Pi Coin is currently down by more than 6% and is trading at $0.74.

In the days leading up to the Consensus event, Pi Network saw a speculative rally, jumping more than 150% to $1.50 amid rumors of a major ecosystem announcement scheduled for May 14.

However, when no big update was delivered, the token’s value quickly reversed course.

As of this writing, Pi has dropped more than 70% from its peak. Daily trading volume also declined by over 44%, suggesting reduced buying interest.

Analysts warn that without a major catalyst, Pi could return to its historical low of $0.40.

Adding to investor frustration was the announcement of Pi Network Ventures, a $100 million investment initiative aimed at funding decentralized applications and ecosystem projects.

While this was initially viewed as a positive step, community confidence waned when the Pi Core Team stated that the fund could be paused or canceled at any time.

Source: CoinPedia