Altcoin
Bybit CEO Labels Pi Network a Scam, Refuses To List Token
Amid increasing enthusiasm surrounding the Pi Network, Bybit CEO Ben Zhou labeled it a scam. Clarifying that Bybit has no plans to list the PI token, the Bybit CEO questioned the project’s legitimacy.
Meanwhile, the PI token’s value plummeted by over 55% in a single day, causing alarm among investors. Despite its initial popularity, the token’s downward spiral has raised concerns about its long-term viability.
Pi Network Is a Scam, Says Bybit CEO
Bybit CEO Ben Zhou has publicly voiced his skepticism about the Pi Network’s legitimacy, calling it a scam. In a recent X post, Zhou explicitly stated that Bybit will not list the PI token, reaffirming his doubts about its authenticity. He stated, “I still think you are a scam, and no , Bybit will not list scam.”
Referring to a 2021 warning from the People’s Government of Hengyang, Zhou pointed out that the Chinese Police deemed Pi Network as a scam targeting elderly folks. According to reports, the government has issued a warning against Pi Network’s alleged plans to misuse the public’s personal data to accumulate pension funds. The Bybit CEO added, “There are multiple other reports out there questioning the project legitimacy.”
Bybit Has No Plans to List PI Token
Reiterating his previous stance, Ben Zhou stated that Bybit is not listing the Pi token, due to scam concerns. In a previous post, he dismissed rumors of Bybit listing the Pi token, with a message in Chinese. The post is translated as,
A bunch of people asked me today if I wanted to list Pi. I said, ‘Stop being ridiculous.’ Back when I was trading forex, I was constantly confronted by middle-aged people demanding their hard-earned money back. I really don’t want to deal with that in the crypto space—so I’m keeping my distance. Thanks
In the recent thread, Zhou confirmed that Bybit hasn’t submitted a listing request for the PI token. He reiterated that allegations of PI turning down Bybit’s listing or failing the exchange’s KYB verification process are unfounded. Further questioning the project’s legitimacy, Zhou stated, “If the project is legitimate and straight up, then you should come forth and address these report so everyone can understand , but instead you choose to make up shit and do these childish attack with no ground.”
Notably, Binance is currently conducting a community poll to gauge interest in listing Pi. So far, the majority of voters are in favor of adding the coin to the platform.
PI Plummets: What’s Next?
Despite the initial hype, Pi Network’s PI token has plummeted by a massive 59.58% over the last 24 hours. However, traders remain optimistic about the token which is evident from the staggering 2833% surge in its trading volume.
At press time, the PI token is trading in the red zone, at a price of $0.7806, significantly down from the high of $1.99. However, driven by the initial parabolic uptrend, analysts remain bullish. As per Pi price prediction, the token is poised to hit $300 driven by potential listings by major exchanges.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Sui token is currently making significant rebound, outperforming top cryptocurrencies including Bitcoin, Ethereum, and XRP. While these assets are exhibiting modest gains in line with the broader market trend, the Sui price is making impressive strides, surging over 7% in a single day. This significant uptick has sparked optimism, with market analysts and experts remaining bullish on the altcoin’s potential to reach new all-time highs.
Sui Price Breaks Past Crucial Resistance, Eyes $8
Notably, Sui’s current bullish trend significantly influences traders and analysts. While traders demonstrate this optimistic view via increasing market activity, analysts express their positive predictions. For instance, market expert CryptoBullet forecasted the Sui price’s surge to a new all time-high of $8.9 in an X post.
In a one-day chart, CryptoBullet highlighted SUI’s prevailing consolidation below 0.618 Fibonacci level. Significantly, SUI has touched twice the same price level within months. Driven by past trends, CryptoBullet remains confident that the Sui price could hit new ATH breaking past this consolidation.
Increasing Daily Active Addresses: How It Impacts Token Price?
