Pi Coin has experienced a serious decrease in value with 33 percent loss in the last hours. This harsh decline came after the Pi Network team announced that it had set up a new $ 100 million venture capital fund. The crypto currency increased to $ 1.5 at the beginning of the week, while a total of 45 percent losses and lost most of its weekly returns.
Why did the price fell despite the announcement fund?
The Pi Network team launched a $ 100 million fund called Pi Network Ventures on Wednesday. The aim of this fund was to encourage the development of decentralized practices (DApp) on the platform and to support projects in this field. However, a significant portion of the community members criticizes that there is still no dapp after 6 years of waiting. The Pioneer community considers this development as a kind of disappointment and damage to trust.
Dr Altcoin, an important community member, said in a statement on the subject:
“Today’s Pi Network Ventures announcement is almost a betrayal for the Pioneer community that built the project for six years. We have waited, believed and contributed with the creation of a strong ecosystem and 100 real, employee application promise. However, after six years, it was a great disappointment.”
The value of community members and contributions
Dr Altcoin also claimed that the Pi Network team did not adequately appreciate the efforts of community members. 94 percent of the community, the team is not rewarded sufficiently due to reference bonuses of 1000 pi token was expressed.
Another statement of Dr Altcoin was as follows:
“Pi Core Team’s silence at the point of protecting the interests of the community is too much. Pioneers are not only the user;
It is stated that the Pioneer community has around 70 million members and these people are in about 200 countries in the world. The community expresses concerns that Pi Network’s global growth targets cause community interests to be in the background.
Pi Coin’s market value and place in ranking
Pi Coin managed to leave behind important assets in terms of market value with the rapid rise at the beginning of this week. The market value reached 11.12 billion dollars in a short time, but the acceleration of this increase was lost in a short time. Within three days, there was a melting market value of nearly $ 5 billion, and Pi Coin lost its position between the top 20.
According to the current data, Pi Coin’s price decreased by 32 percent to $ 0.8881, while the increase in transaction volume is remarkable. The daily transaction volume increased by 35 percent to 951 million dollars. Experts, a total of 5.2 million pi token to the market with the release of prices can continue to fluctuate in the short term.
Pi Coin’s harsh price movements in recent days have once again the importance of communication between the community and the Pi Network team. It was evaluated that the announced venture capital fund did not fully meet the expectations of the community and that the announcements made without a concrete ecosystem development may have a negative impact on the investor trust. Pi Coin investors closely monitor the developments and continue to monitor the impact of possible new applications and roadmap updates on the price.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
