**Pi Coin Sets Its Sights on the $2 Mark Amidst a Rocky Start, While Pi Network Addresses Scam Claims as Exchange Listings Flourish**
Pi Network’s PI coin made its much-anticipated debut on February 20, but the launch was anything but smooth. Instead of a steady rise, the coin experienced a significant sell-off as early adopters rushed to cash out. Within just two days, Pi’s market cap plummeted by $6 billion, causing the price to drop from its initial $2 to a low of $0.61. Currently, however, the coin is trading at $1.54, according to Tradingview.
The sell-off was just one of the challenges facing Pi. Bybit CEO Ben Zhou raised concerns about its legitimacy, referencing a 2023 warning from Chinese authorities that labeled Pi Network as a potential scam targeting seniors. He tweeted, “Here is an official police warning of $Pi from Chinese police back in 2023, cautioning the public that it’s a scam aimed at elderly individuals, which compromises their personal data and pensions. There are multiple other reports out there…”
In response to these allegations, Pi Network defended its reputation, clarifying that the police warning was directed at malicious impersonators, not the network itself. The team highlighted its six years of operation and 60 million registered users as proof of its legitimacy. They also denied any connection to Bybit or its CEO, asserting that they had never sought a listing on the exchange.
Recently, a CEO made comments about Pi Network in reaction to a post from an unrelated individual on social media. Pi Network responded, acknowledging that online discussions can sometimes lead to misunderstandings and emphasizing the importance of clarity.
Despite the controversies, Pi Coin has secured listings on major centralized exchanges like MEXC, Bitget, and OKX. This expansion has sparked speculation about potential future listings on Binance and Coinbase. A listing on Binance is often seen as a significant catalyst for price recovery, given the platform’s vast user base and influence on token liquidity.
Market sentiment remains mixed; while some investors view Pi as a promising opportunity, others are exercising caution. The skepticism expressed by Bybit’s CEO has only intensified scrutiny, but the presence of Pi Coin on several top exchanges indicates strong demand. The project’s future actions will likely determine whether it can regain momentum or remain stagnant.
So, will Pi Coin bounce back to the $2 mark? Forecasting platforms are optimistic, with CoinCodex predicting that the token could rise by 20% to 25% by the end of February and potentially reach $2 by March.
