Pi continues to plunge despite the announcement of the $100 million fund, leaving the community confused as the development team announces additional hiring.

Price Plummets Despite Good News

After reaching a short-term peak of $1.6796 on May 8, the price of Pi token has plummeted and is currently trading around $0.75. Although it is still slightly higher than the low in early April, the price of Pi has significantly decreased from the peak of $2.98 at the end of February.

It is noteworthy that even when the Pi development team (Pi Core Team) announced a $100 million ecosystem development fund on May 14 – news that was expected to boost prices – the market still did not respond positively. On the contrary, some members of the community believe that the fund announcement may be creating additional selling pressure instead of supporting the market as hoped.

Currently, technical analysts are focusing on monitoring the important support level at $0.70. If this level is broken, the 50% Fibonacci support zone will be invalidated and may cause the price to free fall to the $0.40 region.

New Hiring Amid the Crisis

Despite the unstable price situation and the controversies surrounding transparency, the Pi development team unexpectedly announced a new hiring list.

This move has left the community surprised and raised a big question: Why hire more staff at a time when investor confidence is severely shaken? Is this a sign that the team is expanding development, or just a PR move to distract from the increasing doubts?

Doubts of 'Pump and Dump' and Suspicious Wallet Activities

The biggest concern of the community right now is not only the falling price but also the allegations of 'pump and dump' behaviors as well as opaque wallet management.

Many believe that the Pi development team controls over 10,000 wallets and sub-wallets, although currently only 7 large wallets are easy to track. In the past 5 months, internal transactions between foundation wallets have caused considerable concern:

  • 5.4 billion Pi has been transferred from Foundation 1 wallet to Foundation 3 wallet.

  • About 700 million Pi was transferred from Foundation 3 to Foundation 2 in small transactions.

  • More than 1 billion Pi transferred directly from Foundation 1 to Foundation 2.

Current Status:

  • The Foundation 3 wallet holds approximately 4.7 billion Pi.

  • Meanwhile, the Foundation 2 wallet has only about 24 million Pi left.

The community is demanding a clear explanation from the development team regarding these large token movement flows, while also calling for increased transparency and accountability.

Conclusion

Pi Network is going through a volatile period with many doubts and pressure from the community. While the token price continues to plummet and suspicious behaviors in asset management are exposed, moves like announcing a large fund or hiring staff only increase community skepticism.

Investor confidence is at a 'tipping point' – either continue waiting for transparency or abandon a project that is losing credibility.