Pi Coin Value Drops 33% After New $100M Fund Announcement

Pi Coin value fell by 33% after the launch of a $100 million VC fund. Many users are upset because there are still no working apps on the Pi Network. The community feels their hard work was ignored by the Pi Core Team. The price of Pi Coin plummeted a staggering 33% over the last 24 hours, plummeting from previous highs of $1.40 to just below $0.88. This freefall comes after the Pi Network Core Team revealed a $100 million venture capital fund. One that, rather than generating buzz, lit a firestorm of criticism among its massive user base, the Pioneers. The Announcement That Backfired On May 14, the Pi Core Team launched Pi Network Ventures, a VC fund to back startups and developers creating decentralized applications (DApps) on the Pi blockchain. The effort, supported by a mix of Pi tokens and U.S. dollars, is one of the team’s plans to drive real-world adoption and ecosystem development. But for the Pioneers who have stood by the network since its inception, the news came as a slap in the face. Crypto analyst Dr. Altcoin, a vocal member of the Pi community, didn’t mince words. Calling the update a “betrayal,” he noted that after six years of effort, the promised ecosystem of working DApps still doesn’t exist.”. We waited, we believed, and we invested. Now, six years later, we are informed the apps still don’t exist, but the team is releasing a VC fund with our trust-driven value.” Compounding the irritation is the absence of substantial rewards. As per Dr. Altcoin, 94% of individuals did not even reach 1,000 Pi tokens. And it’s great that the Core Team’s minimal referral rewards and gradual introduction of mainnet functionality. From Top 20 to Tumbling Ranks Only days before, Pi Coin was on top, the blockchain token temporarily breaking into the top 20 by market cap at a valuation of $11.12 billion. Ahead of Litecoin and Bitcoin Cash stalwarts. Today, with more than $5 billion erased, Pi Coin is out of the top echelon. Volume, though, has exploded, with $951 million being traded in the last 24 hours reflecting extreme volatility. A recent unlock of 5.2 million Pi tokens put additional bearish pressure, as investors expected short-term volatility. Aside from the market figures, the issue at hand is truly one of trust. With more than 70 million Pioneers spread over 200 nations. The Pi Network’s strength had always been its community base. But as the Core Team turns attention to VC-funded development, several feel left in the lurch. “The deafening silence from the Core Team is deafening,” commented Dr. Altcoin. “We Pioneers are not merely users we are the stakeholders, the building blocks, and the very reason Pi Network exists.” What’s Next for Pi Coin value? In spite of the criticism, the Pi Network Core Team maintains that Pi Network Ventures will expedite the expansion of the long-awaited ecosystem. The Pi app’s homepage now contains details about the fund and its mission. Yet, unless the team works on the fundamental issues of the community particularly around real use cases, token access, and DApp development—the Pi dream might continue to lose its luster. Highlighted Crypto News Today Is $0.020 Still on the Radar for Pudgy Penguins (PENGU) Despite Sluggish Movement? Source: https://thenewscrypto.com/pi-coin-value-drops-33-after-new-100m-fund-announcement/