#CoinMarketCrap

Pi Network is ranked low on CoinMarketCap (CMC) despite its high theoretical market cap
1. Restricted Trading & Unofficial Listings
Pi Network is currently in its Enclosed Mainnet phase, meaning the Pi tokens are not freely tradeable on major exchanges.
The prices seen on exchanges like HTX (Huobi), BitMart, and XT.com are from IOUs or unofficial markets, not real on-chain transactions.
2. Lack of Liquidity & Real Circulation
Even if Pi’s fully diluted market cap is estimated at $15 billion, the token's actual circulating supply is unknown.
Without free trading, market cap calculations are based on speculative pricing rather than real market activity.
3. CoinMarketCap's Ranking Criteria
CMC ranks cryptocurrencies based on their liquidity, trading volume, and official exchange listings.
Since Pi is not fully operational and has no verified trading volume, its ranking is pushed down.
4. Regulatory & Transparency Concerns
Pi Network has not fully disclosed its mainnet details.
Until the open mainnet launch and official exchange listings, its ranking will remain low.
Pi’s ranking at 201 reflects its current tradability, not its potential valuation. Once open mainnet launches and major exchanges list Pi officially, its rank could move into the top 15-20—if its price and adoption hold strong.
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