The native cryptocurrency of Pi Network (Pi) reportedly had $35.9 million worth of trade activity in the previous day, according to CoinMarketCap. Even though CoinMarketCap appears to agree with the Core Team on the legality of the listing, it strongly cautioned users not to trade the Pi Coin while the mainnet is still in an enclosed stage.
Pi’s price on CoinMarketCap has increased by 45.50% to trade at $116.17 as of the time this post was written. The price shown is merely an IOU and cannot yet be transferred to any exchanges until the launch of the mainnet.
CoinMarketCap’s warning
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 Pi Network statement claims that the listing of its Pi token occurred “without the approval, authority, or involvement of Pi Network.” Pi is not authorized by the network for trade or listing on any exchange, it was further said.
The network requested that Pi miners, known as Pioneers, refrain from dealing with the illegally advertised coins, stating that Pi Network was not associated with any listings.
The trading of Pi on exchanges is “explicitly restricted” while its token is in a “Enclosed Network” period, according to Pi Network. Pi Network thus warned that trading Pi tokens on exchanges would be against its rules.
