YEREVAN (CoinChapter.com) – Pi Network, the “first digital currency you can mine on your phone,” has been a center of controversy since Dec 29, when the Huobi exchange announced it listed the PI coin. As CoinChapter reported previously, the listing was not legit. However, is the PI coin worth investing in this year? Let’s take a closer look.
Notably, the Pi crypto price spiked over 2,300% on Dec 29 but dropped as soon as the listing news was deemed fake. Before deciding whether Pi Network is worth investing in, here is a brief recap of what happened.
Huobi exchange listed PI Or not
As reported, Huobi claimed to list the PI coin on Dec 29. Then, on Jan 1, Justin Sun, the founder of Tron Network, who bought Huobi in October 2022, also posted about the coin, asking his following to assess if listing the Pi coin is a good idea. The pole will end at 15:00 GMT on Jan 4.
Also read: Fact Check: Did Pi Network get listed on Huobi and XT.com?
Any listing in the crypto community is good news, except for fake ones. Apparently, the Pi Network team was not only unaware of any listings but deemed Huobi’s actions disrespectful, warning traders against affiliation with fake Pi Network representatives.
Given the fact that Pi Network made it clear they have not authorized any exchange listing, some community members speculated on why Justin Sun would continue tweeting about the possible listing.
Forget what the Pi community thinks. What the community needs is for you guys to respond directly to the announcement made by Pi Core Team regarding their relationship with exchanges and your listing. A little bit of communication & clarification will yield better understanding.
read one of the responces.
Pi coin price corrected down
The PI token jumped in response and, as mentioned, rallied 2,300% in 24 hours on Dec 29, going from $13 to $323. However, as seen in the chart below, the PI price gave a choppy performance in the following days, dropping to Pre-Dec 29 bottoms and pumping again to reach $307 on Dec 31.
However, once the Pi team’s message denying the listing’s credibility sank in, Pi’s price slid down and stood at just below $80 on Jan 4. Moreover, CoinMarketCap issued a warning on its Pi Network’s page, doubting the legitimacy of Pi itself and not the fake listing.
There have been reports questioning the legitimacy of the Pi Network. Please note that mainnet has not launched yet, and the price displayed below for certain exchanges reflects the value of the IOUs, and it may not be transferable across exchanges.
read the warning.
Is it a good idea to bet on Pi Network in 2023?
The project’s whitepaper claims that the “Pi Core Team set out to find a way that would allow everyday people to mine” or earn cryptocurrency rewards for validating transactions on a distributed record of transactions.
The project claims to have a “fresher” take on Bitcoin’s mining premise. Mine on your phone without having to deal with large mining pools.
While Bitcoin’s process for updating its record is proven, it is not very user (or planet!) friendly. For Pi, we introduced the additional design requirement of employing a consensus algorithm that would also be extremely user-friendly and ideally enable mining on personal computers and mobile phones.
reads the document.
Considering the project’s compass on mining ease for retail users, it could prove instrumental once the token is launched. Additionally, the whitepaper seems detailed, explaining the project’s key pillars. The team is not anonymous, which is a plus for a crypto project, albeit not a definitive factor.
However, it is important to remember that no crypto prediction is written in stone. The FTX debacle taught investors against blindly trusting any project. Thus, potential PI coin traders should take a closer look at the project’s premise. Is it credible enough to survive the competition? Time will tell.
Also read: Logan Paul Threatens To Sue Coffeezilla over Zoo Token Scam Allegations.
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