Pi Network shocks with $100 million fund – but where is the progress?

Pi Network shocks with $100 million fund – but where is the progress?

On May 14, 2023, the Pi Network, a crypto project that has been in the spotlight of the crypto community since its founding in 2018, announced the launch of a $100 million investment fund known as Pi Ventures. This action took place after the network entered the Open Network phase. However, the fund's presentation did not result in the hoped-for innovative applications or a new ecosystem, which disappointed many users. Vietnam.vn reports, that the launch of the fund and the creation of the Pi Foundation, which will guide the long-term development of the Pi ecosystem, generated mixed reactions from the community. Many users expressed frustration with the lack of concrete products and the slow development of the project.

The impact of these announcements was immediate: the price of Pi Coin fell from over $1.60 before the announcement to around $0.76. The community has repeatedly expressed concerns about a lack of transparency and stagnant developments. These concerns are being taken seriously by the development community, especially after the Binance community voted in favor of a possible listing of Pi in February 2025. However, despite this support, there was no official announcement from Binance, causing the price to quickly fall to around $0.45 after previously rising above $3. Cryptomonday.de has noted that analysts are warning about potential “pump-and-dump” activity that may occur in the world of unlisted cryptocurrencies.

The beginnings and function of the Pi Network

The Pi Network was designed to solve Bitcoin mining challenges by allowing users to mine coins using smartphones. To participate in this crypto project, you need an invitation, which has led to comparisons with pyramid schemes. Users, also known as pioneers, earn coins through simple activities like pressing a button or watching advertisements. The Pi Network ecosystem also includes a web browser that has been downloaded over 100 million times, an advertising network and the Fireside Forum platform.

Although concerns have been raised that the Pi Network may be a scam or pyramid scheme, it is free to join and does not require any payments. The developers justify the delays to the mainnet launch, originally announced for the first quarter of 2024, with ongoing work. The KYC identification check is currently underway and is scheduled to end on January 31, 2024. Once this phase is completed, a launch is expected in February or March 2024.

Future prospects for the Pi Coin

It is predicted that the Pi Coin price could initially rise after the announced airdrop, only to fall again as many users will quickly sell their tokens. Historical examples suggest that crypto tokens often decline in value after they are issued. The lack of a clear and transparent strategy as well as the uncertainty about the actual market relevance of the project raise questions about the future value of the Pi Coin, which should give investors pause.

Given the current developments and the concerns raised, it is recommended that interested parties remain cautious and not rely solely on announcements without concrete products if they want to invest in the Pi Network.