Last week, the IOU (I Owe You) tokens of the yet-to-be-launched Pi Network briefly rocketed to $100 before retracing. The surge follows their announcement that they will finally launch the mainnet and thus begin distributing mined PI tokens to millions of followers and fans across the globe.
The release, set for February 20, is a huge milestone for the network. While positive, and likely to drive demand even higher, there are widespread speculations about the project and whether its model is sustainable.
This division is expected, especially considering the many postponements of the main net launch and their approach to solving real-world problems using blockchain.
Pi Network Launching: What You Need To Know
Knowing the token’s tokenomics is critical if you want to get involved and mine PI or even purchase some of its IOUs available on various exchanges.
There will only ever be 100 billion PI in circulation. Of that, 65% are distributed to users who, for example, mine, refer to the project or deploy nodes.
As of mid-February 2025, over 6.2 billion PI had been distributed to the community, of which most of these tokens remain locked. The team has also allocated 20% for collaboration and the remainder towards trading facilitation and ecosystem developments.
Given its broad user base and successful onboarding, one would expect Pi Network to be scandal-free. However, events have rocked the project’s credibility. For instance, a reported 17 GB of data was allegedly stolen from Pi Network, though it blamed it on a third party, not a breach of its system.
Pi Network or its third-party KYC provider has nothing to do with the recent alleged data leak of Vietnamese national IDs.
Pi Network never asked for or collected such data and our third-party KYC provider does not accept this type of ID documentation. pic.twitter.com/8YUOyljay8
— Pi Network (@PiCoreTeam) May 21, 2021
Additionally, the Hengyang City Public Security Bureau classifies PI as a scam token in China. The verdict in July 2023 follows a review that its mining system was similar to a pyramid scheme. Some analysts have also warned about Pi Network, urging users to steer clear.
$PI is a #Scam 🚨
CA:GL8DFZXKhfmoKf3gAQhv5wAkzKFYSBMYgz9wfT5wpumpPI Network has nothing to do with the real project and will soon rug.
Be aware because CABAL is trying to make a meta from the #PiNetwork2025 brand.⚠️ Sniped: 90 %
⚠️ Fresh wallets: 50%#ScamAlert #web3 #defi pic.twitter.com/xWWxcJGGp8— MASTR (@MastrXYZ) February 12, 2025
Subsequently, even as it launches the mainnet, PI holders in China will not have a chance to engage on OKX once trading begins.
These directives were reportedly dictated by the team, not the exchange.
OKX: Based on the requirements of the Pi Network project, PI will adopt an isolated listing mode, and users in some countries and regions will not be able to deposit and trade (it is expected that mainland China will be excluded). https://t.co/y8laHtcLUL https://t.co/PMWVr0mtiz
— Wu Blockchain (@WuBlockchain) February 14, 2025
DON’T MISS: Wall Street Pepe Raises over $72 million – WEPE Launches on Uniswap Today
Amid this cloud of uncertainty, investors are turning to more assurance. Despite the pressure on meme coins, many think Wall Street Pepe (WEPE) is worth exploring.
Launching on Uniswap Today, the frog-themed meme coin recently concluded a successful presale, raising over $72 million.
During its presale, demand was high, and the team raised an average of $1 million every day.
WEPE claiming will start today on February 17, before listing on Uniswap.
Each WEPE will begin trading at the last presale price of $0.0003665. However, there’s no discounting the possibility of a 5X to 10X increase in the next few days.
That means WEPE’s market cap can spike to over $270 million, even reaching $800 million.
This pump will be due to what Wall Street Pepe wants to achieve.
By bringing together retail traders and roping in experts to provide trading insights, WEPE holders will have an edge over whales. These large holders often manipulate meme coin prices.
EXPLORE: Crypto Trends For Bullrun – January 2025
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Pi Network: Everything You Need To Know
- Pi Network launching mainnet on February 20
- PI will trade on OKX but there are concerns about the project being a pyramid scheme, especially in China
- Wall Street Pepe WEPE claiming starts today before listing on Uniswap
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