Pi Network’s native token, PI, has experienced a sharp 33% decline, currently trading at approximately $0.88. This downturn follows the Pi Core Team’s May 14 announcement of a $100 million investment initiative, Pi Network Ventures, aimed at fostering real-world applications for the cryptocurrency.

📉Current Market Snapshot

As of now, PI is priced at $0.88, reflecting a 0.27% decrease from the previous close. The token’s intraday high reached $1.24, while the low touched $0.83

❗Community Backlash: What’s Fueling the Discontent?

The announcement of Pi Network Ventures has sparked significant backlash among the community, with many Pioneers feeling sidelined. Critics argue that the initiative overlooks the contributions of early supporters who have been instrumental in building the network over the past six years. Concerns have also been raised about the lack of tangible decentralized applications (DApps) and the perceived undervaluation of community efforts.

🔍Underlying Factors Contributing to the Price Decline

Several elements have compounded the recent price drop

Liquidity Challenges: Post-mainnet launch, PI faced significant liquidity issues, with major exchanges struggling to handle trading volumes, leading to price instability.

  • Regulatory Concerns: Accusations labeling Pi Network as a potential scam have emerged, notably from Bybit’s CEO, citing warnings from Chinese authorities.

  • KYC Verification Issues: A substantial number of users have reported difficulties in completing the Know Your Customer (KYC) process, resulting in the loss of their mined PI tokens and eroding trust in the platform.

  • Lack of Exchange Listings: Despite community support, PI has not secured listings on major exchanges like Binance, limiting its accessibility and liquidity.

  • 🧭Looking Ahead: Navigating the Uncertainty

The Pi Network community is calling for increased transparency and a clear roadmap from the Core Team. Key demands include the launch of promised DApps, disclosure of major partnerships, and a definitive timeline for the Open Mainnet. Without these, investor confidence may continue to wane, potentially leading to further declines in PI’s value$PIXEL

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