Pi Coin’s Market Cap Soars to $12 Billion: A Sign of Success or a Slow decline?
pi Coin recently achieved a $12 billion market cap, but it’s journey has been tumultuous.The smartphone mining project, Pi Network, claims 60 million users and recently launched its mainnet and tradable token.
On February 20, Pi Coin debuted on exchanges wiht an initial price of $1.45. Within an hour, it surged over 35%, hitting $2.10.However, the excitement was short-lived.The price dropped to $1.01 within hours, reducing its market cap to $7.02 billion.
Despite volatility, Pi Coin has shown signs of stability. As of March 12, it trades at $1.71, a 45% drop from its peak of $2.99. Yet, its market cap has grown to $12.26 billion, making it the 11th largest crypto.
Over the past 24 hours, Pi Coin defied the bearish market, gaining 20%—the highest among the top 100 cryptos. With over $500 million in trading volume, it’s now the most trending coin.
Founded in 2019 by Stanford graduates, Pi Network aimed to make crypto mining accessible via smartphones. It uses the Stellar Consensus Protocol, requiring minimal energy. Users mine by tapping a button daily, attracting millions through referrals.
After years of advancement, Pi Network launched its mainnet on February 20. OKX was the first major exchange to support Pi, followed by Bitget, Gate.io, and MEXC. Gate.io processes over $200 million in trading volume daily.
However,Pi Coin is absent from top-tier exchanges like Binance and Coinbase.Rumors suggest Binance may list Pi Coin on March 14,pi Day and the project’s six-year anniversary. This speculation has fueled interest, but no official confirmation exists.
Is Pi Coin’s momentum enduring, or just a fleeting craze? Only time will tell.
Pi Network Faces Backlash as Bybit CEO Labels It a scam
Pi Network’s mainnet launch has sparked excitement, but it’s also faced significant controversy. Bybit CEO Ben Zhou has openly criticized the project, calling it a scam. Zhou’s concerns stem from issues around data privacy and pension losses, as highlighted by a Chinese police warning.
Bybit CEO Ben Zhou has been vocal about his skepticism. He claims Pi Network operates like a Ponzi scheme, where early users benefit at the expense of new ones. Zhou also doubts the project’s long-term viability, noting its failure to deliver on key promises despite years of existence. He argues that Pi misleads users with promises of easy money through a non-clear mining mechanism.
However, Pi Network has responded, distancing itself from the Chinese police warning and rejecting allegations of misconduct. The team claims the warning targeted bad actors misusing the Pi name. They emphasize their methodical approach over six years to build a legitimate ecosystem.
Security and migration issues have further fueled the controversy. Users report vanishing tokens upon unlocking, causing frustration among loyal users. Pi Network denies these claims, stating the warning was aimed at unauthorized activities, not the core team. They stress their commitment to building a legitimate ecosystem.
Despite the backlash, Pi Network remains hopeful about a potential Binance listing, which could boost liquidity and credibility. The project’s future remains uncertain as it faces mounting scrutiny and user frustration.
- Bybit CEO calls Pi Network a scam due to data privacy concerns and lack of transparency.
- Users face vanishing tokens and delayed migrations, leading to growing frustration.
- Pi Network denies any affiliation with the social media account that attacked Zhou, asserting their legitimacy and methodical operations.
For more insights, check the official police warning and other reports, urging the community to stay informed and cautious.
Pi Network Users Face Scams and Migration Delays
Users of Pi Network are encountering significant challenges. many have fallen victim to complex phishing scams. These fake websites mimic the Pi Browser, tricking users into sending their tokens to scammers. Even experienced users can be fooled by these well-crafted sites.
Adding to the woes, many users are struggling to migrate their Pi tokens to the mainnet before the March 14 deadline. Despite completing the mainnet checklist, some have been waiting for weeks without success. The core team has been silent, offering little help.A blockchain developer accused Pi Network of deceptive practices,urging regulators to investigate. He noted that while other blockchains like Solana (SOL) and Polygon (POL), which handle thousands of transactions per second, Pi users have faced long delays. Some have waited months, even years, to move their tokens. The migration process is criticized for being “fraudulent and deceptive.” The infrastructure is not transparent, and the queue system is unclear. The core team controls everything, raising concerns about decentralization.
Millions have shared sensitive data for KYC but are still waiting to access their funds. The app generates revenue from ads, sparking suspicions about the project’s legitimacy. The developer questioned if Pi Network is just using users for profit.
With the migration deadline looming, tensions are high.Some demand immediate fixes, while others seek regulatory action. Despite the issues, some users still believe in the project. Tho, if Pi Network doesn’t address these concerns soon, even loyal supporters may leave.
