PI Network is crashing hard after being listed on Houbi Global earlier this week. On December 29th, Houbi made an announcement regarding PI Network listing on its exchange. Representatives for PI Network warned Houbi and other exchanges that their listings were “unauthorized.”
Also read: Houbi Listed PI Network ‘Without Consent’
Despite, PI Network’s prompt statement, Houbi’s listing of the coin has caused the price to skyrocket to over $300. CoinMarketCap (CMC) and Coingecko have warned about the listing of PI, stating that “the mainnet has not yet been launched” on the token’s page.
Price surged and crashed hard
After being listed on Houbi, the price of PI Coin surged to $345 per coin. However, according to Coingecko, it is currently trading at $98.60, which means it has already lost 71.6%. PI Coin lost an average of 18.34% per day from 30th December to 4th January. On a cumulative basis, the PI Coin lost a total of 84.28% over this period.
Surprisingly, the PI Coin tried to bounce back on Wednesday after gaining 29.74% on Houbi and reaching $165 per coin. However, the crashing continued on Thursday, and the PI Coin decreased to a 24-hour low of $92.
Other Exchanges followed Houbi
Both BitMart and Biconomy followed Houbi, the 15th ranked exchange, in listing PI Coin.
However, the price of PI Coin on Biconomy is different from the price on Houbi and BitMart, which is interesting. At the same time, PI Coin was being traded for $98.60 on Houbi, $3.99 on Biconomy, and $6.49 on XT.com.
Houbi is running a PI trading contest with 50,000 USDT and a Porsche 718 in its prize pool. Similarly, other exchanges are also offering high annual percentage yields (APY) for their cryptocurrency products, but the value of the cryptocurrency on these exchanges is still decreasing.
‘PI draining personal info’
There is a mixed reaction to the PI coin on social media. Despite the warnings of CMC and Coingecko, the discussion over its legitimacy and listing is at its peak.
“Most people think they mine $PI but don’t know that $PI Mines them,” tweeted Grey Jabesi. “To be honest, pi drains them, their personal info, their time, their battery… etc,” DamX said in a response to Jabesi.
PI gained widespread popularity after being listed on Houbi, as seen in the trending hashtag on Twitter.
The listing of the PI Network token on the Huobi Global exchange is a scam. It is troubling to see exchanges promoting such scams. This is not even the original PI Network (shitcoin) that the ShitApp promotes.
🚨 Be wary of these scams from Pi Network or Huobi.
— Neva' (@NevaVerse) December 30, 2022
PI Network not involved in listing
PI Network again declined its involvement in ‘any purported’ listings as it re-posted the statement on its Facebook page on Wednesday. PI Network stated that they are not involved with any such listings and that the Enclosed Network version of PI is not approved for trading or listing on any exchange.
This announcement has caused concern among members of the crypto community, who have accused the Huobi team of scamming people. It is worth noting that investing in unauthorized listings carries a risk of substantial losses.
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