- Pi Coin aims to reclaim the $2 mark after a volatile debut.
- Pi Network disputes scam allegations as exchange listings gain traction.
Pi Network’s PI coin made its debut on February 20, marking months of anticipation for the movement. The initial entry did not result in steady growth; instead, it witnessed an unprecedented dump by early adopters to liquidate their positions.
Within two days, the market cap for Pi declined by $6 billion, dropping the price from its initial price of $2 to a low of $0.61. However, the coin is currently trading at $1.54.
The sell-off was only one of various issues for Pi. Bybit CEO Ben Zhou publicly questioned its legitimacy, citing a 2023 notice by Chinese police calling Pi Network a potential senior-targeted scam.
1. Here is a official police warning of $Pi from Chinese police back in 2023 warning to the public that it’s a scam targeted towards elderly folks https://t.co/LaGJqXSOXR which leaks their personal data and loss of their pension. There are multiple other reports out there… https://t.co/gkEu2wZwfo
— Ben Zhou (@benbybit) February 20, 2025
As we reported earlier, Zhou claimed that Pi Network refused to clarify where it stood and described accusations against the project as baseless attacks.
In response, Pi Network defended its integrity by clarifying that the police alert against them was against malicious actors who were impersonating them.
The team referenced six years of operation and 60 million registered participants as evidence of legitimacy. Pi also denied any association with Bybit or its CEO, maintaining that it had never applied for a listing on the exchange.
Recently, a CEO publicly commented on Pi Network in response to a post made by an unaffiliated individual on social media. While we understand that online discussions can sometimes lead to misunderstandings, we want to take a moment to clarify a few points and ensure accurate…
— Pi Network (@PiCoreTeam) February 21, 2025
Pi Coin’s Future Hinges on Its Next Moves
Despite the scandal, Pi Coin is listed on major centralized exchanges such as MEXC, Bitget, and OKX. The expansion is giving rise to rumors and speculation for future Binance and Coinbase listings.
A Binance listing is generally considered to have price recovery catalyst potential, given the platform’s huge following and impact on token liquidity. Market sentiment is mixed, and while some investors in Pi view it as an opportunity, others maintain caution.
The skepticism of Bybit’s CEO only made it subject to greater scrutiny, but having several top exchanges list Pi Coin is a testament to strong demand. The future moves of the project will likely determine whether or not it is able to regain traction or is left in limbo.
Will Pi Coin Rebound to $2?
Forecasting platforms have also projected Pi’s direction. CoinCodex predicts that the token might increase by 20% to 25% by February’s end and possibly break through to $2 by March’s midpoint.
Their projections suggest that Pi might rise to $2.20, 40% up on their recent low of $0.65. These estimates, however, in light of volatility in the token, are only estimates.
Some traders believe the recent price decline in Pi Coin is a buying opportunity. One crypto supporter made a post where individuals who had taunted Pi to be a scam were loading up on it in lower volumes. The post teased a potential jump to $10.
The same people who called it a scam ended up buying the dip! 😂😂😂😂😂
Soon on Binance ✅$Pi —> $10
i’ll quote this tweet soon ! pic.twitter.com/NArcdigL5J
— VEGA (@Vegabro0) February 23, 2025