Pi Network Shilling Campaign Continues, Despite Recent Spike In Scams

NOIDA (CoinChapter.com)— Pi Network, the mobile-based crypto mining project, seems to have either the most dedicated marketing team or the most deluded fans, given the continued Pi Network shilling campaign.

Pi Network’s native token PI coin recently attracted attention after the token, currently trading as IOU on exchanges, faced a 98% drop in prices on CoinMarketCap. The charting website’s data showed that the PI coin’s price drop occurred only on some exchanges.

To rectify the issue, CoinMarketCap included the PI coin price only from HTX and BitMart, the two exchanges that account for nearly all of the PI coin IOU trade. Meanwhile, the upcoming planned launch of the open mainnet has resulted in an increase in the number of PI coin-related scams.

Despite all this, PI coin fanatics continue to shill the platform.

Mad Shilling Campaign For Pi Network

The shilling campaign for the mobile-mining platform continues at an alarming pace, with the shilling users not even bothering to check on their facts. A major participant in PI’s shilling campaign is the X account of the news website Hokanews.

The X account of Hokanews is full of Pi Network shilling posts, with the team sharing old news related to Pi Network without revealing the original date or time.

For instance, the above post on X has an alluring text, “Pi Network Announces Mainnet Launch in 2024: Entering a New Era of #Blockchain Technology.”

The post is about 6 hours old on May 2. Interestingly, the underlying article on the Hokanews website has March 17, 2024 as its publication date.

However, a PI coin user eagerly awaiting the mainnet launch would likely view the post the same way Godzilla looks at nuclear missiles. The resulting visit to the Hokanews website would increase traffic for the firm, helping the site net more money at the inconvenience of users.

Moreover, the mainnet launch post is not the only misleading shilling post on Hokanews’ X account, or even the first instance of one. Earlier this year, Hokanews mistakenly reported that Pi Network planned to launch the open mainnet on Pi Day.

Miscommunication from the official Pi Network news handle resulted in speculations of an open mainnet launch on March 14. The news handle jokingly shared that Pi Network would launch the open mainnet in March instead of the previously announced date of June 2024.

Hokanews picked up the announcement and shared it as a true story instead of a joke.

Pioneers Using A Token IRL That Is Still Imaginary

Moreover, it’s not just Hokanews that is shilling the blockchain platform. Other users regularly post about how PI coin users are using the token in real life, to barter, or as a currency medium.

It is funny to see these uses of the token, considering that the token does not exist in reality, at least for now.

Strictly speaking, there is no such thing as a PI coin. Until the mainnet launches, the mined Pi Network tokens hold no value.

Since the Pi Network remains a testnet, the PI coins trading on exchanges like HTX and BitMart are IOUs, as in traders exchanging promissory notes rather than the actual token itself. Hence, the entire PI coin market is currently based purely on speculation.

Another famous Pi Network shilling campaign has posts asking users if they believe the PI coin price would spike to $314,159 after the open mainnet launch.

Hopium CANNOT explain this level of delusion.