Pi Community’s native token has soared to a brand new all-time excessive lower than every week after its mainnet launch regardless of mounting considerations over its legitimacy.
Information from CryptoSlate exhibits that Pi has gained over 30% previously 24 hours and surged almost 200% during the last week, reaching a report excessive of $2.98.
Throughout this era, Pi’s buying and selling quantity surpassed $3.5 billion, inserting it among the many most traded cryptocurrencies within the trade.
Primarily based on these figures, Pi’s self-reported market capitalization exceeds $18 billion, positioning it among the many prime 15 digital property by market cap.
Pi rip-off allegations
Whereas Pi Community’s fast development has attracted consideration, skepticism surrounds its credibility. Critics argue its construction mirrors a pyramid scheme, and considerations over transparency stay.
For context, Bybit CEO Ben Zhou has brazenly criticized Pi, referencing a Chinese language police report that labeled it fraudulent. In keeping with him, the authorities declare the venture focused older people, harvested their information, and contributed to monetary losses, together with pension depletion.
Moonrock Capital’s CEO, Simon Dedic, has additionally voiced doubts about Pi’s legitimacy. In a social media submit, he questioned the accuracy of Pi’s reported $26 billion totally diluted valuation and 60% token circulation.
Dedic said:
“Pi Community has constructed a robust cult following amongst non-crypto customers who shill it purely for monetary causes, with out even understanding what PI is meant to do.”
Contemplating this, Dedic concluded that Pi’s token holds no actual worth and predicted a 99% worth drop over time.
He wrote:
“That is only a big Ponzi that faked it until they made it. They mastered virality by promising “free cash” and leveraging word-of-mouth advertising and marketing to go mainstream. Undoubtedly research PI’s development techniques in your subsequent word-of-mouth marketing campaign, however don’t fall for the rip-off…There’s zero intrinsic worth behind PI, and I totally anticipate this to be down 99% in a number of years.”
Pi dismisses allegations
Pi Community has repeatedly denied accusations of fraud and lately made a assertion to that impact on Feb. 22.
The workforce clarified {that a} Chinese language police division had warned about dangerous actors falsely associating themselves with Pi. The venture careworn that it had no connection to those people and had not been contacted by authorities relating to the matter.
Pi Community reiterated its legitimacy, pointing to its six-year growth historical past and an lively consumer base exceeding 60 million. The workforce emphasised that its cautious method was designed to make sure a steady launch and construct a robust neighborhood earlier than totally deploying its blockchain.
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