Pi Coin Hits CoinMarketCap’s Top 11 Despite No Binance Listing

Pi Network’s PI Coin has made a notable entry into CoinMarketCap’s top ranks. This milestone highlights Pi’s increasing recognition in crypto, particularly as an altcoin made in the US.

Despite lacking a traditional exchange listing, the network continues to expand, demonstrating significant user adoption and circulation growth.

Analyzing Pi Coin’s Growth and Circulating Supply Increase

Data shows Pi Network’s PI token ranks 11^th on CoinMarketCap, with a market capitalization exceeding $12 billion as of this writing.

Further, data on Pi Network’s blockchain explorer shows the circulating supply of PI tokens has grown by 9.5% since its mainnet launch on February 20.

Initially, at 6.3 billion, the circulating supply now stands at 6.9 billion, reflecting increased activity within the ecosystem. This rise suggests greater engagement among Pi Network users as more coins enter circulation.

Further reinforcing its popularity, Pi Network has recorded over 113.2 million downloads on the Google Play Store alone. The rapid adoption reflects the project’s widespread interest, particularly among those drawn to its mobile-based crypto-mining model.

“Pi Network has been downloaded over 113.2 million times on Google Play Store alone,” the platforms update page on X highlighted.

The app’s ease of use and low barrier to entry are likely drivers of this exponential growth. Beyond that, another major selling point for Pi Network’s PI Coin is its growing adoption as a medium of exchange. BeInCrypto reported that several merchants and platforms have started accepting PI Coin for payments, a crucial step in driving real-world utility.

While mainstream adoption remains a work in progress, these developments indicate growing confidence in Pi’s transactional capabilities.

Despite its impressive market capitalization, PI Coin’s valuation remains a debate among analysts. BeInCrypto recently explained different hypotheses, including technology valuation and the Global Consensus Value (GCV) as possible value determinants.  

While Pi Network continues to gain traction, it has also faced legal warnings in several jurisdictions. Regulatory bodies in countries like Vietnam and China have expressed concerns over the project’s structure, citing potential risks for investors.

Another major factor weighing Pi Coin’s price is the delay in securing a Binance listing despite 86% voter support. The anticipation surrounding a potential Binance listing had fueled speculation and price surges. The delay has led to frustration among investors, contributing to a decline in price momentum.

However, the Binance exchange has not entirely ruled out a potential listing for Pi coin.

“The project’s launch is still undergoing evaluation, and the decision will be based on our official review processes and standards,” Binance stated.