Pi Coin just lately hit a $12 billion market cap, however with vanishing tokens, migration failures, and Binance itemizing rumors swirling, is that this the start of one thing massive — or the beginning of a sluggish collapse?
Pi Coin’s wild trip in the marketplace
Pi Community, the bold smartphone mining undertaking that claims to have gathered a powerful 60 million customers, has achieved one thing many as soon as thought inconceivable—a full-scale mainnet launch and the debut of a tradable token.
When Pi Coin (PI) formally made its strategy to exchanges on Feb. 20, the market response was nothing in need of a curler coaster. Initially priced round $1.45, the token skyrocketed by greater than 35% in lower than an hour, reaching a peak of $2.10.
Nonetheless, simply as shortly because it rose, the thrill started to fade, and inside hours, the worth plummeted to $1.01, reducing its market capitalization all the way down to $7.02 billion.
Quick ahead a number of weeks, and Pi Coin has begun to indicate indicators of stability, though not with out its justifiable share of untamed fluctuations. As of Mar. 12, the worth sits at $1.71, representing a roughly 45% drop from its all-time excessive of $2.99 on Feb. 26.
Regardless of this, the token’s market cap has grown considerably, now standing at $12.26 billion. This surge has propelled Pi Coin to change into the eleventh largest crypto by market cap—a powerful feat for a undertaking that solely just lately turned tradable.
However that’s not the one shock. Over the previous 24 hours, Pi Coin has defied the broader bearish market, posting a 20% acquire—the very best among the many prime 100 cryptocurrencies. With buying and selling quantity exceeding $500 million, it has additionally change into essentially the most trending coin.
Pi Community’s speedy rise has drawn comparisons to previous viral sensations like SafeMoon, which gained traction by way of aggressive advertising and marketing and referral-driven hype. However is Pi’s momentum sustainable, or is it simply one other fleeting craze?
Let’s dive in and discover what has occurred since Pi Coin’s mainnet launch and token launch—and the way it has climbed its strategy to turning into the eleventh Most worthy cryptocurrency.
A daring experiment or the following crypto fallout?
Pi Community was born out of a easy but bold imaginative and prescient—to make crypto mining accessible to anybody with a smartphone.
Based in 2019 by Stanford graduates Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, the undertaking sought to take away the limitations of conventional mining, which calls for costly {hardware} and excessive vitality consumption.
As a substitute of counting on proof-of-work like Bitcoin (BTC), Pi Community adopted the Stellar Consensus Protocol, permitting customers to mine cash with minimal vitality use by merely tapping a button each day.
This low-effort mannequin fueled speedy adoption, attracting thousands and thousands by way of a referral-based onboarding system. Whereas this development technique supercharged person acquisition, it additionally drew criticism for resembling a multilevel advertising and marketing scheme, as customers earned further rewards for bringing in new individuals.
After years in improvement, Pi Community lastly opened its mainnet on Feb. 20, marking the primary time its native token, Pi Coin, could possibly be transferred and traded on exchanges.
This transition adopted an prolonged take a look at section that started with an enclosed mainnet launch in December 2021, the place KYC-verified customers may work together inside the ecosystem however had no entry to exterior buying and selling.
The shift to an open mainnet was a turning level, triggering a wave of alternate listings. OKX turned the primary main platform to assist Pi, opening deposits on Feb. 12 and launching spot buying and selling on Feb. 20.
Different exchanges, together with Bitget, Gate.io, and MEXC, shortly adopted, with Gate.io rising because the dominant buying and selling hub, processing over $200 million in buying and selling quantity within the final 24 hours.
Regardless of its speedy rise, Pi Coin stays absent from top-tier exchanges akin to Binance, Coinbase, Upbit, and Kraken, conserving it exterior the biggest liquidity swimming pools.
Including gasoline to the hypothesis, rumors are circulating that Binance could checklist Pi Coin on Mar. 14—a date that aligns with each Pi Day and the undertaking’s six-year anniversary.
Whereas no official affirmation has been made, the chance has injected recent pleasure into the market, with many believing a Binance itemizing could possibly be a game-changer for Pi’s liquidity and mainstream credibility.
Bybit’s CEO calls Pi Community a rip-off
The launch of Pi Coin could have been a significant second for its neighborhood, nevertheless it hasn’t come with out controversy.
Bybit, one of many largest crypto exchanges that was just lately within the headlines for falling sufferer to a $1.5 billion hack, made it clear that it wished nothing to do with Pi, with CEO Ben Zhou even going as far as to name it a rip-off.
In response to Zhou, Pi Community’s operations raised purple flags, significantly round information privateness and pension losses, fueling skepticism in regards to the undertaking’s true nature.
Zhou additionally made it clear that Bybit had by no means requested to checklist Pi and that any claims suggesting in any other case have been baseless.
The backlash from the Pi neighborhood was speedy, however Zhou remained agency, doubling down in an interview with VnExpress on Mar. 9. He in contrast Pi to memecoins however argued that it was much more harmful.
