Key Points:
- Pi Network will be listed on OKX, but Bybit’s CEO has declined to list the PI token due to concerns about its business model.
- The project’s open mainnet is expected on February 20, driving a surge in Pi’s IOU value, although delays and KYC concerns remain.
Pi Network, a decentralized cryptocurrency project that has yet to launch its open mainnet, is set to be listed on the OKX exchange. While the move marks a significant development, the token remains largely unrecognized by major exchanges.
Read more: Pi Chain Mall: Platform to Support Optimizing the Best Experience of Pi Network Ecosystem
Bybit’s CEO Refuses to List Pi Network Token
The OKX listing announcement has sparked debate, particularly regarding Pi Network’s business model, which some critics liken to a pyramid scheme.
Following OKX’s decision, Bybit’s CEO publicly refused to list the token, citing a tweet criticizing the project by “middle-aged people.”
Pi Network, which promotes mobile mining to make cryptocurrency more accessible, recently announced that it had verified 10 million users. The upcoming open mainnet launch, expected to take place on February 20, has fueled speculation and market activity.
According to data from exchanges like Binance and Bitget, as well as price tracking platforms such as CoinGecko and CoinMarketCap, the value of PI in its IOU (I Owe You) form has surged. The increase is attributed to traders anticipating the open network phase, which could enable external transactions.
Experts Warn of Potential Pump-and-Dump Risks
Despite the excitement, concerns persist regarding Pi Network’s long delays and its referral-based model. Additionally, some users and traders have raised issues about know-your-customer (KYC) verification processes.
Experts warn that the launch could trigger speculative trading patterns similar to those seen with meme coins. Many users, having accumulated PI tokens through mining, may rush to sell once the token becomes tradable, potentially leading to price volatility and pump-and-dump scenarios.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |