tl;dr
Bybit CEO Ben Zhou stated that Pi Network is "more dangerous than meme coins," leading to a negative reaction from the Pi Network community, resulting in a 2.7-star rating for the Bybit app on the Google Play Store. Zhou explained that Pi Network lacks a fully functional product, with its PI coin no...
Bybit CEO Ben Zhou labeled Pi Network as "more dangerous than meme coins" due to the lack of a functional product and its reliance on community expectations. This led to a negative reaction from the Pi Network community, resulting in a 2.7-star rating for the Bybit app on the Google Play Store.
Pi Network has struggled with delays in its mainnet launch and Know Your Customer (KYC) processes, prompting concerns about transparency and true potential. Meanwhile, the Pi Network community expressed confidence in the project's future potential, retaliating against Zhou's assessment by downgrading the Bybit app in response.
Additionally, the PI coin has struggled to reach $2 amid bearish market indicators. As a result, the Pi Network community reacted negatively, leading to a 2.7-star rating for the Bybit app on the Google Play Store.
Zhou emphasized that Pi Network lacks a fully functional product, and its value relies on community expectations rather than fundamental factors. He also pointed out the project's repeated delays in the mainnet launch and KYC processes, which have raised questions about transparency and potential.
Zhou argued that Pi Network poses greater risks than meme coins, citing the established blockchain foundations and major exchange listings of other community-driven projects like Dogecoin and Shiba Inu. However, the Pi Network community retaliated against Zhou's assessment, expressing confidence in the project's future potential and downgrading the Bybit app in response.
Despite these developments, the PI coin struggles to reach $2 amid bearish market indicators, trading at $1.43 at the time of writing. This price struggle reflects the ongoing challenges faced by Pi Network in the cryptocurrency market.