the Pi ecosystem.
Users can learn more about the program directly on the main screen of the Pi Network application. The team described this move as a 'key step forward' aimed at accelerating the development of practical applications and encouraging the adoption of Pi in everyday life.
Why do people feel uneasy?
Cryptocurrency analyst Dr. Altcoin criticized the statement on social media, calling it a 'betrayal.' He stated that this update introduced a new project called Pi Network Ventures, ignoring the hard work and loyalty of community members who have helped develop Pi over the past six years.
'We waited, we believed, we contributed,' Dr. Altcoin wrote. 'Now we are being told that the promised real DApp (decentralized application) from the team still does not exist—and that ultimately $100 million will be invested to build them. The value of this $100 million comes from the trust and efforts of the pioneer community.'
He also pointed out that because the team decided not to provide referral rewards, most users known as 'pioneers' did not even receive 1,000 Pi tokens. 'This is unfair and indicates that the contributions of the community have been underestimated,' he said.
Pi Network has over 70 million users across more than 200 countries, and it has grown into a global movement—its drivers are not investors but its members. Today, as the core team focuses on ambitious goals and new projects, many pioneers feel left behind.
'The silence of the core team is shocking,' Dr. Altcoin added. 'Pioneers are not just users—we are the foundation of the Pi Network.'