The Pi Network (PI) has had a controversial journey. The announcement that the PI token would be listed on two exchanges, Huobi and XT.com, caused the token’s price to skyrocket. However, the community later became doubtful of the listings. XT.com even tweeted that they would be developing a trading championship with the Pi Network team, which further fueled doubts about the announcements made 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.
We believe 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.
Metaverse analyst Brandon E writes on LinkedIn that the Pi Network will never have any value. According to Brandon, the initial idea of pressing a button and earning without any actual work was interesting at first, but ultimately the project had nothing else going for it. The Pi Network is a project where a group of people produces a currency without any actual work or investment, and it is not backed by any form of proof of work or proof of stake. In Brandon’s view, the people involved in the Pi Network simply have something that is worthless because they never put in any money or effort to earn it.
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