Pi Network faces community backlash as token price hits record lows
The Pi Network community is growing increasingly frustrated as the token hits record lows and users voice concerns over the project’s direction.
On April 3, Pi Network Turkey, the largest community group supporting the project in the region, released a statement accusing the team of sidelining user voices.
According to the group, the developers have adopted a top-down approach that contradicts Pi Network’s founding principle of decentralization.
It stated:
“The things we once looked forward to with excitement have now become mere disappointments. What kind of conscience is it to so easily consume people’s faith and hopes? What kind of morality is it to disregard the labor, time and dreams of so many people?”
Key issues
In a detailed breakdown, Pi Network Turkey outlined several grievances, which include the indefinite delay of the open mainnet launch, limited transparency around finances and partnerships, and uncertainty surrounding the network’s DApp ecosystem.
According to the group, there’s little clarity on how many decentralized applications are operational or provide real value.
Additional concerns include the absence of meaningful business integrations and a growing distrust due to repeated delays and unmet promises.
Considering these, the group revealed plans to begin an “unfollow protest,” encouraging pioneers to unfollow official Pi Network channels and express discontent across major platforms.
The group also threatened more aggressive actions if their demands go unanswered. These include coordinated one-star reviews on the Pi Network app and a social media campaign under the hashtag #PiNetworkProtest.
Pi all-time low
The protest comes as the Pi token plunges to its lowest level since launch.
Data from CryptoSlate shows the asset has dropped around 14% in the past 24 hours. It is trading near $0.50, the lowest level since its debut. The token has lost over 80% of its value since its Feb. 26 peak.
Some analysts attribute the decline to ongoing token unlocks. This month alone, nearly 120 million PI tokens, worth an estimated $62 million, are expected to enter circulation. The network has released 4.9 billion PI, with another 1.54 billion scheduled over the next year.
Some in the broader crypto space also suggest that Pi Network is suffering from a damaged reputation as skepticism grows over whether the project is capitalizing on Web3 hype without delivering on its promises.
The post Pi Network faces community backlash as token price hits record lows appeared first on CryptoSlate.
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Pi Network faces community backlash as token price hits record lows
The Pi Network community is growing increasingly frustrated as the token hits record lows and users voice concerns over the project’s direction.
On April 3, Pi Network Turkey, the largest community group supporting the project in the region, released a statement accusing the team of sidelining user voices.
According to the group, the developers have adopted a top-down approach that contradicts Pi Network’s founding principle of decentralization.
It stated:
“The things we once looked forward to with excitement have now become mere disappointments. What kind of conscience is it to so easily consume people’s faith and hopes? What kind of morality is it to disregard the labor, time and dreams of so many people?”
Key issues
In a detailed breakdown, Pi Network Turkey outlined several grievances, which include the indefinite delay of the open mainnet launch, limited transparency around finances and partnerships, and uncertainty surrounding the network’s DApp ecosystem.
According to the group, there’s little clarity on how many decentralized applications are operational or provide real value.
Additional concerns include the absence of meaningful business integrations and a growing distrust due to repeated delays and unmet promises.
Considering these, the group revealed plans to begin an “unfollow protest,” encouraging pioneers to unfollow official Pi Network channels and express discontent across major platforms.
The group also threatened more aggressive actions if their demands go unanswered. These include coordinated one-star reviews on the Pi Network app and a social media campaign under the hashtag #PiNetworkProtest.
Pi all-time low
The protest comes as the Pi token plunges to its lowest level since launch.
Data from CryptoSlate shows the asset has dropped around 14% in the past 24 hours. It is trading near $0.50, the lowest level since its debut. The token has lost over 80% of its value since its Feb. 26 peak.
Some analysts attribute the decline to ongoing token unlocks. This month alone, nearly 120 million PI tokens, worth an estimated $62 million, are expected to enter circulation. The network has released 4.9 billion PI, with another 1.54 billion scheduled over the next year.
Some in the broader crypto space also suggest that Pi Network is suffering from a damaged reputation as skepticism grows over whether the project is capitalizing on Web3 hype without delivering on its promises.
The post Pi Network faces community backlash as token price hits record lows appeared first on CryptoSlate.
Read More