Pi Coin recently hit a $12 billion market cap, but with vanishing tokens, migration failures, and Binance listing rumors swirling

Pi Network, the ambitious smartphone mining project that claims to have gathered an impressive 60 million users, has accomplished something many once thought improbable

Pi Coin, the token linked to the smartphone mining project Pi Network, has reportedly hit a $12 billion market cap as rumors of a Binance listing on March 14 swirl.

The project, which claims to have amassed 60 million users through a unique model that combines Stellar Consensus Protocol with minimal energy-efficient mining via a daily button tap, has seen its token price slide from an all-time high of $2.99 on February 26 to $1.71 on March 12.

Despite this setback, which saw its market cap drop from $17.9 billion to $12.26 billion, Pi Coin has managed to rise to 11th place in the overall crypto market cap rankings. It is also the most trending coin on platforms like CoinGecko and CoinMarketCap.

Furthermore, with a 24-hour trading volume of over $500 million and a reported 20% price increase, Pi Coin is outperforming the broader crypto market, which has seen Bitcoin (BTC) struggle to stay afloat.

However, the launch of Pi Coin has not been without its fair share of difficulties.

Recently, there have been reports of users losing their Pi tokens after unlocking them, with some having fallen victim to scams due to previous interactions with fake Pi-related websites.

This issue has led to frustration among the Pioneers, who are facing difficulties migrating their Pi to the mainnet before the March 14, 08:00 UTC deadline.

Despite completing the mainnet checklist and attempting to contact Pi for assistance, some users are still encountering problems, putting a strain on their patience.

One blockchain developer went so far as to call out Pi Network directly, deeming their migration process “fraudulent and deceptive” and encouraging regulators to intervene.

He highlighted the stark difference in transaction throughput between Pi and other blockchains like Solana (SOL) and Polygon (POL), which can handle thousands of transactions per second. In contrast, Pi users have been queuing for months, if not years, to transfer their tokens.

He questioned how a blockchain that operates like this can be sustainable in the long term, especially considering the vast sums of money that have been contributed by its users to purchase hardware and maintain the network.

Moreover, he expressed concerns over the lack of decentralization in Pi Network, stating that it appears to be a centralized entity where the core team holds complete control, in contrast to the decentralized nature of blockchain technology.

The blockchain developer also touched upon the fact that millions of users have submitted sensitive personal data, including passports and government IDs, to pass KYC, yet they’re being forced to wait indefinitely to access their funds.

He questioned how a project that claims to be operating in good faith can treat its community with such disregard.

Finally, he pointed out that Pi Network's app generates revenue from ads, which raises further questions about the project's priorities and financial incentives.

In response to Zhou's claims, Pi Network issued a statement attempting to clear up any misunderstandings.

The team distanced itself from the Chinese police warning, asserting that it targeted bad actors who were falsely using the Pi name to carry out illegal activities, and had nothing to do with Pi Network itself or its core team members.

They went on to reject any allegations of misconduct, stressing that the project has operated transparently and methodically over the past six years to build a valuable ecosystem for its community.

Furthermore, they clarified that they had no affiliation with the social media account that had attacked Zhou personally, and neither Pi Network nor its team members had ever made any disparaging comments about Bybit or its leadership.

Finally, they invited Zhou to engage in open communication if he has any questions or concerns about Pi Network or its operations.