Pi Coin price is soaring in Huobi: What could go wrong?

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Pi Network is one of many greatest blockchains in the world.
Huobi listed Pi/USDT, a coin that has been disowned by Pi Network.

Huobi, the worldwide cryptocurrency trade, made the controversial resolution to checklist Pi Coin final week. Since then, PI/USDT price has surged from a low of $0.0096 to a excessive of $89. This rebound makes it one of many top-performing cryptocurrencies in the world. But there is an enormous downside about Huobi’s Pi Network itemizing.

What is Pi Coin?

Pi Network is one of many greatest gamers in the blockchain in the world. It is a blockchain undertaking that was began by two Stanford University alumni in 2018. Since its founding, it has thrived because the variety of customers have grown quickly.

For instance, Pi Network’s Android app has over 50 million downloads whereas its Twitter account has over 2 million followers. Pi Browser has over 10 million customers world wide. The community has over 35 million customers globally.

The builders purpose to create a cryptocurrency that shall be mainstream because it solves the challenges that present cryptocurrencies have. For instance, as a substitute of counting on complicated mining {hardware}, anybody with a smartphone can mine their Pi cash utilizing their smartphones.

Pi Network additionally goals to create a full ecosystem that can embrace video games and different platforms that shall be powered utilizing the Pi coin. However, for now, it is not possible to remodel Pi Coins into money for the reason that coin has not been listed in exchanges.

Pi Coin disowns Huobi’s Pi/USDT

Huobi made the controversial resolution to checklist the Pi/USDT pair, a monetary spinoff that goals to trace the efficiency of Pi. In a press launch, Pi stated that it had disapproved the unauthorized resolution to checklist its token with out authorization. The firm added that it had no affiliation or relationship with Huobi and different associated exchanges and that Pi/USDT was not the actual coin. The assertion added that:

“Throughout this interim Enclosed Mainnet period, the Pi Mainnet is live, albeit with a firewall that prevents any unwanted external connectivity. The firewall ensures there is no connectivity between Pi and other blockchains or crypto exchanges without the explicit authorization of the network.”

So, is Huobi’s Pi Coin a very good purchase?

PIUSDT chart by TradingView

We consider that the Pi Coin listed by Huobi is not a real token to take a position in and even commerce. As we wrote in this article on Friday, we consider that Huobi is a considerably dangerous crypto trade to take a position in. If the builders can checklist a pretend coin, what can’t they do?