Pi Coin has been within the highlight recently, however not for the explanations its supporters hoped. Even with a large $15 billion market cap, it’s nonetheless ranked at #201 on CoinMarketCap (CMC). In the meantime, Hedera, which has a smaller $9 billion market cap, is ranked a lot greater at #11. This has left many within the crypto area questioning what’s happening.
The primary motive appears to be how CMC handles rankings. Not like different main cryptocurrencies, Pi Coin’s circulating provide was initially self-reported. Since CMC normally waits for unbiased verification earlier than updating rankings based mostly on market cap, that might clarify why Pi continues to be positioned so low.
Till lately, Pi Coin’s provide standing was marked as “unverified,” however CMC has now up to date it to “verified.” Even so, the rating hasn’t modified, irritating Pi supporters.
Crypto fanatics have taken to Reddit and different boards to voice their issues. Many supporters of Pi argue that, purely when it comes to market cap, the undertaking deserves a spot inside the high 15. They imagine that it could make it way more noticeable, carry extra buyers in and maybe even assist elevate the token’s worth.
After Pi Community lastly launched its long-awaited mainnet on February 20, this dispute picked up quite a lot of abroad consideration. Following the launch, Pi Coin was listed on main exchanges like Bitget, OKX, and Gate.io. The thrill triggered a quick 30% price surge within an hour, however the rally was short-lived. By the subsequent day, the worth had dropped considerably, displaying simply how unpredictable new token listings will be.
Now that CoinMarketCap has verified Pi Coin’s market cap, the massive query is, why hasn’t the rating been up to date? Some imagine CMC is enjoying it protected due to Pi’s self-reported provide, whereas others argue there’s no motive for the delay. It’s nonetheless the dream of many Pioneers to regulate the rating in order that it corresponds with the undertaking’s precise price.
For the time being, it’s a ready sport. Will CoinMarketCap in the end replace Pi Coin’s rating, or will this controversy proceed? One factor is obvious, supporters of Pi should not giving up now or ever.
Additionally Learn: Alert: Pi Network extends KYC and Mainnet Migration Deadline to March 14
