The Pi Network token (PI) has suffered a sharp decline, breaking below the critical $1 support level as it lost 30% of its value in the past week.
The PI Network Token launched in February after 6 years currently trades at $0.90, though a slight 9% recovery in the last 24 hours suggests some short-term stability.
However, investor sentiment remains overwhelmingly negative, largely driven by rising concerns over potential fraudulent activities within the project.
Many traders and analysts have pointed to an ongoing downtrend since PI reached its all-time high (ATH) just 24 days ago, raising doubts about the token’s ability to reclaim its previous highs.
Further compounding the uncertainty, a 6.9% drop in Pi open interest has indicated declining market confidence.
Rising Accusations of Fraud Divide the Pi Network Community
A growing number of Pi Network participants are openly questioning the legitimacy of the project, particularly in light of its ongoing price decline.
Critics argue that the system appears unjust, as repeated efforts to “buy the dip” have failed to prevent the downward spiral.
The frustration is evident within the community, with some investors branding Pi Network as a scam, accusing the developers of operating without transparency.
Others, however, continue to hold onto hope, believing that the project could still recover.
Despite this optimism, uncertainty about Pi’s long-term prospects has left many hesitant to invest further, fearing deeper losses.
Users Report Issues with Token Transfers and Wallet Security
Concerns over the security and integrity of the Pi Network have intensified, as numerous users have reported issues with token transfers.
Complaints include unauthorized transactions, unexpected token migrations, and long delays in wallet verification processes.
One investor claimed that their Pi tokens were transferred to an unknown wallet without their initiation, fueling speculation of internal manipulation.
Others have raised alarms about suspicious messages asking them to confirm migrations, unsure if these were official communications or phishing attempts.
Frustration has reached a boiling point, with long-term miners expressing outrage over waiting years for migration, only to experience repeated delays and complications.
Social Media Erupts with Accusations of Deception
The Pi Network controversy has ignited heated debates across social media platforms, with many users voicing their dissatisfaction and accusing the project of being a scam.
Angry investors have criticized Pi Core Team for a lack of clear communication, alleging that the developers have no real intention of fixing the ongoing issues.
Some have gone as far as to claim that Pi Network is engaging in identity theft, misleading miners into thinking they will eventually profit from their efforts.
Others reference past warnings from Chinese authorities in 2023, suggesting that Pi Network was already identified as a potential scam long ago.
The criticism has been particularly strong from users in Nigeria and India, where many have invested significant time into mining Pi, hoping for a future payoff.
Despite Criticism, Pi Network Market Activity Remains High
Despite the controversy, Pi Network continues to see significant trading activity.
The token’s 24-hour trading volume stands at an impressive $779 million, reflecting continued interest from traders and speculators.
Currently priced at $0.9974, Pi has managed a 9.40% gain in the past day, though its overall weekly decline of 30.98% underscores the volatility and uncertainty surrounding the project.
With a circulating supply of 6.8 billion PI, Pi Network maintains a substantial market cap of $6.68 billion.
However, unless the Pi Core Team addresses the concerns raised by its community and resolves issues related to wallet security and migration.
Investor oconfidence may continue to erode, pushing the token’s price further downward.
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