The bundled Pi token rises to almost $20 before the downside
Wrapped Pi is causing controversy both with the token volatility and the IDO partners.
Wrapped Pi Token Hits $18
Wrapped Pi tokens surged to nearly $20 on January 2 before returning to a sub-$10 price point. The token has created a lot of buzz in less than a week since its launch, exemplified mostly by the volatility of the token’s price action.
In the midst of a controversial Initial DEX Offering (IDO), the Wrapped Pi token galvanized behind the massive Pi Network community and doubled its price within 24 hours. The 24-hour high for WPI is $18.31, while the low is just $7.27, according to CoinMarketCap.
Pi Bridge launched the Wrapped Pi token over the New Year with IDOs on six platforms. After selling out and performing well across platforms, it appears that a partner, FantomLive, has attempted to scam users out of $20,000.
The news with FantomLive is under development and ongoing. The PiBridge team confirmed with BSC News that they have a contingency plan if FantomLive completely shuts down and does not refund users.
Pi Bridge has burned all remaining tokens not invested on FantomLive and is trying to work with the team to refund users. Notably, FantomLive has deleted their Telegram and has not posted on Twitter since the PiBridge IDO on December 28th.
The controversy surrounding the Wrapped Pi should not be overlooked. The price volatility is already a red flag for users looking for a stable project, but the launch controversy should raise more eyebrows. But who knows – Pi Network still has a powerful community, and much of the economy persists on hype and FOMO.
No official connection from the Pi Network core team has been confirmed with the Pi Bridge team. The Wrapped Pi remains an unofficial wrapped token on the BNB Chain of the Pi Network native coin. The ultimate goal of Wrapped Pi will be a bridge between the BNB Chain and Pi Network operating in a 1:1 relationship with Pi Coin.
What is Pi Bridge:
PiBridge is a hybrid all-in-one financial application platform that combines both DEX and CEX models with multi-chain and cross-chain AMM, agriculture, lending, fundraising platform (launch platform), event tickets, marketplace, prediction, NFT and more functions. PiBridge will become a unique blockchain bridge that connects to other platforms such as commerce, finance, education, etc. All products will be developed with the Pi Network as a base.
Where to find Pi Bridge:
Website | Twitter | Telegram |
What is Pi Network:
Pi Network is a mobile blockchain mining project on a mission to give everyone access to the cryptocurrency revolution. The project was founded by a team of Stanford University Ph.D. candidates who designed a mobile-friendly blockchain mining algorithm.
The Pi Network has evolved over the years and has organized a hackathon, built a couple of working Pi blockchain apps, and is now in the final stages of transitioning to the public mainnet.
Where to find Pi Network:
Website | Twitter | LinkedIn | Facebook | Instagram |
