Pi Coin Listed on Huobi: Everything You Need to Know

 

The completely environmentally friendly cryptocurrency Pi Coin was just added to the Huobi exchange. The social cryptocurrency exchange XT.com has also decided to include the PI/USDT trading pair in the innovation area of the exchange.

 

However, neither market has disclosed information about how deposits and withdrawals are handled. But I still don’t understand Pi Coin. When did it first appear, and what has been the general price movement for it? Okay, so let’s break this down into its component parts.

 

 

 

Pi Coin listed on Huobi : there have been no exchange moves to far

 

Pi coin, the network’s native token, has been listed on Huobi, a cryptocurrency exchange, as was previously reported.

 

In a blog post dated December 28th, the Seychelles-based cryptocurrency exchange announced the listing of the Pi Network token and revealed that spot trading for Pi would commence at 09:00 (UTC) on December 29th. According to Huobi’s release, the only pair that may be traded is PI/USDT.

 

XT.com, another social cryptocurrency exchange, has also announced that it will list the PI/USDT trading pair, with trading commencing at 3:00 (UTC) on December 29.

 

The Pi Network team was not overjoyed by the news of their token being listed on exchanges, despite this usually being positive for the token and the main project. As a matter of fact, three distinct but connected Twitter accounts on the network recently sent messages warning users against trading PI tokens.

 

And Pi News, the network’s news service, reminded viewers that Pi was still in beta and hadn’t launched its main network. Users were explicitly advised of the risk and urged to avoid any transactions in the tweet.

 

Even Pi Network’s official Twitter warned its followers not to access the network’s mainnet from outside sources. The site also made it clear that it had not approved any listings. Members of Pi’s core team issued a warning to users to refrain from making any purchases.

 

The official Pi network Twitter account, @PiWhales, has confirmed that the Pi network is still using the Enclosed Mainnet. Since this is the case, Pi Network cannot be listed on any of the existing cryptocurrency exchanges. I implore you to pay close attention.

 

The official Twitter feed has also shared the breaking news:

 

Pi is in Enclosed Mainnet with no external connectivity permitted. Pi Network isn’t affiliated with and hasn’t authorized any exchange listing. Such listings may not operate on real Pi. Participation may result in loss. Trust only official Pi channels: https://t.co/BZtL2zQOrj

— Pi Network (@PiCoreTeam) December 29, 2022

 

 

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Pi Coin listed on Huobi: What is Pi Coin?

 

Pi Coin is the first cryptocurrency that can be mined on cellphones in a completely energy-efficient and environmentally responsible manner. The methods and standards used in its public blockchain are also extensively used and approved by experts in the field.

 

Pi Coin’s mission is to be the first eco-friendly smart contract coin that anybody can use. Presently, it has over 30 million users and has completed the Mainnet level. As such, the Mainnet is planning for Pi Coin’s full implementation, which includes putting it on exchanges in the coming months so that it may be traded for other currencies.

 

However, during the current “Enclosed mainnet” time, Pi blockchain is not connectable to others and can only be used to purchase products and services; conversion to and from fiat currencies (such as the euro, the dollar, etc.) and other cryptocurrencies is not currently available.

 

The Stellar technology, which Pi Coin employs, enables for the fast verification of transactions with nearly negligible energy use. Because of the Stellar protocol, mining Pi also has no negative impact on battery life or processing speed for mobile devices.

 

In addition, Pi is developing the largest and most decentralized peer-to-peer network in the world, which is in keeping with the eco-sustainable philosophy. Since its inception in January 2021, Pi has grown to include more than 12,000 operational nodes as of July 2021.

 

The app for the Pi network has complete functionality and is easy to use. Also included are language-specific chat rooms, an extensive FAQ, a technical white paper, and a “announcement channel” where developers can share the newest updates with users. Another potential use for security circles is the ability to recover a lost wallet access code without resorting to a custodial system.

 

 

 

 

Pi Coin history and operation

 

According to its developers, Pi Coin is an effort to make cryptocurrency mining accessible to the general public rather than just server owners. Nicolas Kokkalis and Chengdiao Fan, two Stanford University Ph.D.s, conceived and designed the idea.

 

The app’s first version debuted in 2019. It has grown to an astonishing 29 million users. This cryptocurrency can’t be traded anyplace at the moment, which is a major drawback. It also can’t be spent on anything else.

 

Furthermore, all that’s needed to start mining Pin Coin is to launch the Pi software and tap the mining button. After clicking, the user can do anything for the next 24 hours (including turning off their internet connection and the app) and they will still receive their Pi coins. The following day, a single click will be all that’s needed to restart the process.

 

 

 

 

What has happened to the price of Pi Coin since it was listed on Huobi?

 

Since Pi Coin was published on Huobi, PI token prices have risen rapidly despite warnings from the token’s parent platform. CoinMarketCap (CMC) figures show that in the last day alone, the PI token’s value has increased by 235%.

 

On the PI token page of the platform that tracks cryptocurrency prices, however, there was a caution. It was stated in CoinMarketCap’s statement that Pi Network has been embroiled in numerous scandals recently.

 

The platform’s warning that Pi’s core network is not ready was reaffirmed by CoinMarketCap. The data analytics platform also found that PI token values on the platform are in line with the value of IOUs. It seems that market participants are trading PI tokens without actually possessing any.

 

However, in a recent update, Pi Network relayed a post by blockchain security auditing firm Certik, which revealed that some criminal entities had stolen approximately $61,000. According to Certik, fraudsters stole money by withdrawing “Pi tokens” that didn’t actually exist.

 

Thereafter, CertiK alerted Pi network users to a suspicious token. Polygon reported receiving around $61,000 from the proprietor of the bogus Pi token pool.

 

However, the Pi Network’s core team has issued another warning to users to stay away from PI token trading platforms. PiCT further dissociated itself from the situation by claiming it is not responsible for any losses.

 

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