Expert Gives Reason Why Binance & Bybit Have Not Listed Pi Network
Pi Network’s community members are puzzled by the decision of top cryptocurrency exchanges not to list the asset. However, one crypto expert has waded in to explain the delay behind a potential listing, citing a dire lack of transparency by the Pi Core Team.
Pi Network Needs A High Level Of Transparency
Pseudonymous crypto analyst Dr. Altcoin has explained the reason behind Pi Network’s absence on top cryptocurrency exchanges. According to a post on X, Dr Altcoin noted that the reason may be a lack of transparency by the Pi Core Team.
Dr Altcoin noted that the transparency issue revolves around Pi Network’s tokenomics. Per the analyst, information on the locking mechanism for Pi Network remains shrouded in mystery.
“It is likely that the Pi Core Team has not been transparent enough about the locking and burning mechanism involving the billions of Pi coins currently owned by the PCT,” read the post.
At the moment, Pi Network is not listed on centralized exchanges like Binance, Coinbase, and Coinbase. While whispers of an imminent listing are growing louder, Binance excluded the asset from its Vote To List program.
Decreasing Circulating Supply Leaves Community Scratching Their Heads
A closer look at Pi Network’s tokenomics reveals a decline in its circulating supply to 6.77 billion. The Pi Core Team removed 10 million coins from circulating in what Dr. Altcoin described as an attempt at price control ahead of a token unlock.
“Without transparency, this could easily be misconstrued as potential plans for market manipulation, as we have seen indications of this in recent days,” said Dr Altcoin.
A previous token unlock sent prices cascading to new lows but a burn roadmap is in development for the network. Experts say burning Pi Network tokens will prevent a steep drop in prices.
However, some community members disagree with Dr Altcoin’s theory of a lack of transparency behind Pi Network’s listing delays. The cross-section of community members says the delay stems from the Pi Core Team refusing to pay exchanges for a listing. They argue that the Pi Core Team is seeking a free listing from exchanges, taking the longer route.
Pi is trading at $1 and is down 66% from its all-time high of $2.98 that it set in February.
The post Expert Gives Reason Why Binance & Bybit Have Not Listed Pi Network appeared first on CoinGape.
