The post Pi Network Sentiment on CoinMarketCap Drops 90%; Are Bots Behind the Crash? appeared first on Coinpedia Fintech News
Pi Network’s community sentiment on CoinMarketCap plummeted by 90% in just one day raising concerns among the users over the sudden drop. Many believe that bot activity could be behind the sharp decline, especially as the price also dropped.
Is Massive Sell-Off The Reason?
Some believe mass sell-offs caused the drop, but without clear evidence, the community is left questioning the true reason for the sudden change in sentiment. While there is no solid evidence of bot activity, previous incidents of vote manipulation in the Pi community have fueled growing skepticism.
Since its launch on February 20, Pi Network has faced many controversies. Critics have raised concerns about its accessibility, governance, transparency, and more, while several governments have labeled it a scam.
Pi Network Faces Growing Controversy
Pi Network has faced criticism and price declines recently, with its supporters influencing polls, votes, and ratings multiple times. A community member pointed out that the sudden negative shift seems unlikely to be natural, especially since other platforms show different results.
This user pointed out that Pi’s community sentiment dropped by 90% in less than a day, with more participants than Bitcoin’s poll. The user noticed that on other platforms with similar voting systems, Pi’s rating remained stable. Based on this, they concluded that bot activity might be responsible for the sudden drop in Pi’s rating.
It’s tough to confirm the Pi Network bot claims for a few reasons. The token’s price has dropped sharply this week, with many users losing significant amounts of Pi tokens after the KYC migration deadline. Huge sell-offs from investors have also led to a price crash, so some of the negative sentiment might be real.
Notably, CoinMarketCap is the only platform linked to the Pi Network bot voting allegations. Initially, CoinMarketCap refused to list Pi as one of the largest tokens by market cap, but eventually gave in. This could have caused resentment from either the platform or its community towards Pi.
No Clear Evidence
The Pi community has a history of vote brigading. When Bybit’s CEO criticized Pi, supporters flooded the app with negative reviews. They did the same with Binance when the exchange delayed a Pi listing.
Hence it’s unlikely that Pi supporters or critics spiked the poll without bots. The negative votes came in fast, were only on one platform, and outnumbered votes for even the largest cryptocurrencies. Therefore, at this point, it’s hard to find conclusive evidence either way and no solid proof to confirm or deny the claims being made.