Pi Network (PI) has experienced a journey full of controversy. Two exchanges listed the PI token, which drove up the price of the token.
Reports of Huobi and XT.com listing PI boosted the price of the token. But eventually, the community became skeptical of the listing.
XT.com too He tweeted that They will form a trade championship with the Pie Network team, which raised doubts about the announcements made by both platforms.
The Pi Network refuses to list on any exchanges
Crypto community members have expressed negative views about the event, pointing out that there has been no official announcement from the Pi network. The community called out the Hubi group for deceiving people.
Brian Becerra, Ambassador of BeInCrypto, believes “This type of notification affects the credibility of the programs.”
PI Network Group declared They are not involved in any particular list. They warned that investors could face substantial losses by participating in unauthorized listings. The announcement reads, “The Pi is currently on a connected network and is not authorized by the Pi Network for any exchange or trade.”
Coingecko and CoinMarketCap both added warnings to PI’s listing token page, with Coingeko stating that the “mainnet has not yet been launched.”
Coinmarketcap’s warning is a bit more aggressive in nature, noting that there have been “reports questioning the legitimacy of the Pi network. Please note that the mainnet is not yet launched and the price shown below for some exchanges reflects its value IOUs And it may not change across exchanges.”
Since the exchanges are not trading the actual token, but the IOU version of the token, you can see a clear discrepancy between the prices on both platforms. Which in essence is not a real token.
The price skyrocketed and then hit the ground hard
According to data from CoinMarketCap, PI started trading at around $11 and rose to over $300 in 24 hours, yielding nearly 30X returns. But the price fell on Friday, and the token is trading at around $15. however, CoinGecko At the time of writing the token is showing trading at around $238.
Brandon E, a metawares analyst, writes On LinkedIn, “Pi will never be worth anything. At first the idea was right, earn by pressing a button every day because it focused on the program. That’s all though. “Networking”. Pi Network is a project where a group collectively produces a coin without doing any work, backed by either a Power of Attorney (PoW) or some pre-investment and hodl (PoS/DPoS) agreement. This is a bunch of people who have something worthless and will never put their money or work into earning it.
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BeInCrypto has reached out to the company or person involved in the story to get an official statement on the latest developments, but has yet to hear back.