Pi Coin Listings Spark Controversy as Network Prepares for Mainnet
Pi Coin Listings Spark Controversy as Network Prepares for Mainnet
NOIDA (CoinChapter.com) — News of the Pi Network’s PI Coin listings on several cryptocurrency exchanges, including Huobi Global, XT.COM, BitMart, SuperEX, and Biconomy, has ignited controversy within the Pi Network community.
While some see this as an opportunity for early investment, the Pi Network core team has often publicly denounced such listings.
No PI Coin Listing As Of Now
Moreover, the Pi Network team insists that the tokens listed do not represent the actual PI Coin and that the move undermines their focus on developing a sustainable ecosystem before the Open Mainnet launch.
It is important to note that these listings likely involve IOUs or other derivatives that speculate on the potential future price of Pi. They introduce heightened risks for traders due to price volatility and the potential unreliability of some listing platforms.
The Pi Network team has repeatedly emphasized that official updates and announcements will always come through their in-app channels, their official website, or social media platforms.
Additionally, the core team cautioned users about the risks of these premature listings and urged everyone to focus on the project’s long-term development. If engaging with these listings, it’s crucial to proceed with extreme caution and be fully aware of the potential for losses.
The team’s various communication channels advise users to prioritize long-term perspective, contribute to the Pi Network ecosystem, and await the official Open Mainnet launch. They maintain that this will provide a more secure and sustainable way to interact with the Pi cryptocurrency.
News Attracts Bulls
News of the alleged PI Coin listing helped create enough hype among crypto circles to help the token rally to its highest level since Jan. 6 earlier this year. The Pi Network cryptocurrency price spiked by nearly 8% to reach a daily high near $33.445 (HTX exchange) on Feb. 27 during early trading.
PI Coin price would need to break above the 200-day EMA (green wave) resistance near $33.4 to confirm a bull run. Moreover, a Pi Coin listing or Mainnet launch could attract buyers and help push the token’s price to the resistance near $36.3 before corrections pare gains.
Contrarily, failure of the ongoing rally could force PI coin price to test the support near $29.5. Moreover, delays in the open Mainnet launch could force the token to drop to the support near $27 before bulls check the downtrend.
The RSI for PI Coin remained neutral, with a score of 62.51 on the daily charts.
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Filed under: Bitcoin - @ February 27, 2024 12:21 am