Even before the official launch of Pi Coin, its IOU coin ran into trouble with its market cap plummeting to 0 on popular crypto portal CoinMarketCap. While the reasons behind this unusual event remain unclear, it indeed serves as a setback to the Pi community that has set its hope sky high for the official token release.
As of now, the Pi IOU coin is just a representation coin, which crypto exchanges promise to swap later on with the official coin.
While the launch is expected by Q1 2025, the reason for its IOU coin market cap to plummet to zero is unknown, there are speculations that this can also be a glitch by CoinMarketCap.
In a relief to the community, the market cap may have turned to zero, but the FDV is still $3.51 billion.
Since the last week, Pi coin has seen a bounce from the $40 range. At present, its trading at $51.7. This shows over a 30% increase in this timespan.
The trading bitmart is maximum for the coin, as it represents a 75% share of overall buying and selling. HTX comes next with 25%, but the price here is much lower than other exchanges.
Also Read: Will Pi Coin Reach $100 on Mainnet Launch?
