The PI network goes through a volatile phase because its token price continues to slide in the middle of new allegations of a pump and rescue scheme and suspicious wallet activity. Despite these setbacks, the Pi Core team has announced new job offers, leaving the community that is both perplexed and concerned.
The drop in price despite the announcement of the fund
After briefly increased to $ 1,6796 on May 8, the PI price fell sharply and is now negotiated at around $ 0.75. Although it remains slightly above its bottom levels in early April, the value of the token has dropped from its peak at $ 2.98 at the end of February.
Even a major announcement on May 14, where the PI Core team unveiled an ecosystem fund of $ 100 million to stimulate the development of the network, failed to stop the price blade. In fact, some community members argue that this fund could help sell pressures rather than supporting the market.
Technical analysts closely monitor the level of critical support of $ 0.70. If this support breaks, it would invalidate the level of Fibonacci retracement at 50%, possibly opening the door for a drop to $ 0.40.
Hiring of meat in the middle of chaos
Interestingly, in the middle of the drop in prices and increasing controversies, the PI Core team has published a new job opening list.
This decision arrives at a time when investors’ confidence is trembling, leaving a lot to question the calendar and the reasons behind the recruitment campaign.
Allegations of concerns of pump and delight and wallet
In addition to the drop in prices, the PI community also raises concerns concerning a possible pump and dump activity. Many believe that the Pi Core team controls more than 10,000 portfolios and sub-porters, although only the 7 largest wallets are easy to follow.
In the past five months:
- 5.4 billion PIs were moved to the Foundation 1 portfolio at the Foundation 3 portfolio.
- About 700 million IPs were transferred from Foundation 3 to Foundation 2 in smaller lots.
- More than a billion pi went directly from Foundation 1 to Foundation 2.
Currently, the Wallet Foundation 3 holds 4.7 billion pi, while the 2 Foundation has only 24 million ft. The community requests answers on the place where these large quantities of PI have disappeared and calls for better transparency and responsibility of the PI Core team.
