Is Pi Network Really a Scam?

The Pi coin value has hit a brand new all-time excessive (ATH), sparking a bullish outlook for the crypto. This rally to a brand new ATH, particularly amid the downtrend within the broader crypto market, has solid doubts in regards to the rip-off allegations towards the Pi community.

Pi Coin Worth Hits New All-Time Excessive

CoinMarketCap data reveals that the Pi coin value has hit a brand new all-time excessive of $2.98 at the moment, simply six days after it hit an all-time low of $0.6. This growth is extra important contemplating that the coin has defied the chances and rallied amid the latest crypto market crash, which led to a big value decline for Bitcoin, Ethereum, Solana, XRP, and different main digital belongings.

Pi’s rally to a brand new ATH has once more raised discussions about whether or not the Pi community is a rip-off. Previous to the community’s mainnet launch, some crypto neighborhood members had described it as a rip-off, and likewise, after the launch, these rip-off allegations persevered because the Pi coin value crashed to new lows.

In actual fact, Bybit CEO Ben Zhou labeled the Pi community as a rip-off and reiterated that his alternate wouldn’t record the token. In the meantime, in an X submit, crypto influencer SHIB Gems opined that the Pi community is a rip-off despite the fact that he believes market contributors can nonetheless become profitable from the coin.

Community Responds To Rip-off Allegations

In an X submit, the Pi community responded to Ben Zhou’s rip-off allegations. The workforce acknowledged that the community shouldn’t be affiliated with, nor did it authorize or interact in any exercise that’s associated to the Chinese language police’s warning. In addition they added that the community has not been contacted by any police division in China concerning any rip-off incident.

The workforce additional described the Pi community as a “legit platform.” In keeping with them, that is apparent primarily based on its six-year observe report and over 60 million engaged customers. In addition they defined that the delay within the network’s mainnet launch, which passed off on February twentieth, was deliberate to make sure the venture was profitable and totally developed earlier than launch.

The delay additionally occurred as a result of the workforce wished a well-established neighborhood to mitigate challenges different launches face, together with actions that unaffiliated dangerous actors perpetrate. In the meantime, they reaffirmed that the Pi community isn’t related to the social media accounts that attacked the Bybit CEO and condemned those that made these feedback towards Zhou.

Pi Coin To Hit $10

Following the rally to a brand new ATH, crypto analyst Gem Hunter has predicted that the Pi coin value may nonetheless rally to as excessive as $10. He famous that regardless of different cash dumping and the market being bearish, Pi nonetheless hit $2.

The analyst alluded to a possible Binance itemizing, which appears to be among the many causes he’s assured that the Pi coin value can commerce above $5 and probably hit $10. The analyst rightly predicted that Pi would hit $2.8, which has occurred even earlier than the highest crypto alternate listed the coin.

Crypto neighborhood member Moon Jeff asserted that Pi is coming to Binance. He revealed that 192,000 Binance customers had voted for the Pi itemizing on the highest crypto alternate as of yesterday. Alternatively, 29,000 customers have voted towards the coin’s itemizing.

Seeing that almost all have voted in favor of a list, Moon Jeff acknowledged that Binance may record the Pi community quickly sufficient. A Binance itemizing is undoubtedly bullish for the Pi coin and will ship its value to new highs. Nonetheless, it’s price mentioning that many Pi customers have but to obtain their allocations. As such, the coin may witness important promoting stress when customers obtain their tokens.