Despite being categorized as IOU on the platform, the native token of the Pi Network, $Pi, is said to have fallen -14.07% after hitting a record high on the HotCoin platform in the previous 24 hours of trading session.
Pi Coin is currently trading on the platform at a rate of about $86.65, which represents a fall of -14.07% from the $102.65 it was trading at yesterday.
HotCoin Global Exchange is among the several exchanges that listed Pi Coin on the 29th of December, 2022 which was criticized by the Core Team of the novel project. The team quickly responded to the Pi Network community, cautioning pioneers to exercise caution, and claiming that the listing was illegal and fraudulent.
What is Pi Network?
The Pi Network was established by Chengdiao Fan and Nicolas Kokkalis of Stanford University. They started working on it in 2018 to make virtual currency accessible to everyone. On March 14, 2019, they released a whitepaper and the Pi Network app.
The project prioritizes environmental sustainability, which may draw in environmentally conscious investors. Given that the crypto market has repeatedly come under fire for its high energy consumption as a result of procedures like proof-of-work (PoW), which is bad for the environment, it might be especially effective.
The Pi Network software requires users to push a button once every 24 hours to finish the mining process. Pi mining is not bitcoin mining since no mining is taking place.