According to investor Momin, SUI looks primed for higher highs triggered by increasing daily active addresses. Reportedly, the daily active wallets hit a record high of 1.2 million, paving the way for a massive breakout in the Sui price. Acknowledging the platform’s growth, the trader wrote, “Sui Network is undeniably one of the fastest-growing chains fundamentally!”
Another trader Giannis Andreou underscored the substantial surge in Sui’s daily active wallets. Currently marked at 1,253,935, the daily active addresses increased by a staggering 135.89% over the last seven days.
Meanwhile, Quinten Francois, a prominent crypto voice on X, wrote, “SUI active addresses are exploding.” The substantial surge in Sui’s price, coupled with a growing user base, has garnered significant attention, especially considering the token’s recent 36% downturn.
Sui Price Regains Positive Momentum: Will It Sustain?
At press time, Sui is trading at $3.55, marking a significant increase of 7.9% over the last seven days. However, over the last week and month, the token has seen massive declines of 4.3% and 24.3%, respectively.
Celebrating SUI’s current positive track, traders are actively engaging in market activity. The token’s 24-hour trading has seen a notable uptick of 15.44%, reaching $1.03 billion. Furthermore, SUI has achieved a milestone of over 8.5 billion total transactions, marking a notable 10.37% increase over the past 30 days. With a market cap of $10.67 billion, Sui has secured 12th spot on CoinMarketCap.
Although analysts see a massive surge ahead, it needs to be seen if SUI will sustain the current momentum and gain new highs.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The latest Dogecoin whale data rattled the crypto market on Friday, flagging massive accumulations amid the meme coin’s recent price dip. Renowned market analyst Ali Martinez revealed that whales bought a whopping 110 million DOGE tokens in the last 48 hours. As a response, market participants eagerly await a bullish price breakout ahead, with top analysts further projecting optimism over future price movements due to strong market technicals.
Dogecoin Whales Scoop Up Heavily Near $0.25 Price Level
In an X post shared by analyst Ali Martinez on February 21, it can be seen that Dogecoin whales bought 110 million tokens in the past two days. These accumulations occurred as the meme coin hovered around the $0.25 price level.
In turn, this mark remains extensively gauged by market participants as it could carve out a vital support level ahead. Another report by CoinGape previously revealed that DOGE whales did not sell massive amounts when the coin moved around $0.25. The upshot remains that investors eye considerable gains for the dog-themed meme coin ahead as whale data reflects strong market support.
Why Are Whales Accumulating?
Meanwhile, the current hot buzz for the dog-themed meme coin remains rising odds of an ETF approval. CoinGape reported last week that the U.S. SEC acknowledged Grayscale’s 19-b filing for Dogecoin ETF. This news appears to have substantially uplifted whale sentiment for the asset, given that an approval ahead could provide significant money influx to the token and fuel a price upswing.
However, Dogecoin price tanked nearly 6% over the week, which appears to have ushered in a ‘buy-the-dip’ sentiment among whales amid the ETF advancements.
Is DOGE Price Breakout On The Horizon? Top Analysts Bullish
DOGE price has mainly shown signs of consolidation in recent days, trading up nearly 1% intraday to $0.2564. The meme coin hit a bottom and peak of $0.2505 and $0.2576 in the past 24 hours. Notably, it’s worth mentioning that the coin’s broader time frame volatility is primarily attributable to the crypto market’s turbulent trend.
However, market analysts have projected a bullish outlook ahead, sparking market optimism in tandem with rising Dogecoin whale buying. Analyst ‘Trader Tardigrade’ recently took to X, revealing that the coin’s price chart shows a ‘symmetrical triangle’ pattern. This metric indicates that the token is consolidating whilst a breakout awaits.
Given the massive whale buying, the chances of the analyst’s projection getting true gained substantial weight. Also, another renowned trader, ‘Altcoin Scholar,’ revealed on X that the $0.22 price level remains a strong support zone for the meme coin. A sustained break above this level solidifies the chances of further gains.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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