Barely hours after the Pi network mainnet went live on February 20 with official Pi coin getting listed on several exchanges, a fake Pi coin generated on pump.fun platform has crashed dramatically. The fake Pi coin, that was generated eight days ago, has a market cap of $5 million.
The hype of Pi coin is contagious and the pioneers community across the globe had been anxiously awaiting the official listing of Pi coin. With a successful launch of Pi mainnet, the internet was brimming with rumors that the coin has crashed as soon as it went live.
However, the claims were not true as a fake Pi coin generated on pump.fun had actually crashed. At one point this fake coin had a market cap of $6 million, at a price of $0.006. However, as soon as the Pi core team announced the launch of the official Pi coin, this token began to crash.
Fake Pi coin on Pump.fun
Interesting thing to note that the token creator has attached links to official Pi coins website and social media platforms. Today at the launch of the official Pi coin, the price of this fake token has been dropped to $0.00018, with only $187K left in the market cap.
The incident highlights the growing trend of scam or imitation tokens emerging in the crypto space, particularly ahead of high-profile launches. Users are advised not to buy any token without verifying its authenticity.
