The PI Network is going through the volatile stage as token prices continue to slide amid new allegations of the pump and dump scheme and suspicious wallet activity. Despite these set-offs, the PI Core team has announced new job openings, baffling and interested in the community.
Prices fall despite the announcement of funds
After a brief spin to $1.6796 on May 8, the PI price suddenly retarded and is currently trading at around $0.75. It’s slightly above the early April low, but since peaking at $2.98 in late February, the token’s value has declined.
Even a massive announcement on May 14, when the PI core team announced a $100 million ecosystem fund to promote network development, failed to stop price slides. In fact, some community members argue that the fund may be contributing to sales pressure rather than supporting the market.
Technical analysts are focusing on a key support level of $0.70. If this support breaks, you can disable the 50% Fibonacci retracement level and open the door up to $0.40.
Intensive employment amid chaos
Interestingly, amidst a decline in prices and growing controversy, the PI Core team has released a new list of job openings.
This move comes when investor trust is unstable, causing many to question the timing and motivation behind recruitment drive.
Pump and dump and wallet concerns
The PI community has raised concerns about the potential pump and dump activity, along with the falling prices. Many believe that the PI core team will control over 10,000 wallets and subwallets, but only the seven largest wallets can be easily tracked.
Over the past five months:
- 5.4 billion PI has been moved from Foundation 1 wallet to Foundation 3 wallet.
- Approximately 700 million pi were transferred in small batches from Basic 3 to Basic 2.
- Over 1 billion PIs have been sent directly from Foundation 1 to Foundation 2.
Currently, Foundation 3 wallets have 4.7 billion pi remaining, while Foundation 2 has only 24 million pi remaining. The community is asking for answers on where these massive PIs have gone, improving transparency and accountability from the PI core team.
