Pi Network Founder Slammed as ‘Scammer’ for Defending Price Crash; He Responds

The post Pi Network Founder Slammed as ‘Scammer’ for Defending Price Crash; He Responds appeared first on Coinpedia Fintech News

The cryptocurrency market has been struggling lately, and Pi Network is no exception. The price of Pi Coin recently dropped below $0.50, even testing $0.47 before making a slight recovery. At the time of writing, Pi is trying to hold above $0.50, which has become an important support level.

But it’s not just Pi facing tough times. Major cryptocurrencies like Bitcoin and Ethereum also took a hit as tensions between the U.S. and Iran increased. Bitcoin even fell below $100,000 for the first time in months.

Founder Steps In to Calm Supporters

As Pi’s price continued to drop, Pi Network founder Dr. Nicolas Kokkalis took to social media to address worried investors, known as Pioneers. He assured them that this is just a temporary market phase, not a permanent crash.

However, not everyone was convinced. One frustrated user commented,  “Are you a scammer or a fraud? Does Pi fall every day? Support Pi and raise it.”

To this, Dr. Kokkalis replied, “Do you know about crypto? Why are other cryptos going down?”

But the user wasn’t satisfied and said, “Since I bought Pi, it has been falling. I’ve seen 3 ups and 5 downs. I have no confidence in Pi anymore. I will cut my losses and won’t invest in companies like yours.”

Is Pi Headed Below $0.40?

Currently, Pi Coin is under pressure. Experts say it will need a positive market shift to rise above $0.60. Crypto analyst Dr. Altcoin predicted that Pi is now firmly in the $0.40 range and might stay there until the end of August. He also said that the upcoming Pi Day 2 event is unlikely to push the price higher.