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Pi Network News: 119 Million Tokens to Be Released by Month-End
The Pi Network has announced a massive token unlock, with over 119 million tokens set to enter circulation by the end of the month. This sudden influx of new tokens is expected to put pressure on the current market value of Pi Coin, which has already taken a significant hit in recent days.
As of this writing, Pi Coin is trading at $0.59, struggling to break above the key resistance level of $0.60. The token has plummeted over 30% in the last two weeks and more than 80% since its February peak. This decline comes as a result of the ongoing token unlock, which has led to increased selling pressure.
The Pi Network community is reeling from the sudden drop in value, with some members expressing frustration and discontent over the lack of transparency and unclear financials from the project’s core team. The recent statement issued by Pi Network Turkey, the largest community group in the region, criticized the core team for adopting a top-down management style, ignoring community feedback, and straying from the platform’s original decentralized vision.
The group emphasized broken promises, lack of transparency, and indefinite delays to the Open Mainnet launch. They also pointed out unclear financials, vague details on partnerships, and little visibility into the actual number of live decentralized applications (dApps) on the network.
As concerns grow over whether Pi Network is truly building a meaningful Web3 ecosystem or simply riding the crypto hype, the project’s credibility appears to be at risk.
Source: https://coinpedia.org/news/pi-network-news-119-million-tokens-to-be-released-by-month-end/
