Pi Network faces community backlash as token price hits record lows

The Pi Community group is rising more and more pissed off because the token hits document lows and customers voice issues over the venture’s course.

On April 3, Pi Community Turkey, the biggest group group supporting the venture within the area, launched an announcement accusing the crew of sidelining consumer voices.

In response to the group, the builders have adopted a top-down method that contradicts Pi Community’s founding precept of decentralization.

It said:

“The issues we as soon as regarded ahead to with pleasure have now change into mere disappointments. What sort of conscience is it to so simply devour folks’s religion and hopes? What sort of morality is it to ignore the labor, time and goals of so many individuals?”

Key points

In an in depth breakdown, Pi Community Turkey outlined a number of grievances, which embody the indefinite delay of the open mainnet launch, restricted transparency round funds and partnerships, and uncertainty surrounding the community’s DApp ecosystem.

In response to the group, there’s little readability on what number of decentralized functions are operational or present actual worth.

Further issues embody the absence of significant enterprise integrations and a rising mistrust because of repeated delays and unmet guarantees.

Contemplating these, the group revealed plans to start an “unfollow protest,” encouraging pioneers to unfollow official Pi Community channels and categorical discontent throughout main platforms.

The group additionally threatened extra aggressive actions if their calls for go unanswered. These embody coordinated one-star evaluations on the Pi Community app and a social media marketing campaign below the hashtag #PiNetworkProtest.

Pi all-time low

The protest comes because the Pi token plunges to its lowest stage since launch.

Information from CryptoSlate exhibits the asset has dropped round 14% up to now 24 hours. It’s buying and selling close to $0.50, the bottom stage since its debut. The token has misplaced over 80% of its worth since its Feb. 26 peak.

Some analysts attribute the decline to ongoing token unlocks. This month alone, practically 120 million PI tokens, price an estimated $62 million, are anticipated to enter circulation. The community has launched 4.9 billion PI, with one other 1.54 billion scheduled over the following 12 months.

Some within the broader crypto house additionally counsel that Pi Community is affected by a broken repute as skepticism grows over whether or not the venture is capitalizing on Web3 hype with out delivering on its guarantees.