In a bold move that’s likely to stir both excitement and concern, Pi Network plans to unlock 188 million tokens this month, making them accessible to over 1 million users. This significant unlock marks a crucial point for the fast-growing project, as it continues to make waves in the cryptocurrency space.
Token Unlock and Community Reactions
Pi Network’s move to release such a substantial number of tokens comes after months of hype, and the project’s mainnet launch in February pushed its token price up by nearly 100%, reaching a peak of $2.99 before experiencing some price corrections. Despite market fluctuations, Pi’s rapid rise has captured the attention of the crypto community, with CoinMarketCap recently recognizing Pi as the 11th largest cryptocurrency by market cap, surpassing well-known projects like Hedera and Chainlink.
Binance Listing Delay Sparks Backlash
Pi Network’s fervent fanbase has not been without controversy. Despite overwhelming support from the Binance community to list PI tokens, the popular exchange has yet to take action. The delay has sparked a strong backlash, with Pi supporters flooding Binance’s app reviews with one-star ratings.
Binance responded to the growing outcry, emphasizing that factors such as liquidity and trading volume are carefully considered before listing any cryptocurrency. The exchange’s response, though not directly addressing Pi Network, served to explain its cautious approach. The review-bombing, mainly concentrated on servers in Asia where Pi has a massive following, raised concerns about how the project’s vocal community might impact future exchange relationships.
Global Attention and Criticism
Pi Network’s rapid rise and aggressive community actions have caught the attention of governments and industry leaders alike. The Vietnamese government recently issued a warning about the network, and Bybit CEO Ben Zhou reminded users of China’s earlier warnings regarding the project.
Despite this, Pi Network’s massive community of enthusiastic supporters has helped the project maintain momentum. The unlock this month is likely to add more fuel to the fire, as users look to capitalize on the PI tokens becoming available.
Also Read:Pi Coin Surges to 11th Largest Cryptocurrency: Could a Binance Listing Push It to $10?
