Crypto News: Pi Network Team Accused of Contributing to 1.2M PI Dump Pressure

Pi Network faces allegations as expert claims the core team sold 1.2M PI tokens, driving its price down over 90% from ATH.

Pi Network is facing renewed controversy as an expert claims the project’s core team is behind recent selling pressure on the PI token. 

Reports have surfaced that the team sold over 1.2 million PI tokens, contributing to a significant drop in the token’s price. This comes after the coin has already lost more than 90% of its value from its all-time high.

As the price continues to fall, community members are questioning the motives behind these actions.

Allegations of Core Team’s Involvement in PI Token Dump

Crypto expert Mr. Spock has alleged that the Pi Network’s core team is selling tokens to fund the project’s operations. 

In a recent post on X, he claimed that the lack of product utility within the Pi Network has left the core team with few options for liquidity. “I’ve said many times that it’s our Core Team selling Pi because they don’t have any other source of income,” Spock stated.

His comments followed a report of the sale of over 1.2 million PI tokens, which had a noticeable impact on the token’s market value. Spock emphasized that the selling pressure likely came from the core team since no other individuals in the Pi Network community hold enough tokens to cause such a dramatic price drop. 

As a result, the price of PI has fallen from $3 to around $0.20, a decline of nearly 30% over the past month.

Community Response to the Token Sale

Pi Network community members have expressed concern over the recent token sales. Some believe that the core team is likely behind the price decline, pointing out that the large volume of PI tokens sold could only come from the team itself. 

One community member commented that no Pioneer, or participant in the network, possesses enough tokens to cause such a sharp drop in value.

In addition to the allegations of token dumping, Pi Network has faced criticism for its internal management issues.

Former executive McPhilip previously accused the Pi team of misusing $20 million in project funds. These claims, along with the recent token sales, have sparked ongoing discussions about the project’s future and its transparency.

Pi Network’s Price Struggles Continue Despite Development

Despite some recent advancements, such as the addition of a decentralized exchange (DEX) feature and an automated market maker (AMM) to its testnet, Pi Network’s price struggles continue. Over the past month, the price has seen a steady decline, contributing to an overall drop of over 90% from its all-time high.

Additionally, reports indicate that a stablecoin, called SPi, may be in the works and is currently being tested on the Pi Network’s testnet. This new stablecoin could be pegged to the U.S. dollar, providing further development for the Pi ecosystem. 

However, these developments have not been enough to reverse the downward trend in the price of PI, as many remain skeptical about the project’s long-term viability.

Despite the progress made with the Pi Network’s testnet and other upgrades, concerns remain regarding its transparency and the role of the core team in the ongoing price decline.

As the situation develops, the Pi Network’s future in the crypto space remains uncertain.

The post Crypto News: Pi Network Team Accused of Contributing to 1.2M PI Dump Pressure appeared first on Live Bitcoin News.