Pi Network, a blockchain project that has captivated the crypto community, is witnessing both stability and growing skepticism. Despite concerns about a potential bear market, Pi’s price has shown resilience following a brief correction. However, inflation concerns and questions about its market capitalization have drawn significant attention.
Pi Network Gains Popularity but Faces Scrutiny
Binance recently updated the results of its community vote regarding Pi Network’s potential listing, revealing that 86% of participants supported the move. Yet, the final decision remains pending. Meanwhile, Pi Network’s official X account has surpassed Ethereum in follower count, making it the fourth-most-followed crypto project on the platform. With March 14, commonly known as “Pi Day,” approaching, speculation is mounting about a potential major announcement from the developers.
🚨 BREAKING: Pi Network's official Twitter @PiCoreTeam surpasses Ethereum and enters the Top 5 most followed cryptocurrencies in the world.
— SusDrones.pi (@SusDrones) February 24, 2025
1. BNB (Binance) – 14m
2. Bitcoin – 7.5m
3. Dogecoin – 4.3m
4. Pi Network – 3.9m
Let's try to surpass Dogecoin before Pi day 🚀 pic.twitter.com/Zc97ev2w1C
Despite its growing community, Pi Network faces inflationary pressures. Over the last five days, 200 million Pi tokens have entered circulation, equating to a staggering 0.634% daily inflation rate and an annualized rate of 231.41%. Such high inflation levels raise concerns about the long-term sustainability of Pi’s value.
Market Cap Disputes and Skepticism
CoinMarketCap data suggests that Pi’s self-reported market cap has exceeded $10 billion, positioning it among the top 15 cryptocurrencies. However, the ranking remains unverified. Pi Network currently sits at 3,157 on CoinMarketCap, likely due to the lack of independent validation of its circulating supply and market cap. Prominent influencer Zoe highlighted that if the reported figures were accurate, Pi Network’s valuation would place it between 11th and 12th in global crypto rankings.
Skepticism persists within the industry. Bybit CEO Ben Zhou has openly criticized Pi Network, labeling it a scam and noting that Chinese authorities classify it as a pyramid scheme. CoinMarketCap and CoinGecko have yet to recognize Pi’s self-reported valuation, further fueling doubts.
Also Read: Pi Network (PI) Price Prediction: Can It Hit $3? Analyst
A Growing Divide Between Supporters and Critics
Pi Network’s meteoric rise continues to attract both enthusiasts and critics. While its community remains optimistic, unanswered questions about its legitimacy, inflation rate, and market cap verification leave many wondering whether the project is a genuine blockchain revolution or merely an unsustainable bubble.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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