Pi Network (PI) News Recap March 7th
The Latest Developments in Pi Network
Pi Network has recently made significant strides, culminating in the launch of its Open Network on February 20, which marked an important milestone for the project. This launch allowed the PI token to be publicly traded for the first time and paved the way for various exchanges, including Bitget, OKX, and MEXC, to list the token.
Post-launch, the price of PI saw considerable fluctuation, ranging between $0.65 and reaching a near-all-time high of nearly $3 on February 27. Currently, the price stabilizes around $1.80 according to data from CoinGecko. In conjunction with these market movements, the project’s profile has substantially increased, with Pi Network officially surpassing four million followers on X (formerly Twitter) following this launch. This growth in followers puts it ahead of notable cryptocurrencies such as Shiba Inu and Ethereum, which have 3.9 million and 3.7 million followers respectively.
However, the project is not without its controversies. Critics have labeled Pi Network as a potential scam, raising concerns about the legitimacy of its operations. An ongoing issue involves the Know-Your-Customer (KYC) procedures which many users have yet to complete to fully migrate to the mainnet. The team had initially outlined a deadline of February 28 for KYC completions but has since extended this grace period to March 14 to accommodate users who wish to engage more meaningfully with the network.
In an official statement, the team emphasized that this extension aligns with Pi’s core values of inclusivity and fairness, encouraging users to complete their KYC applications by the new deadline to avoid forfeiture.
Anticipation for Binance
As Pi’s price steadies at approximately $1.80, all eyes are now on Binance, the world’s largest cryptocurrency exchange, which conducted a community vote last month to gauge interest in listing PI. With over 86% of voters in favor of the listing, optimism abounds; however, Binance has yet to make a definitive announcement regarding the token’s availability on its platform.
A potential listing on Binance could significantly enhance PI’s liquidity and accessibility. Such a move is likely to exert upward pressure on its valuation, further energizing the community and possibly leading to increased trading volume.
As Pi Network navigates this pivotal stage, stakeholders remain cautiously optimistic, awaiting updates from Binance while continuing to engage within the expanding ecosystem.
For further updates and details on Pi Network’s developments, readers can visit CryptoPotato.
