What's Going On With Pi Network?
Pi Network has experienced significant events recently. On February 20, 2025, the platform officially launched its open network, allowing users to trade its native token, Pi Coin, on global exchanges such as OKX, Bitget, and HTX.
Following the launch, Pi Coin's value showed notable volatility. Initially, its price dropped by over 65%, going from a high of $1.84 to $0.64. The cryptocurrency subsequently experienced a rally of over 150%.
Despite its growing adoption, Pi Network has faced criticism and skepticism. Bybit CEO Ben Zhou called the project a scam, recalling that the Chinese government considers it a pyramid scheme. Additionally, platforms such as CoinMarketCap and CoinGecko have chosen to omit Pi Network's market cap due to the lack of verification of its data.
Amidst the controversy, Binance has faced criticism for considering listing Pi Network, despite a community vote showing 85% support. Experts question the potential risks associated with Pi Network, citing security concerns.
In short, Pi Network has made significant progress with the launch of its open network and the listing of Pi Coin on recognized exchanges. However, questions remain about its legitimacy and sustainability in the cryptocurrency ecosystem.
