Title: Pi Network Plummets 33% Following Controversial $100M Venture Fund Announcement
On May 14, 2025, Pi Network's cryptocurrency, Pi Coin (PI), experienced a significant 33% drop in value, falling below the $1 mark to approximately $0.86. This sharp decline followed the Pi Core Team's announcement of a $100 million venture capital initiative, Pi Network Ventures, aimed at funding startups to develop real-world applications for the Pi ecosystem.
The announcement, intended to accelerate the development of decentralized applications (DApps) within the Pi Network, was met with backlash from the community. Many Pioneers, as Pi Network users are known, expressed feelings of betrayal, citing unfulfilled promises and a lack of tangible progress over the past six years. Critics highlighted that despite the community's efforts, there remains an absence of functional DApps on the platform.
Adding to the community's frustration, the recent price surge to $1.40 earlier in the week, driven by speculation of major exchange listings, was quickly reversed. The lack of immediate utility from the venture fund and unmet expectations regarding exchange listings contributed to the rapid sell-off.
As of now, Pi Coin's market capitalization has dropped significantly, and the token has fallen out of the top 20 cryptocurrencies by market cap. The Pi Network community awaits further developments, hoping for concrete actions that align with the project's long-standing promises.
