Pi Network- the Controversial Crypto Listing

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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.”

coingecko PI Network
Source: Coingecko

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.”

Coinmarketcap PI
Source: Coin­mar­ket­cap

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.

Pi network price
Source: Coin­Mar­ket­Cap

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.”

Got some­thing to say about the Pi net­work or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

Disclaimer

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.



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