Pi Coin’s $12B market cap rises despite missing tokens, KYC delays, and scam allegations.
Bybit’s CEO calls Pi Network a scam, while Binance listing rumors fuel speculation.
Pi Coin has taken the crypto world by storm, reaching a $12 billion market cap despite ongoing issues. The token’s rapid rise has sparked speculation about its sustainability, fueled by Binance listing rumors and security concerns.
Meanwhile, as previously mentioned in our report, Bybit’s CEO has openly called Pi Network a scam. As migration failures and missing tokens frustrate users, questions about the project’s legitimacy continue to grow.
Pi Coin Shows Volatile Market Performance
Pi Network launched its mainnet on February 20, marking the first time its native token became tradable. The market response was explosive, with Pi Coin surging from $1.45 to $2.10 within an hour. However, the momentum quickly faded, and the price crashed to $1.01, cutting its market cap to $7.02 billion.
Since then, Pi Coin has seen extreme price swings but remains among the top cryptocurrencies. By March 12, it reached $1.71, reflecting a 45% drop from its all-time high of $2.99. Despite this decline, Pi Coin’s market cap grew to $12.26 billion, making it the 11th largest crypto asset.
Pi Token Marketcap.Source: CoinMarketCap
Exchange support has played a key role in Pi Coin’s liquidity. Platforms like OKX, Bitget, Gate.io, and MEXC have listed the token, with Gate.io handling over $200 million in daily trading volume. However, top-tier exchanges such as Binance and Coinbase have yet to list Pi Coin, limiting its market reach. As we covered in our latest report, Binance may list it on March 14, aligning with Pi Network’s anniversary.
Bybit’s CEO Labels Pi Network a Scam
Pi Network’s rapid growth has not silenced its critics. Bybit CEO Ben Zhou has openly dismissed the project, calling it a scam. He cited concerns over data privacy, lack of transparency, and misleading promises to users. Zhou also criticized Pi Network’s mining model, comparing it to a Ponzi scheme that benefits early adopters while newer users face uncertainty.
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
Bybit has denied any plans to list Pi Coin, contradicting claims made by some in the Pi community. Zhou argued that Pi Network has failed to deliver on its promises despite operating for years. He also questioned the credibility of its leadership, stating that no one has publicly verified their claims of Stanford affiliation.
Pi Network responded, distancing itself from online attacks on Zhou and denying any misconduct. The team claimed that reports linking it to scams were based on bad actors misusing tPi Coin’s $12B market cap rises despite missing tokens, KYC delays, and scam allegations.
Bybit’s CEO calls Pi Network a scam, while Binance listing rumors fuel speculation.
Pi Coin has taken the crypto world by storm, reaching a $12 billion market cap despite ongoing issues. The token’s rapid rise has sparked speculation about its sustainability, fueled by Binance listing rumors and security concerns.
Meanwhile, as previously mentioned in our report, Bybit’s CEO has openly called Pi Network a scam. As migration failures and missing tokens frustrate users, questions about the project’s legitimacy continue to grow.
Pi Coin Shows Volatile Market Performance
Pi Network launched its mainnet on February 20, marking the first time its native token became tradable. The market response was explosive, with Pi Coin surging from $1.45 to $2.10 within an hour. However, the momentum quickly faded, and the price crashed to $1.01, cutting its market cap to $7.02 billion.
Since then, Pi Coin has seen extreme price swings but remains among the top cryptocurrencies. By March 12, it reached $1.71, reflecting a 45% drop from its all-time high of $2.99. Despite this decline, Pi Coin’s market cap grew to $12.26 billion, making it the 11th largest crypto asset.
Pi Token Marketcap.Source: CoinMarketCap
Exchange support has played a key role in Pi Coin’s liquidity. Platforms like OKX, Bitget, Gate.io, and MEXC have listed the token, with Gate.io handling over $200 million in daily trading volume. However, top-tier exchanges such as Binance and Coinbase have yet to list Pi Coin, limiting its market reach. As we covered in our latest report, Binance may list it on March 14, aligning with Pi Network’s anniversary.
Bybit’s CEO Labels Pi Network a Scam
Pi Network’s rapid growth has not silenced its critics. Bybit CEO Ben Zhou has openly dismissed the project, calling it a scam. He cited concerns over data privacy, lack of transparency, and misleading promises to users. Zhou also criticized Pi Network’s mining model, comparing it to a Ponzi scheme that benefits early adopters while newer users face uncertainty.
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
Bybit has denied any plans to list Pi Coin, contradicting claims made by some in the Pi community. Zhou argued that Pi Network has failed to deliver on its promises despite operating for years. He also questioned the credibility of its leadership, stating that no one has publicly verified their claims of Stanford affiliation.
Pi Network responded, distancing itself from online attacks on Zhou and denying any misconduct. The team claimed that reports linking it to scams were based on bad actors misusing t
