Pi Network Hiring Spree Sparks Buzz Amid Fraud Allegations and Crashing Token Price

Jakarta, Pintu News – Pi Network is going through a volatile phase as its token price continues to decline amid new allegations of pump-and-dump schemes and suspicious wallet activity.

Despite these obstacles, the Pi Core Team announced a new job opening, which left the community feeling both confused and worried.

Pi Network price continues to fall despite big fund announcement

After spiking to $1.6796 on May 8, the Pi price has fallen sharply again and is now trading at around $0.75.

Read also: Pi Network Surges 3% Today — Here’s What You Need to Know About the 5.7 PI Token Unlock!

While still slightly higher than its early April low, the token’s value has dropped significantly since peaking at $2.98 in late February.

Even the big announcement on May 14, when the Pi Core Team launched a $100 million ecosystem fund to drive network development, failed to stop the price drop.

Some community members have argued that these funds could trigger selling pressure, rather than support the market.

Technical analysts are now focused on monitoring the crucial support level at $0.70. If this level is broken, it will invalidate the 50% Fibonacci retracement level, and could open up further downside opportunities down to $0.40.

Big Hires Amidst Chaos

Interestingly, amidst the price drop and increasing controversy, the Pi Core Team released a new list of job openings.

The move comes at a time when investor confidence is shaky, leading many to question the timing and motives behind the hiring wave.

Pump-and-Dump Allegations and Wallet Activity Concerns

In addition to prices continuing to fall, the Pi community has also begun to voice concerns regarding possible pump-and-dump activity.

Read also: XRP Futures Soar to $1.5 Million on Launch Day — Is a Surge to $3 Coming Next?

Many believe that the Pi Core Team controls over 10,000 wallets and sub-wallets, although only the 7 largest wallets are easily traceable.

In the last five months:

• A total of 5.4 billion Pi was moved from Foundation 1 wallet to Foundation 3 wallet.
• Around 700 million Pi was transferred from Foundation 3 to Foundation 2 in several small shipments.
• More than 1 billion Pi was directly transferred from Foundation 1 to Foundation 2.

Currently, Foundation 3’s wallet holds 4.7 billion Pi, while Foundation 2 only has 24 million Pi left. The community is demanding an explanation of where the massive amount of Pi has gone, and urging the Pi Core Team to show greater transparency and accountability.

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Reference:

• Coinpedia. Pi Network News: Team Announces Job Vacancies Amid Scam Rumors, Price Dips. Accessed on May 21, 2025