The Pi Network, a groundbreaking blockchain project that has generated quite a buzz in the crypto world, has had a whirlwind few days. In a recent community vote, Binance updated the results to show that the proposal to list the token enjoyed a hefty 86% support. However, the decision on whether to list the token is yet to be made.
Despite the wider crypto market teetering on the edge of a bear market, the altcoin appears to be stabilizing after a slight market correction. This stability comes as a welcome reprieve for investors who have been anxiously watching the coin’s daily trading volume, which recently reached a staggering $500 million.
With Pi Day (March 14) on the horizon, there is mounting anticipation among fans for a significant announcement from the developers. In an impressive feat, the project’s official X account has outstripped Ethereum’s follower count and is currently the fourth-most-followed crypto account on the site.
The recent Pi airdrop stands as the most valuable in history, with a whopping $12.6 billion value. It would indeed be a challenge for the developers to top this with an even bigger announcement.
Over the last five days alone, 200 million Pi tokens have been released into circulation. This translates to a daily inflation rate of 0.634% and an annual rate of 231.41%, figures that are exceptionally high.
According to CoinMarketCap data, PI’s market cap has surpassed $10 billion, which positions it among the top 15 cryptocurrencies in the market. However, the platform has yet to update its ranking, possibly due to the fact that the market cap is self-reported and has not been independently verified.
Influencer Zoe recently noted, “Pi Network is currently ranked at 3157 on CoinMarketCap due to its unverified market cap and circulating supply. But if the self-reported supply is accurate, Pi would have over a $10 billion market cap, placing it at 11-12.”
While these self-reported figures are yet to be confirmed, Pi Network has attracted its fair share of critics. Ben Zhou, CEO of Bybit, has openly labeled the project a scam, pointing out that the Chinese government views the project as a pyramid scheme.
CoinMarketCap seems hesitant to list the token as a leading contender at this early stage. Other major data tracking platforms like CoinGecko have also excluded the token’s market cap.
In summary, the recent news cycle around the Pi Network has been tumultuous. While supporters continue to enhance the project’s international reputation, skeptics question whether the entire venture is merely a bubble waiting to burst.
