In what appears to be a challenging period for PiCoin, CoinMarketCap has reported a significant downturn in trading volume, signaling potential turbulence for the IOU token. The trading volume of Pi IOUs has plummeted from $35.9 million to just $4.3 million, reflecting a stark decline in investor activity.
Accompanying the sharp decrease in trading volume is a notable decline in the token’s price. PiCoin’s price has slumped by -18.68% to $58.17, marking a challenging week for the IOU token. The downward trajectory of the price suggests a lack of investor confidence and a shift in market sentiment.
Despite the downturn, crypto specialists and traders continue to engage with the Pi token, attracted by its enticing price and the promise of obtaining actual Pi once firewall restrictions are lifted and the Mainnet is launched. The allure of potential gains amidst market uncertainty fuels ongoing trading activity, albeit with heightened risk awareness.
In line with the Pi Network Core Team’s stance, CoinMarketCap has issued a cautionary warning to its users regarding the legitimacy of Pi Network. The statement emphasizes that the displayed price for certain exchanges reflects the value of IOUs, which may not be transferable across platforms. Users are advised to exercise caution and diligence when engaging in Pi-related transactions.
The listing of the Pi token on exchanges has raised concerns, with Pi Network asserting that it occurred without their approval, authority, or cooperation. The network reiterates that Pi is not authorized for trading or listing on any exchange, urging Pi miners, also known as Pioneers, to refrain from dealing with unlawfully sold coins. Pi Network maintains that it is not affiliated with any unauthorized listings and advises caution to avoid potential risks.
As Pi Network navigates through this challenging period, attention remains focused on the upcoming Mainnet launch and the potential implications for the IOU token’s future. Amidst market volatility and regulatory uncertainties, stakeholders await further updates from the Core Team regarding the path forward for Pi Network and its ecosystem. Read Similar Story
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