Pi Network Stabilizes Despite Market Downturn and Mixed Reception

Pi Network’s token price finally stabilized after a market correction, staying steady despite broader volatility. The token’s daily trading volume also reached $500 million.

PI is also experiencing high inflation, and its market cap claims remain unverified.

Pi Network Shows Stability

Pi Network, a blockchain project that’s taken the crypto space by storm, is having an eventful few days. Binance updated the results of its recent community vote to list the token, confirming that the proposal had 86% support. However, its listing decision is still pending.

Despite broader concerns about a possible bear market, the altcoin is stabilizing after a brief market correction.

Pi Network Weekly Price Chart. Source: TradingView

As March 14 (Pi Day) approaches, some fans are anticipating a major announcement from developers. The project’s official X account surpassed Ethereum’s follower total and is currently the fourth-most-followed crypto account on the website.

Of course, the recent Pi airdrop was the most valuable airdrop in history at $12.6 billion, so making an even bigger announcement would be difficult.

Over the last five days, 200 million Pi tokens have been put into circulation. This translates to an inflation rate of 0.634% per day and 231.41% per year, which are extremely high.

Also, CoinMarketCap data shows that PI’s market cap has exceeded $10 billion, which places it among the top 15 cryptocurrencies in the market. Yet, the platform has not updated its ranking, potentially because the market cap is self-reported and not independently verified.

“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,” wrote poular influencer Zoe.

Nonetheless, these claimed numbers are still unverified, and Pi Network has some harsh critics. Ben Zhou, CEO of Bybit, loudly called the project a scam, reminding his followers that the Chinese government regards the project as an outright pyramid scheme.

CoinMarketCap is apparently reluctant to list the token as a top contender at this early stage. Other major data tracking platforms like CoinGecko omitted the token’s market cap.

In short, the recent news cycle about the Pi Network has been very chaotic. Its supporters continue to build up the project’s international notoriety, but critics wonder if the whole enterprise is a bubble.