Jan 5, 2023 at 07:13Pi Network’s token PI made headlines. In just one day, the price of this token jumped 2,750%: from $12 to $330. Remarkably, it was the record price. An all-time high value was set up on December 30, 2022. Not bad, huh? BTW, the PI token was worth the least on November 28, 2019: only $0.055.
But as of January 4, its price surged to $158.95 from about $86-$90. The current price is about $96 (as of January 5).
At the same time, the official website of the project says that the PI costs $0, and tokens cannot be withdrawn.
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So what is the reason for this burst of interest and the sharp rise in price, and what to expect next?
What is Pi Network and its token PI?
The Pi Network is a mobile blockchain mining project. It was created by Stanford University academics Nicolas Kokkalis and Chengdiao Fan. It became operational in 2019, but cryptocurrency is still unavailable (you can’t buy it). The creators position PI as the first digital currency for ordinary people to help the adoption of cryptocurrency worldwide. The main goal of the project is to create a cryptocurrency and smart contracts platform, secured and managed by ordinary people, a peer-to-peer (P2P) market fueled by PI.
Users (known as Pioneers) can earn tokens on the platform of the same name (this is not mining in the usual sense), using mobile devices (Android and iOS). All it takes is a couple of taps. Pi network members can also earn coins by launching a node on their personal computers and attracting new members.
Also on the Pi Network, community developers can create decentralized applications (dApps) for millions of users.
Since its launch, the Pi network has attracted 2 million Twitter followers and 33 million members.
Unlike many other cryptocurrencies, the PI has no fixed total supply. Each user who joins the Pi network is allocated a predetermined amount of PI coins. They can mine only this allocated number of tokens for the duration of your participation in the project.
Pi Network’s token PI was unavailable on any crypto exchange. Until 2022? The large exchange Huobi announced that it opened spot trading of PI/USDT on December 29 last year.
New Listing On #Huobi#PI @PiCoreTeam
Trading is available now👇https://t.co/e0UA6DK88s#newlisting pic.twitter.com/C9TQP3L0nf
— Huobi (@HuobiGlobal) December 29, 2022
At the same time, officially on the Pi website, it says that the network is in a closed mainnet and has not authorized the listing on any exchange.
Pi has not been listed on any exchange, and Pi Network has not been involved with any purported listings. You could sustain substantial loss by participating in unauthorized listings. Read more on our website: https://t.co/rbntZ7DROj pic.twitter.com/LJztPOH35c
— Pi Network (@PiCoreTeam) December 30, 2022
Who is to be believed? One thing is certain, it was a day later that the price of the PI token went sky-high. However, it remains unclear whether this PI is real.
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