SaadBacha

A crypto analyst has proposed a theory explaining why Pi Network (PI) remains unlisted on major exchanges such as Binance and Coinbase.

Pi listing on these exchanges, especially Binance, has remained elusive despite significant community demand.

Analyst Alleges Transparency Gaps Behind Pi Network’s Binance Listing Delay

Dr. Altcoin, an analyst on X, ascribes the delayed listing of Pi coin to a lack of transparency from the Pi Core Team. Specifically, the opaque nature of Pi Network’s locking and burning mechanisms of billions of Pi coins may be the primary reason for the continued absence of a listing.

“I now better understand why Pi is not listed on major exchanges such as Binance and Coinbase. Likely, the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” Dr Altcoin opined.

The analyst previously noted that the circulating supply of Pi coins decreased by another 10 million to 6.77 billion. In their opinion, this suggested that the Pi Network core team could adjust the supply to stabilize prices.

“The last time a large number of Pi coins were unlocked, it sent the wrong signal and caused panic selling. However, the PCT [Pi Core Team] still needs to be transparent about the Pi burning mechanism and its plans for locking the majority of Pi coins owned by the PCT,” he added.

According to Dr. Altcoin, the absence of transparency makes it easy to misconstrue this as potential plans for market manipulation. He further suggested that Pi Network may eventually gain listings once the Pi Core team improves transparency and most community-held coins are traded for under $1.

This speculation aligns with recent concerns about Pi Network’s centralization issues, particularly concerning SuperNodes. BeInCrypt reported concerns about network control and governance transparency. These factors could further delay Pi’s acceptance by top-tier exchanges like Binance and Coinbase.

Pi Network’s Community Demand Faces Roadblock

Despite these concerns, Pi Network continues to enjoy significant community support. The project recently surpassed 4 million followers on social media, reflecting its strong user base. Moreover, a Binance survey revealed that 86% of participants wanted Pi listed on the exchange.

However, Binance has yet to take action, leading to controversy. Despite significant voter support in a community poll, Pi’s listing remains uncertain, fueling frustration among its supporters.

Of note, the vote to list Pi Network on Binance came amid the exchange’s resolve to involve the community in its listing and delisting actions.

Adding to the uncertainty, Pi Network is preparing for another token unlock in April, following the release of 188 million tokens in March. These unlocks have raised fears of price manipulation, especially given the lack of clarity on how PCT handles locked and burned coins.

Pi Network Token Unlocks Schedule. Source: e plorepi.info

According to data on ExplorerPi, Pi Network will unlock over 91.9 million Pi tokens in April. Based on market rates as of this writing, $0.906 on CoinGecko, this volume of Pi coins is worth approximately $83 million.

Citing Keyrock research, BeInCrypto recently reported that 90% of token unlocks drive prices down. For Pi Network, therefore, a token unlock of this magnitude could impact the price of the Pi coin.