On Thursday, Hubei Exchange announced the listing of the PI Network token. Pi Token experienced a strange pump and dump within a day of listing. Currently, the price of the pie is $240 and shows a growth of 540% in the last 24 hours. Pie network has expressed ignorance about the listing of PI in cryptocurrency exchanges and has warned about its possible losses. This issue has raised rumors that Pi listing is a scam.
According to Mihan Blockchain and quoted by BIN Crypto, after Hubei and XT.com added the PI token, the price of this cryptocurrency experienced a significant increase. XT.com exchange even tweet Kurd will develop some kind of trading championship in cooperation with the Pi network team. But it didn’t take long for doubts to be raised about PI’s listing.
Blockchain Homeland has reviewed the network’s footprint in the past. You can read additional information about this network in the following article.
PI Network denied listing its cryptocurrency on exchanges
The suspicious thing about the Pi cryptocurrency listing was that the PI network had not made any announcements about its coin listing. A little later too Pei Network completely denied its connection with the coin listed in the exchanges. For this reason, some crypto people called Hiobi a fraud and asked him for an explanation.
The PI Network team stated that they have nothing to do with the listed coin and warned investors about the possibility of losing their assets and incurring huge losses.. Pie Network wrote on Twitter:
Pi is currently a closed network and has no authorized external connections. Pi Network is not allowed to be listed or traded on any exchange. Participation may result in loss. Only trust official Pi channels.
Brian Becerra, one of the crypto market activists, believes that these measures affect the credibility of the projects. He wrote on his Twitter to Heube exchange:
(Addressing Heubi Exchange) Why are you defrauding people? Fraud through a scam coin? This is a bad start for 2023!
The websites CoinGeco and CoinMarketCap have both added warnings to the PI List token page, acknowledging that the mainnet has not yet been launched:
Coinmarketcap warning on PI coin page:
There are reports that question the legitimacy of the Pi network. Please note that the mainnet has not yet been launched and the price shown below for certain exchanges represents the IOU value and may not be transferable across exchanges. Follow Pie Network announcements and have your own research.
There is a huge difference between the prices on both platforms because the exchanges do not trade with the real token and only trade the IOU version of the token, which is not actually the real token.
PI price fluctuated a lot
According to data from CoinMarketCap, PI trades started at around $11 and rose to over $300 within 24 hours, yielding almost 30x returns. But then the price fell on Friday and the token price reached around $15. This morning, the price skyrocketed again and reached above 240 dollars. The price of this coin is currently displayed at 249 dollars on the Coin Market Cap website and 241 dollars on the Coin Kego website.
Brandon E, Metaverse analyst, in his account LinkedIn Wrote:
Pie has no value. The idea was right at first, push a button every day and keep earning; Because it drew attention to this project. But that was all he had. The Pi network is a project where a group collectively generates currency for nothing, no electricity is consumed (referring to proof-of-work that miners are motivated to consume electricity) it has no initial investment and no program for holders ( in the share certificate or proxy share certificate). There are only a few people who have something worthless that they can neither work with nor make a profit from.