Pi Coin’s Market Cap Soars to $12 Billion: A Sign of Success or a Slow Decline?
Pi Coin recently achieved a $12 billion market cap, but its journey has been tumultuous. The smartphone mining project, Pi Network, claims 60 million users and recently launched its mainnet and tradable token.
On February 20, Pi Coin (PI) debuted on exchanges with a price of $1.45. Within an hour, it surged over 35%, hitting $2.10. However, the excitement was short-lived. The price dropped to $1.01 within hours, reducing its market cap to $7.02 billion.
despite volatility, Pi Coin has shown signs of stability. As of March 12, it trades at $1.71, a 45% drop from its peak of $2.99. Yet,its market cap has grown to $12.26 billion, making it the 11th largest crypto.
over the past 24 hours, Pi Coin gained 20%, defying the broader bearish market. With a trading volume exceeding $500 million, it’s the most trending coin.
Founded in 2019 by Stanford graduates, Pi Network aimed to make crypto mining accessible via smartphones. It uses the Stellar Consensus Protocol, requiring minimal energy. Users mine coins by tapping a button daily.
This model fueled rapid adoption through a referral system. However,it drew criticism for resembling a multilevel marketing scheme.
After years of development, Pi Network opened its mainnet on February 20. OKX was the first major exchange to support Pi, followed by Bitget, Gate.io, and MEXC. Gate.io is now the dominant trading hub.
Despite its rise, Pi Coin is absent from top-tier exchanges like Binance. Rumors suggest Binance may list Pi Coin on March 14, Pi Day, and the project’s six-year anniversary.
Pi Network Faces backlash Amidst Mainnet launch
Pi Network’s mainnet launch has sparked excitement among its community, but it’s also faced meaningful controversy. Bybit CEO Ben Zhou has openly criticized pi, calling it a scam. zhou’s concerns stem from issues around data privacy and pension losses, as highlighted by a Chinese police warning in 2023.
Zhou argues that Pi misleads users with promises of easy money through a simple mining mechanism that lacks openness. He compares Pi to memecoins but claims it’s more dangerous due to its deceptive nature. Zhou also doubts the project’s long-term viability, noting its failure to deliver on key promises.
However, Pi Network has responded, distancing itself from the Chinese police warning. They claim it targeted bad actors using the Pi name for unauthorized activities. Pi also denies any misconduct, emphasizing their methodical approach over six years to build a legitimate ecosystem.
Despite these claims, Pi users are facing mounting frustrations. Many report vanishing tokens and delayed migrations, leading to accusations of a scam. The project now faces intense scrutiny as it struggles to address these security and migration issues.
For more insights,check out the Chinese police warning and additional reports.
Pi Network Users Face Scams and Migration Delays
users of Pi Network are encountering significant challenges. Many have fallen victim to refined phishing scams.These fake websites mimic the Pi Browser, tricking users into sending their tokens to scammers. Even experienced users can be fooled by these well-crafted sites.
Adding to the woes, many users are struggling to migrate their Pi tokens to the mainnet.The deadline is March 14, 08:00 UTC. Some have completed the mainnet checklist but still face delays. The core team has been silent, offering little help. This has led to frustration and calls for action.
A blockchain developer accused Pi Network of deceptive practices. They claim the migration process is slow and opaque.Unlike blockchains like Solana (SOL) and Polygon (POL). They’ve waited months, sometimes years, to move their tokens. The infrastructure is criticized for lacking transparency and decentralization. Users have shared personal data for KYC but face indefinite waits to access funds. The app generates revenue from ads, raising questions about the project’s legitimacy.
- Users wait months to migrate tokens.
- Millions handed over sensitive data but face indefinite waits.
- Some users report the app is more about profit than a real blockchain project.
With the deadline looming, tensions are high. Some demand fixes, while others seek regulatory intervention. the core team remains largely silent, offering few solutions. Critics argue that after six years, these issues are unacceptable.
Despite the problems, some still believe in the project. However, if Pi network doesn’t address these concerns, even loyal supporters may leave. The situation is reaching a boiling point.The team must act fast to restore trust. If not, even loyal users may walk away. The team needs to address token losses and migration issues. Without swift action,trust will continue to erode.
