The Pi Network community is currently facing a crisis as the token experiences a significant drop in value, leading to growing concerns and frustrations among its users. On April 3, Pi Network Turkey, the largest community group supporting the project in the region, released a statement criticizing the development team for sidelining user voices and adopting a top-down approach that goes against the project’s decentralized ethos.
In a detailed breakdown provided by Pi Network Turkey, several key issues were highlighted. These include the indefinite delay of the open mainnet launch, limited transparency regarding finances and partnerships, and uncertainty surrounding the network’s DApp ecosystem. The group also expressed concerns about the lack of clarity on operational decentralized applications that provide real value, as well as the absence of meaningful business integrations. The repeated delays and unmet promises have led to a growing distrust within the community.
In response to these grievances, Pi Network Turkey announced plans to initiate an “unfollow protest,” urging pioneers to unfollow official Pi Network channels and voice their discontent across major platforms. The group also threatened more aggressive actions, such as coordinating one-star reviews on the Pi Network app and launching a social media campaign under the hashtag #PiNetworkProtest if their demands are not addressed.
The protest coincides with the Pi token hitting its lowest level since its launch, with a 14% drop in value over the past 24 hours. Trading near $0.50, the token has lost over 80% of its value since its peak on Feb. 26. Analysts attribute the decline to ongoing token unlocks, with nearly 120 million PI tokens expected to enter circulation this month alone. The network has already released 4.9 billion PI tokens, with another 1.54 billion scheduled for release over the next year.
Some members of the broader crypto community speculate that Pi Network’s damaged reputation is contributing to the token’s decline, as skepticism grows over whether the project is leveraging Web3 hype without fulfilling its promises. As the situation unfolds, the Pi Network community remains divided, with tensions escalating and the future of the project hanging in the balance.