Many serious crypto influencers are against $PI coin and called it a scam & also slammed the crypto exchanges that listed this token despite the controversy around the project team of this Cryptocurrency.
Summary
- Pi token trade volume in Billions on many crypto exchanges.
- Crypto entrepreneur Simon called this big trade volume a wash trading.
- Crypto entrepreneur shared multiple factors against Pi coin to label it a scam.
PI network ($PI) is an infamous crypto project that has been partially active since 2019. The project team leader introduced this crypto project with a Multi-Level marketing (MLM) based referral system; the Pi token mining app grabbed huge popularity, especially in China. This month many crypto exchanges listed this crypto token.
The current trade price of the $Pi coin is $2.21 & this price level is -17.5% down over the last 24 hours trade period, as a part of a usual market downturn.
At the time of publishing of this report, the trade volume of this token is $1.86 billion with a $15.27 billion self-reported market cap, as per data available on the popular contracting website CoinMarketCap (CMC).
On 27 Feb 2025, A well-known crypto enthusiast & entrepreneur, Simon, took to X (formerly Twitter) to share his disappointment with the top crypto exchanges that supported the $Pi token, just only to generate trade fee revenue.
Simon shared multiple factors against the Pi network crypto project to suggest everyone remain away from this token investment.
1) Expired Crypto Project
According to Simon Pi Network has existed since 2018-2019 and claims to have 65 million users, mostly from Asia. He believes that the Pi network is now an expired project because of their inactivity.
2) Bitcoin Alternative Concept
This crypto enthusiast noted that the Pi network project team aimed to make the Pi network a better alternative version of Bitcoin without using any expensive mining farms—users can mine just by using a mobile app. This concept doesn’t make sense from the perspective of blockchain technology.
3) Non-Crypto Users
The majority of the Pi token supporters don’t understand crypto or blockchain technology, but they only use the Pi token app as well as promote it for financial gain. Even they don’t know what is actually the vision of this crypto project.
4) Fake Valuation
Simon claimed that a $26 billion market value is the only way of increasing rewards through staking, which is a sign that they’re like a Ponzi scheme. Here we can also see that Pi coin app users can’t withdraw or trade their Pi tokens freely.
5) Trading Volume Manipulation
Simon said that the trading volume of Pi coin also seems manipulated because $3.5 billion in daily trading on crypto exchanges like OKX, Bitget, and Gate.io, is likely fake trading. He means that the project team or some bad actors are only buying & again selling the token to show high trade volume.
6) Pi Coin Scam
Simon dragged attention toward a report shared by Bybit’s CEO Ben Zhou regarding the Pi network. The shared Chinese police report from 2023 labelling Pi Network as a scam targeting elderly people caused the ByBit leadership not to consider the listing of $Pi tokens.
Another crypto X user shared another interesting factor: how the project team behind this crypto project has been making money by running forced ads on the Pi token app.
In the end, Simon slammed all the centralized crypto Exchanges like OKX, Gate and Bitget for ignoring due diligence in favour of trading volume and quick profits.
Read also: SEC Drops Consensys Lawsuit and Says Meme Coins Are Not Securities
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
