Pi Network’s native token, PI, has been trading steadily above $1.50, fueled by speculation of a potential listing on Binance.

Pi Network’s Mainnet Launch and Initial Price Volatility

Pi Network officially launched its mainnet on February 20, marking the beginning of its token’s trading journey. Shortly after the launch, several centralized exchanges, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, listed PI for trading. The token’s price surged 36.8% within the first hour, reaching a high of $1.97. However, a rapid sell-off followed as early adopters started liquidating their holdings, causing the price to plunge to its all-time low of $0.61 on the same day.

Accusations of Fraud and Market Turbulence

Adding to the turbulence, accusations of fraud emerged, with Bybit CEO Ben Zhou referencing a Chinese report labeling Pi Network a scam, specifically targeting elderly investors. Pi Network dismissed these allegations, asserting its legitimacy as a project that has been in development for six years.

PI Price Recovery and Speculation of Binance Listing

Despite the initial downturn, PI’s price appears to be on a recovery trajectory, trading within the $1.35 – $1.69 range in the last 24 hours. Today, PI price opened at $1.54 and has been holding steady above the $1.50 level. At the time of writing, PI trades at $1.58, with a 24-hour trading volume of $1.02 billion, down by 42% over the past 24 hours.

Speculation surrounding a potential Binance listing is likely behind this resilience. As of February 22, a community vote on Binance had gathered 212K responses, with more than 86% in favor of listing PI. With the poll nearing its conclusion, investors anticipate that Binance may include the altcoin on its platform, which could influence its price trajectory.

“Investors should be cautious of the potential risks associated with investing in new cryptocurrencies, especially those with limited track records.”

Criticisms of Potential Binance Listing

However, there is a chance that the Binance listing may not materialize, as criticisms have emerged regarding its potential PI listing. Most notably, Colin Wu, founder of Wu Blockchain, criticized Binance’s decision to revive community-driven listings after seven years, especially with the listing of Pi. He expressed concerns that Binance is prioritizing traffic and user registrations over security and its industry reputation.

Investors should be aware of the potential risks and benefits associated with investing in PI and other cryptocurrencies. It is essential to conduct thorough research and stay informed about market developments to make informed investment decisions.

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Tips for Investing in Cryptocurrencies:

* Conduct thorough research on the project and its developers
* Stay informed about market developments and trends
* Set clear investment goals and risk management strategies
* Diversify your portfolio to minimize risk
* Be cautious of potential risks and scams

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