Pi Network- the Controversial Crypto Listing
The Pi Network (PI) experienced a journey full of controversy. Two exchanges listed the PI token, which skyrocketed the price of the token.
Reports of Huobi and XT.com listing PI skyrocketed the token’s price. But eventually, the community turned doubtful of the listing.
XT.com even tweeted that they will develop a trading championship with the Pi Network team, which increased the doubts regarding the announcements published by both platforms.
Pi Network Denies Listing on Any Exchanges
The crypto community members have expressed negative opinions about the event, pointing out that there is no official announcement from the Pi Network. The community called out the Huobi team for scamming people.
Brian Becerra, the Ambassador at BeInCrypto, believes that “this type of announcement affects the credibility of the projects.”
The PI network team announced that they are not involved with any purported listings. They warned that the investors could sustain substantial losses by participating in unauthorized listings. The announcement reads, “Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading.”
Coingecko and CoinMarketCap have both added warnings to the listing token page of PI, with Coingecko stating that “the mainnet has not yet been launched.”
Coinmarketcap’s warning is slightly more aggressive in nature, with the announcement stating “There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges.”
A clear discrepancy between prices on both platforms can be seen as exchanges are not trading the actual token but simply the IOU version of the token. Which in essence is not the real token.
The Price Skyrockets and Then Crashed Hard to the Ground
According to the data from CoinMarketCap, PI started trading at around $11 and skyrocketed to over $300 in 24 hours, giving nearly 30X returns. But then the price came crashing down on Friday, and the token is trading at around $15. However, CoinGecko shows the token trading at around $238 as of writing.
Brandon E, a metaverse analyst, writes on LinkedIn, “Pi will never be worth anything. The idea was alright at first, press a button every day and keep earning because it kept eyes on the project. That was all it had though. “The Network”. The pi network is a project where a group collectively produces a currency through no work, it’s backed by not even electricity harvesting (PoW) or some prior investment and agreement to hodl (PoS/DPoS). It is just a bunch of people who have something that is worthless, they never put their money or work into earning.”
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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.