After a recent high that saw Pi Network's price touch $1.40, the cryptocurrency has taken a sharp turn downward, plummeting by 33% to trade around $0.86. The steep decline follows a controversial announcement made by the Pi Core Team on May 14, sparking intense criticism and feelings of betrayal within its once-loyal community.$BTC
The Announcement That Sparked Outrage
The Pi Core Team unveiled a new initiative—Pi Network Ventures, a $100 million fund aimed at investing in startups and projects that can drive real-world utility for the Pi cryptocurrency. The capital, split between Pi tokens and U.S. dollars, is intended to support innovation across various sectors, with the goal of accelerating Pi’s adoption in everyday life.
While the team framed the initiative as a crucial step for ecosystem growth, the reaction from the community was far from celebratory.
Community Feels Betrayed
Prominent crypto commentator Dr. Altcoin expressed frustration over the announcement, branding it a "betrayal" of the very people who built the network. He argued that the fund is a delayed effort to create the decentralized apps (DApps) that the community has been promised for years.
“We waited, we believed, and we contributed,” he wrote. “Now, we’re told those promised DApps still don’t exist, and this fund—fueled by the value we created—is only now being used to develop them.”
Dr. Altcoin also criticized the platform’s decision not to reward users with referral bonuses, which left many longtime supporters with less than 1,000 Pi tokens, despite years of dedication. “The contributions of millions have been downplayed and underappreciated,” he added.
A Community at a Crossroads
With a user base of over 70 million across more than 200 countries, Pi Network has thrived on community participation rather than investor backing. However, many "Pioneers"—as the users are called—now feel alienated by the project’s pivot toward large-scale ventures.
“The Core Team’s silence speaks volumes,” Dr. Altcoin concluded. “Pioneers are not just users—they are the backbone of this entire ecosystem.”
As the value of Pi continues to slip and trust in the Core Team wanes, the future of the once-celebrated project now hangs in the b