The Pi Network is going through a volatile phase as its token price continues to slide amid fresh allegations of a pump-and-dump scheme and suspicious wallet activity. Despite these setbacks, the Pi Core Team has announced new job openings, leaving the community both puzzled and concerned.
Price Drops Despite Fund Announcement
After briefly spiking to $1.6796 on May 8, the price of Pi has pulled back sharply and is now trading at around $0.75. Although it remains slightly above its early April lows, the token’s value has dropped since peaking at $2.98 in late February.
Even a major announcement on May 14, where the Pi Core Team unveiled a $100 million ecosystem fund to boost network development, failed to stop the price slide. In fact, some community members argue that this fund may be contributing to sell pressure rather than supporting the market.
Technical analysts are keeping a close eye on the critical $0.70 support level. If this support breaks, it would invalidate the 50% Fibonacci retracement level, possibly opening the door for a drop to $0.40.
Hiring Spree Amid the Chaos
Interestingly, amidst the falling prices and growing controversies, the Pi Core Team has released a fresh list of job openings.
This move comes at a time when investor confidence is shaky, leaving many to question the timing and motives behind the recruitment drive.
Allegations of Pump-and-Dump and Wallet Concerns
Along with falling prices, the Pi community is also raising concerns about possible pump-and-dump activity. Many believe the Pi Core Team controls over 10,000 wallets and sub-wallets, though only the 7 largest wallets are easy to track.
In the last five months:
- 5.4 billion Pi were moved from the Foundation 1 wallet to the Foundation 3 wallet.
- About 700 million Pi were transferred from Foundation 3 to Foundation 2 in smaller batches.
- More than 1 billion Pi went directly from Foundation 1 to Foundation 2.
Right now, the Foundation 3 wallet holds 4.7 billion Pi, while Foundation 2 has only 24 million Pi left. The community is demanding answers about where these large amounts of Pi have gone and is calling for better transparency and accountability from the Pi Core Team.
