Pi Network's PI Coin Makes Notable Entry Into CoinMarketCap's Top Ranks

This milestone highlights Pi's increasing recognition in crypto, particularly as an altcoin made in the US.

Pi Network’s PI coin has made a notable presence in the crypto sphere, ranking 11th on CoinMarketCap with a market capitalization exceeding $12 billion.

Despite this, it is yet to be listed on CoinGecko.

According to data from Pi Network’s blockchain explorer, the circulating supply of PI tokens has increased by 9.5% since the mainnet launch on February 20.

Initially, at 6.3 billion, the circulating supply now stands at 6.9 billion.

This growth suggests greater engagement among Pi Network users as more coins enter the ecosystem.

According to the Google Play Store, the Pi Network app has recorded over 113.2 million downloads.

Further reinforcing its popularity, the app’s ease of use and low barrier to entry are likely drivers of this exponential growth.

Moreover, several merchants and platforms have started accepting PI coin for payments, a crucial step in driving real-world utility.

Mainstream adoption, however, remains a work in progress.

Despite its impressive market capitalization, PI coin’s valuation is a subject of debate among analysts.

Recently, BeInCrypto explored different hypotheses, including technology valuation and the Global Consensus Value (GCV) as possible value determinants for PI coin.

Additionally, regulatory bodies in countries like Vietnam and China have issued warnings regarding Pi Network.

These warnings highlight the importance of investing with caution and being aware of the risks involved, especially when dealing with projects that operate outside the traditional financial system.

Another major factor that could influence Pi Coin’s price is the delay in securing a Binance listing despite 86% voter support.

Anticipation surrounding a potential Binance listing has fueled speculation and price surges.

However, the Binance exchange has not entirely ruled out a potential listing for Pi coin.

“The project’s launch is still undergoing evaluation, and the decision will be based on our official review processes and standards,” Binance stated.