Listing of Pi Network (PI) Sparks Controversy as Price Soars
The Pi Network (PI) travelled a path filled with controversy. Two exchanges featured the PI coin, which caused its value to surge.
Reports of Huobi and XT.com offering PI caused the price of the token to surge. However, ultimately the community began to distrust the listing.
Even XT.com announced that they would establish a trading championship with the Pi Network team, adding to the scepticism surrounding the claims made by both sites.
Members of the crypto community have voiced critical sentiments about the event, noting that the Pi Network has made no formal notification. The community accused the Huobi team of defrauding individuals.
Ambassador @BeInCrypto Brian Becerra argues that “this sort of statement undermines the trust of the initiatives.”
The PI network team said that they are not engaged in any alleged postings. They cautioned that investors who participated in unlawful listings might incur significant losses.
CoinMarketCap and Coingecko have both added warnings to the PI listing coin page, with Coingecko writing that “the mainnet has not yet been activated.”
The Coinmarketcap alert is significantly more assertive, with the following statement: “There have been claims challenging Pi Network’s legality. Please note that the mainnet has not yet opened, and the prices indicated below for some exchanges represent the value of the IOUs, which may not be transferrable across exchanges.”
As exchanges do not trade the real token, but rather the IOU version of the token, there is a significant price difference between the two platforms. Which is not, in essence, the actual token.
According to CoinMarketCap statistics, PI began trading at about $11 and surged to over $300 in less than 24 hours, yielding roughly 30X gains. However, the price fell on Friday, and the token now trades for around $15. As of this writing, CoinGecko indicates that the coin is selling for roughly $238.
On LinkedIn, metaverse analyst Brandon E says, “Pi will never be valuable. At first, the concept was acceptable: hit a button every day and continue earning since it kept eyes on the project. That was nevertheless all it had. “The System”.
The pi network is a project in which a group generates a currency without doing any labor; it is not even supported by power harvesting or previous investment and agreement to hodl (PoS/DPoS). It is only a group of individuals who have something that they have never invested money or effort in getting.”
Also Read: $1 Billion Disappears From Solana’s Market Value In A Week