The Pi Network has emerged as one of the most discussed cryptocurrency projects in recent months, stirring both enthusiasm and skepticism within the digital currency community. Following the launch of its mainnet, the Pi team managed to surpass some negative forecasts, positioning their token comfortably within the top 100 cryptocurrencies based on total market capitalization.
Despite its rise, a significant portion of the cryptocurrency community continues to express doubts. This blog post aims to examine recent updates, industry critiques, and other relevant news pertaining to the Pi Network.
Pi Network News: Addressing Controversies
In February, prior to the launch of Pi Network’s mainnet, Ben Zhou, the CEO of prominent cryptocurrency exchange Bybit, labeled the project a scam in a post on social media. He referenced police reports from 2023 issued by Chinese authorities to substantiate his claim and announced that Bybit would not be listing the Pi coin.
In response, reports from The Defiant reveal that a Pi Network spokesperson has rejected these allegations, asserting that the project does not exhibit the characteristics of a multi-level marketing scheme. The spokesperson clarified, “If Person A refers Person B, and Person B then refers Person C, Person A and Person C have no relationship and do not receive any mining bonus as a result of them being referred in.” This statement aims to mitigate concerns regarding the project’s structure and integrity.
Market Performance: Pi Coin Price Decline
Recently, Pi coin’s price has experienced a significant decline of approximately 22.5% over the past two weeks, trading at below $0.80 at the time of writing. The cryptocurrency market overall appears to be in a downturn, with Pi coin reflecting a broader trend rather than exhibiting unique issues related to the project itself.
Currently, Pi is one of the worst-performing coins in the top 100, accompanied by a few other underperformers like Hyperliquid and Kaspa.
Updates on Migration and Account Verification
Historically, Pi accounts have depended on phone numbers for identity verification, a method deemed costly and not entirely reliable by the team. In an effort to enhance user experience, the Pi Network is transitioning to a new account verification system that will utilize email-based two-factor authentication.
This update necessitates that users establish a trusted email for their accounts and adhere to additional verification steps to ensure security and reliability.
For continuous updates, please refer to our article, Pi Network News Today: March 30th, available on CryptoPotato.
