Since its launch in 2019, the Pi coin project has remained one of the most popular cryptocurrency projects. This is despite it not being tradeable in any exchange, and it remains worthless for most of its holders.
Part of the reason for the project’s growth was how they approached the cryptocurrency industry by allowing users to mine using their phones. Unlike other projects such as Bitcoin, which required high processing power and expensive rigs to mine.
However, the Pi coin could be mined using mobile phones and hence more accessible to the general population. Today, the project has over 30 million active monthly users and continues to boast of having one of the largest communities in the cryptocurrency industry.
Despite this growth, the project has also come under scrutiny. For starters, the tokes mined are worthless and cannot be used for transactions in any exchange. Therefore, many people have expressed their doubts about the legitimacy of the project and point out that, due to its huge user base, the people behind the project may be selling their data.
The founders have long claimed that they were working on updates before launching the mainnet, whereby it can be available in exchanges. However, despite multiple promises, the project is still yet to be launched, further raising questions.
As described above, the project is yet to be launched in any exchange. Therefore, holders of Pi Coin tokens do not know their true value. Therefore, it is difficult to do fundamental and technical analysis for a cryptocurrency that is yet to launch in any exchange.
However, we can predict that, if it is ever launched, most of its holders will look to exit their positions by dumpting their tokens in the markets. Therefore, the Pi Coin price will quickly plummet.
This post was last modified on Oct 03, 2022, 16:07 BST 16:07