Pi Network token's price is maintaining above the $1.50 mark, fueled by expectations of a possible listing on Binance.
Launch of Pi Network and Initial Listings
The Pi Network token was officially launched on February 20, aligning with the mainnet launch of the project. Shortly after, the token was listed on several centralized exchanges, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget. Within the first hour of listings, PI's price surged by 36.8%, reaching a high of $1.97.
Price Fluctuations and Fraud Allegations
Following the sharp increase, a rapid sell-off occurred as early adopters began liquidating their holdings. This led to a plunge from the all-time high of $1.97 to an all-time low of $0.61 on the same day. Additionally, allegations of fraud arose, with Bybit CEO Ben Zhou citing a Chinese report accusing Pi Network of being a scam targeting elderly investors. Pi Network refuted these claims, asserting its legitimacy as a project six years in the making.
Binance Expectations and Potential Risks
Despite the initial downturn, PI's price has stabilized within the range of $1.35 – $1.69. Speculation about a potential Binance listing is a driving factor, as community discussions intensified. As of February 22, a community vote on Binance garnered 212K responses, with 86% supporting PI's listing. However, there's a possibility that Binance may not proceed, amid criticism from industry experts.
The future of Pi Network's price remains uncertain, given the expectations surrounding a potential Binance listing and associated criticism.
