Pi Network- the Controversial Crypto Listing

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The Pi Community (PI) knowledgeable a journey entire of controversy. Two exchanges stated the PI token, which skyrocketed the value of the token.

Experiences of Huobi and XT.com listing PI skyrocketed the token’s value. But eventually, the community turned doubtful of the listing.

XT.com even tweeted that they will develop a investing championship with the Pi Community group, which enhanced the uncertainties concerning the announcements published by both platforms.

Pi Network Denies Listing on Any Exchanges

The crypto group members have expressed unfavorable thoughts about the celebration, pointing out that there is no formal announcement from the Pi Network. The neighborhood termed out the Huobi staff for scamming people.

Brian Becerra, the Ambassador at BeInCrypto, thinks that “this form of announcement has an effect on the reliability of the jobs.”

The PI community group announced that they are not involved with any purported listings. They warned that the investors could maintain sizeable losses by participating in unauthorized listings. The announcement reads, “Pi is currently in the Enclosed Network and is not permitted by Pi Community for listing on any trade or for buying and selling.”

Coingecko and CoinMarketCap have equally included warnings to the listing token website page of PI, with Coingecko stating that “the mainnet has not however been launched.”

Source: Coingecko

Coinmarketcap’s warning is a bit a lot more aggressive in mother nature, with the announcement stating “There have been reviews questioning the legitimacy of Pi Community. Please notice that mainnet has not introduced however and the cost shown down below for certain exchanges replicate the price of the IOUs and it could not be transferable across exchanges.”

Coinmarketcap PI
Resource: Coinmarketcap

A very clear discrepancy concerning selling prices on equally platforms can be noticed as exchanges are not trading the actual token but simply just the IOU model of the token. Which in essence is not the real token.

The Selling price Skyrockets and Then Crashed Challenging to the Ground

According to the information from CoinMarketCap, PI commenced buying and selling at about $11 and skyrocketed to about $300 in 24 hours, offering just about 30X returns. But then the price arrived crashing down on Friday, and the token is trading at about $15. However, CoinGecko exhibits the token buying and selling at all around $238 as of composing.

Pi network price
Resource: CoinMarketCap

Brandon E, a metaverse analyst, writes on LinkedIn, “Pi will in no way be worth anything. The thought was alright at first, press a button each working day and maintain earning mainly because it retained eyes on the challenge. That was all it had although. “The Network”. The pi network is a task where by a team collectively provides a forex as a result of no function, it is backed by not even electric power harvesting (PoW) or some prior financial investment and agreement to hodl (PoS/DPoS). It is just a bunch of men and women who have one thing that is worthless, they never place their revenue or operate into earning.”

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Disclaimer

BeInCrypto has reached out to company or unique concerned in the story to get an formal statement about the current developments, but it has yet to listen to again.

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