The Pi Network is experiencing a turbulent period with its token price dropping amid accusations of a pump-and-dump scheme and suspicious wallet activities. Despite these challenges, the Pi Core Team has announced new job opportunities, causing confusion and concern among the community.
Following a brief surge to $1.6796 on May 8, the price of Pi has significantly declined and is now hovering around $0.75. Despite being slightly higher than its early April lows, the token has decreased since reaching $2.98 in late February.
Even after the announcement of a $100 million ecosystem fund on May 14 by the Pi Core Team to enhance network development, the price decline has not been halted. Some community members speculate that this fund might be adding selling pressure instead of providing market support.
Technical analysts are closely monitoring the crucial $0.70 support level. A break below this support could nullify the 50% Fibonacci retracement level, potentially leading to a drop to $0.40.
Interestingly, amidst the price decline and controversies, the Pi Core Team has released a new list of job openings. This move has raised questions about the timing and intentions behind the recruitment drive given the shaky investor confidence.
In addition to the falling prices, the Pi community is expressing concerns about potential pump-and-dump activities. There are suspicions that the Pi Core Team controls more than 10,000 wallets and sub-wallets, with only the seven largest wallets being easily traceable.
Over the past five months, significant amounts of Pi have been transferred among different wallets controlled by the Pi Core Team, raising transparency and accountability issues. The community is demanding clarity on the whereabouts of these large sums of Pi and is calling for greater transparency from the Pi Core Team.
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