Memecoins, in his view, function with full consciousness of their speculative nature—individuals commerce them understanding they’re risky and dangerous. Pi, then again, allegedly misleads customers with guarantees of straightforward cash by way of a easy mining mechanism that lacks transparency.
Zhou identified that, regardless of Pi Community’s claims of being backed by a staff with Stanford connections, nobody has ever publicly seen or heard from these figures in a approach that will validate the undertaking’s credibility.
He additionally challenged Pi’s management to come back ahead and supply transparency, as an alternative of launching what he described as baseless assaults on him and Bybit.
Past these considerations, Zhou additionally urged that Pi Community features in a approach that resembles a Ponzi scheme, the place early adopters profit on the expense of newer individuals.
He even expressed doubts over the undertaking’s long-term viability, highlighting the way it has existed for years but has didn’t ship on key guarantees.
Whereas Pi Community’s mannequin promotes itself as a strategy to democratize mining, Zhou argued that the undertaking has but to elucidate how its ecosystem generates sustainable worth, leaving many customers with nothing regardless of years of mining.
Pi Community responded with an announcement of its personal, trying to set the file straight. The staff distanced itself from the Chinese language police warning, claiming that it focused unhealthy actors falsely utilizing the Pi title, fairly than Pi Community itself.
In response to the Pi staff, the warning had nothing to do with the core staff however fairly with unhealthy actors falsely utilizing the Pi title to hold out unauthorized actions.
In addition they rejected any allegations of misconduct, stressing that the undertaking has operated methodically over the previous six years to construct a legit ecosystem.
They went on to disclaim any affiliation with the social media account that had attacked Zhou, stressing that neither Pi Community nor its staff had ever commented on Bybit or its management.
Vanishing tokens, delayed migrations
The thrill surrounding Pi Coin’s mainnet launch has shortly given strategy to frustration, as mounting considerations about safety and migration points have put the undertaking beneath intense scrutiny.
“Pi is a SCAM!!!!” one person raged on social media after watching his Pi steadiness vanish upon unlocking. The frustration is deepening as extra Pioneers—Pi’s loyal customers—watch their years of collected tokens disappear with out recourse.
https://twitter.com/0xweb3bond/standing/1898409102658671020
“One very unhappy factor is occurring to naive Pioneers,” one other person wrote. “The second their Pi unlocks, it strikes straight to a scammer’s tackle.”
https://twitter.com/blessyndbest1/standing/1897179279915671811
Many victims had unknowingly interacted with pretend Pi-related web sites up to now, just for these previous errors to come back again and hang-out them now that their tokens are lastly turning into transferable.
“The rip-off phishing websites are actually very well made,” one person identified, warning that the present setup makes it far too straightforward for attackers to mimic the Pi Browser. “Even skilled individuals may fall for these pretend websites.”
However the frustration doesn’t cease with safety considerations. Many Pioneers are additionally coping with a unique headache altogether: the continuing battle emigrate their Pi to the mainnet earlier than the March 14, 08:00 UTC deadline.
“I’ve accomplished the mainnet guidelines. I’ve been ready weeks emigrate,” one Pioneer vented. “I’ve tried every little thing to resolve this drawback. Pi has accomplished nothing to assist. This must be fastened, or the deadline must be prolonged.”
A blockchain developer even known as out Pi Community immediately, calling their migration course of “fraudulent and misleading,” and urging regulators to analyze.
https://twitter.com/Manda_Coin/standing/1896106701096464695
He identified that whereas blockchains like Solana (SOL) and Polygon (POL) can deal with hundreds of transactions per second, Pi customers have been ready months — some even years — simply to maneuver their tokens.
“You can not see their infrastructure. You can not see how the queue works. There isn’t a decentralization. It’s simply the core staff controlling every little thing, he acknowledged.”
Past the technical issues, thousands and thousands of customers have handed over delicate private information, together with passports and authorities IDs, to move KYC—but they’re being pressured to attend indefinitely to entry their funds.
“Their app generates cash from adverts,” the blockchain developer identified. “Is Pi Community simply utilizing us for revenue whereas pretending it is a actual blockchain undertaking?”
Including to the frustration is Pi Community’s dealing with of the state of affairs. The core staff stays largely silent, issuing occasional statements however providing little in the best way of direct options.
Whereas Pi’s defenders insist that these delays are a part of a structured rollout, critics argue that after six years of improvement, these excuses are sporting skinny.
With simply days left till the migration deadline, the state of affairs is reaching a boiling level. Some are demanding speedy fixes, whereas others are calling for regulatory motion, reporting Pi Community to authorities just like the SEC and FTC.
After which there are those that, regardless of the mounting points, nonetheless consider within the undertaking’s imaginative and prescient and are hoping the core staff can flip issues round.
But when Pi Community doesn’t transfer quick to deal with these considerations — if customers hold dropping their tokens, migration points persist, and belief continues to erode — it may not be lengthy earlier than even its most loyal supporters begin to stroll away.
