The launch of PI Network has been gathering attention worldwide, with some analysts arguing that it is facing regulatory uncertainty and other issues raising concerns over its legitimacy.
In the past few quarters, PI Network has really worked hard to cater to more and more crypto enthusiasts worldwide with a registered user base of 100 million users, and more than 19 million users have completed their KYC process.
Earlier in December 2024 several articles were published claiming that PI Network has got some backing from the Indian government, yet the claim seems to be bogus as the government of the nation does not favor cryptocurrencies and has a huge tax over its exposure and gain.
Is PI Network a legitimate investment or not?
According to the available information, the PI Network mainnet is expected to be live on February 20, 2025, but despite enhanced features and functions it continues to face criticism in some parts of the world.
It is worth noting, that PI Network has gathered huge attention in the initial days crypto community, experts see PI as much better than any other cryptocurrencies in terms of cross-border transactions.
Kim H Wong, a known analyst wrote in his X post “ I challenge anybody who can find a crypto network that is as useful and has such an enormous user base in the world as Pi Network among all existing crypto projects.”
Some data aggregators also note that the price of PI Coin has already surpassed the milestone of $100 in the unofficial market, yet the actual prices are expected to be revealed after its listing.
PI’s take is much anticipated over monetization of PI coins earned by users during the mining, the process of PI mining was carried out by the majority of people using their smartphones.
In the past few days, it came into the spotlight that a few exchanges such as Binance and OKX have announced the listing of PI, which created hype in the market.
Market observers speculate that the ongoing bullishness phase in the market is expected to help the launch of PI Network and it might soon reach new heights.
Despite appraisal PI has been criticized by several as some of them believe that PI Network is already making money from advertising and also compared it to a mobile application rather than terming it a cryptocurrency.
Crypto market price updates
Until publishing the crypto market capitalization was $3.2 trillion and trading volume was $72.35 billion with a surge of 26 percent the fear and greed index was at 38 reflecting fear in the market.
Bitcoin lost 1.07 percent in the past 24 hours and 1.57 percent in a week, when writing it was exchanging hands at $96,224, with a market cap of $1.9 trillion with a loss of 1.05 percent and volume reached $20.45 billion after a surge of 31 percent.
According to the data from CoinMarketCap, the intraday gainer’s list has been ruled by Sonic, Ronin, PanCakeSwap, Aave, Curve DAO, Bitget, and Celestia.
