CoinMarketCap, the world’s most-referenced price-tracking website for cryptoassets has reported what appears to be worst time for PiCoin since it was listed on exchanges. The stated Pi IOU’s trading volume has decreased from $35.9 million to just $4.3 million as of the time this report was written.
The token’s price has decreased significantly by -18.68% to $58.17, indicating that the week is not favorable for the IOU token. Despite the risks, crypto specialists continue to trade with the Pi token due to its very enticing price and their anticipation of obtaining the actual Pi once firewall restrictions are lifted and Mainnet is launched.
In conformity with the decision of the Pi Network Core Team, CoinMarketCap has also warn it’s users:
“There have been reports questioning the legitimacy of Pi Network. Please note that mainnet has not launched yet and the price displayed below for certain exchanges reflect the value of the IOUs and it may not be transferable across exchanges.”
The listing of the Pi token allegedly occurred “without the approval, authority, or cooperation of Pi Network,” according to a statement from Pi Network. It was further stated that Pi is not permitted to trade or be listed on any exchange by the network.
The network asked Pi miners, also known as Pioneers, to avoid dealing with the coins that were being sold unlawfully, noting that Pi Network was not connected to any listings.
