New claims that have wide repercussions in the cryptocurrency world Pi Network He brought up that his team could be the actor behind the recently increasing sales pressure. One of the people close to the project, Mr. Spock claimed that the team released 1.2 million PI coins because they had no source of income. This claim, which caused reactions in the Pi community, gave rise to new discussions about the financial sustainability of the project.
Expert: “Pi Network Team is Behind the Sales”
Known as a respected name in the Pi community, Mr. Spock, from his X account in sharing pi coinHe claimed that the Pi Network core team was responsible for the sharp decline in the price of . The expert stated that since the project did not have an income-generating product or a strong ecosystem, the team sold its coins to create liquidity. Spock stated in his statement that the team’s only financial exit was to convert their PI assets into cash.
Other active members in the community shared a similar opinion. A reviewer is only part of the core team. altcoinHe stated that he had a large amount of PI that could reduce the price of ‘s price from 3 dollars to 0.20 dollars. He also emphasized that individual users, known as Pioneers, do not have the volume to sell at this scale.
Similar accusations of misuse of funds have been made against Pi Network management in the past. In court documents dated 2020, it was claimed that the $20 million project was damaged due to internal management conflicts.
While Pi Coin’s Price Falls, Developments Cannot Calm Down the Reactions
It lost approximately 30 percent of its value in the last month. pi The coin has fallen nearly 90 percent since its peak, damaging investor confidence. Mr. While Spock described the direction of the project as unclear, he claimed that the Pi Network ran the risk of a rug pull attempt turned into a public stage.
Some Pioneers members think the sales may be due to project development costs. It is considered that additional liquidity may be needed to finance Pi Network Protocol 23 updates and developer tools carried out on the test network. On the other hand, despite the technical progress, the team’s steps such as decentralized exchange (DEX) and automatic market maker (AMM) integration in the test network were not enough to dispel the negative atmosphere on the price. In addition, the testing process of SPi, a potential Pi-backed stablecoin, continues.
