Pi Coin Tanks 40% in 72 Hours—Is the ’Mobile Mining’ Experiment Failing?

Pi Network’s token nosedived this week as mainnet delays and exchange delistings spooked investors. The so-called ’accessible crypto’ now trades at shadowy OTC desks—when it trades at all.

Behind the crash: A perfect storm of vaporware promises. Three years after its mainnet ’launch,’ Pi still lacks open blockchain access or a clear utility case. Meanwhile, the core team keeps changing tokenomics rules—classic red flags for a project that raised $0 in VC funding but somehow convinced 35 million users to ’mine’ with their phones.

Silver lining? The crash finally killed those cringe ’Pi to $314,159’ memes. But with TON and other legit mobile projects gaining traction, Pi’s window for relevance is slamming shut faster than a crypto hedge fund facing SEC subpoenas.

Reasons Behind the Price Drop Despite Fund Announcement

On Wednesday, the PI Network team introduced Pi Network Ventures, a $100 million fund aimed at encouraging the development of decentralized applications (DApps) on their platform. The announcement was met with skepticism as many community members criticized the lack of working DApps even after a six-year wait. The Pioneer community perceived this as a disappointment and a breach of trust.

A prominent community member, known as Dr Altcoin, voiced strong opinions, arguing that the announcement felt like a betrayal to those who had contributed to the ecosystem’s growth over six years. The promise of a robust ecosystem with 100 working applications was unfulfilled, leaving community members disillusioned.

Value and Recognition for Community Contributions

Dr Altcoin also asserted that the Pi Network team has not adequately appreciated the efforts of its community members. It was reported that 94% of the community did not acquire 1000 Pi tokens due to unrecognized referral bonuses.

Dr Altcoin voiced another concern: the Pi Core Team’s silence on protecting community interests. Pioneers are portrayed not just as users but as foundational to Pi Network’s existence.

With an estimated 70 million members across approximately 200 countries, the Pioneer community voiced concerns about Pi Network’s global expansion goals overshadowing community interests.

Pi Coin’s Market Standing and Ranking

Earlier this week, Pi Coin saw a rapid increase in market value, surpassing significant assets and reaching a market cap of $11.12 billion. However, nearly $5 billion of this was lost within three days, dropping Pi Coin out of the top 20.

With a 32% decrease, Pi Coin’s price fell to $0.8881, despite a 35% surge in daily trading volume, hitting $951 million. Experts anticipate continued price volatility in the short term with the release of 5.2 million Pi tokens.

The volatility in Pi Coin’s recent pricing underscored the significance of communication between the community and Pi Network’s team. The venture capital announcement failed to meet the community’s expectations, assessing that declarations without tangible ecosystem developments could harm investor confidence. Investors are monitoring developments for future applications and roadmap updates to understand their impact on prices.