Key Takeaways:
Pi Network price hit $2.99 ATH on Feb. 26 but now trades nearly 60% lower.
88M tokens set to unlock in March, but transfer issues raise concerns.
Investor details remain undisclosed, fueling speculation about Pi Network’s future.
Pi Network (PI) price continues to decline, with no Binance listing in sight. What lies ahead?
According to CoinGecko, Pi Network price reached its all-time high (ATH) on Feb. 26, hitting $2.99 about a week after the mainnet launch. The coin initially traded at $1.1, but its current price is nearly 60% lower.
As of March 20, Pi Network is priced at $1.13. While this is still nearly twice its starting price, skepticism around the project remains. Some in the crypto community consider it a scam or a large-scale financial scheme.
Source: CoinGecko
Despite these concerns, PI entered the top 30 cryptocurrencies by market cap.
In an effort to counter scam accusations, the Pi Network team has implemented various measures. Users who mined PI were required to complete KYC verification and transfer tokens by March 14. According to the project’s official account, failure to do so could result in token loss.
At the same time, some users have reported technical issues preventing token migration. One common complaint involves PI reverting to the mobile app after initiating a transfer, with no confirmation or clear timeline. This could lead to asset loss for affected users.
The crypto community remains divided. Some see Pi Network as an ambitious project with strong potential, while others compare it to a financial pyramid, warning it could collapse like Terra (LUNA).
Will Pi Network Be Listed on Binance?
One of the key questions remains whether PI will be added to Binance. A listing on the largest crypto exchange would boost the project’s legitimacy and help counter scam allegations. This may explain the strict KYC requirements set for users.
Binance Square (official account) conducted a user poll on whether PI should be listed. 86% voted in favor. The poll closed on Feb. 27, but Binance has not provided any updates on the token’s potential listing.
Source: Binance
If concerns and accusations against Pi Network persist, Binance is unlikely to list the token. Issues with transferring PI from the app to wallets also raise questions. If these are just technical problems, the team could address them and issue an official statement.
For now, the tokens that users failed to transfer remain with Pi Network.
Meanwhile, Bybit has confirmed it will not list PI. CEO Ben Zhou publicly called the project a scam.
Waiting for PI Token Unlocks and Investor Concerns
According to Piscan, approximately 88 million PI tokens are set to unlock in March, valued at $102 million at the March 20 exchange rate ($1.20).
Token burning is a standard measure to combat inflation, often causing price volatility ahead of the event. The Pi team plans to increase token burns in the coming months, with 118 million tokens set for April and 182 million for May. It remains unclear whether unverified users’ tokens are included in these figures.
Source: Piscan
Another growing concern is the lack of transparency regarding Pi Network’s investors. One of the project’s early adopters (“pioneers”) claims that 137 Ventures, Ulu Ventures, and Designer Fund are among Pi’s backers.
However, only 137 Ventures has publicly acknowledged the token, while the other firms have not disclosed their involvement or investment amounts.
Lack of transparency remains one of Pi Network’s key issues. The team has not officially addressed accusations against the project. While various media and influencers publish seemingly promotional content, Pi Network has not responded directly.
Reddit users speculate that Pi Network could receive $15 million in funding in the first week of investor contributions. However, this figure is unverified and based on estimations.
The fact that Pi Network has not fully disclosed its investors and funding raises questions, especially given the absence of a clear roadmap. The community has set its sights on a Binance listing, but even if that happens, the project’s future direction remains uncertain.
If Binance declined to list PI, it could further disappoint investors who still believe in Pi Network’s potential.
Binance recently introduced its new “Vote to List” campaign, where users can vote for selected projects to be added to the exchange. One of the requirements is that the project must operate on the BNB Smart Chain. Pi Network was not included in this campaign.
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