Pi Networkโs (PI) road since transitioning into the mainnet has been nothing short of a challenge. Soaring to a $2.99 all-time price record one week into launch, Pi coin steadily backtracked all the way to $0.40 on April 5, 2025.
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With the annual Consensus crypto conference kicking off yesterday, the Pi holder community, popularly known as the Pioneers, expected a major move by the core team. The building-up anticipation has restored the crucial threshold of $1, but not for long.
Hereโs Why Pi Coin Dwindled Below $1
After hitting the new monthly peak at $1.57 on May 12, 2025, Pi coin price kept steady around the $1.20 major demand territory until the Pi core team made a statement during the conference in Toronto, Canada.
During Consensus 2025, Pi Foundation announced the launch of Pi Network Ventures, which is a $100 million fund centered around real utility and Pi Network adoption. The venture deeds e-commerce, blockchain gaming, artificial intelligence (AI) and social media as main fields of investing.
However, the Pi Network news didnโt sit well with the loyal audience of Pi miners across social media channels.
To illustrate the frustration, Dr. Altcoin, a usual Pi network advocate, exclaimed that the โPi Core Team announcement about Pi Network Ventures is nothing short of a betrayal to the pioneer community, the very people who built this project from the ground up over the past six years.โ
Additionally, the poll that went along with the message on X asked how do the Pioneers feel about the major Pi core team announcement. And so, the majority of 60.6% voters claim to feel โvery disappointedโ, while nearly 29% were โvery happyโ with the announcement.
Key Reasons Behind Pi Coin Holder Rage
Namely, this disappointment stems from the lack of functioning decentralized applications (dApps) on Piโs mainnet. Dr. Altcoin mentioned the promises of a 100-strong decentralized ecosystem, but the core team just announced these will be just starting to be built with the $100 million Pi development fund.
Last but not least, Dr. Altcoin, a profound Pi coin community voice, stated that out of 70 million Pioneers over 94% didnโt acquire even 1,000 Pi coins during those six years. Blaming the teamโs refusal to reward referral bonuses, Dr. Altcoin used it as a perfect example of how Pi Networkโs community efforts are โundervaluedโ.
On The Flipside
- Piโs core team shook up the Consensus 2025 conference in Toronto by announcing the closure of their central node, answering to the centralization concerns raised by the Pioneers.
- Ultimately, the removal of the central node preludes the open-source code release next week, making huge strides for Pi Network to evolve into a decentralized blockchain.
Why This Matters
Pi Network encircles over 70 million crypto enthusiasts across the globe, united in a vision to build a full-fledged decentralized ecosystem on the mobile-mining chain.
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