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.
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.
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.
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:
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.
A development fund unveiled May 14 to boost the network, but critics say it may add selling pressure instead of support.
The Core Team’s new job openings during a price slump have puzzled investors about timing and intent.
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