Pi Network’s PI Coin has made a notable entry into CoinMarketCap’s top ranks. This milestone highlights Pi’s increasing recognition in crypto, particularly as an altcoin made in the US.

Despite lacking a traditional exchange listing, the network continues to expand, demonstrating significant user adoption and circulation growth.

Analyzing Pi Coin’s Growth and Circulating Supply Increase

Data shows Pi Network’s PI token ranks 11^th on CoinMarketCap, with a market capitalization exceeding $12 billion as of this writing. Nevertheless, it remains absent on CoinGecko as of this publication.

Further, data on Pi Network’s blockchain explorer shows the circulating supply of PI tokens has grown by 9.5% since its mainnet launch on February 20.

Initially, at 6.3 billion, the circulating supply now stands at 6.9 billion, reflecting increased activity within the ecosystem. This rise suggests greater engagement among Pi Network users as more coins enter circulation.

Further reinforcing its popularity, Pi Network has recorded over 113.2 million downloads on the Google Play Store alone. The rapid adoption reflects the project’s widespread interest, particularly among those drawn to its mobile-based crypto-mining model.

“Pi Network has been downloaded over 113.2 million times on Google Play Store alone,” the platforms update page on X highlighted.

The app’s ease of use and low barrier to entry are likely drivers of this exponential growth. Beyond that, another major selling point for Pi Network’s PI Coin is its growing adoption as a medium of exchange. BeInCrypto reported that several merchants and platforms have started accepting PI Coin for payments, a crucial step in driving real-world utility.

While mainstream adoption remains a work in progress, these developments indicate growing confidence in Pi’s transactional capabilities.

Despite its impressive market capitalization, PI Coin’s valuation remains a debate among analysts. BeInCrypto recently explained different hypotheses, including technology valuation and the Global Consensus Value (GCV) as possible value determinants.  

While Pi Network continues to gain traction, it has also faced legal warnings in several jurisdictions. Regulatory bodies in countries like Vietnam and China have expressed concerns over the project’s structure, citing potential risks for investors.

Another major factor weighing Pi Coin’s price is the delay in securing a Binance listing despite 86% voter support. The anticipation surrounding a potential Binance listing had fueled speculation and price surges. The delay has led to frustration among investors, contributing to a decline in price momentum.

However, the Binance exchange has not entirely ruled out a potential listing for Pi coin.

“The project’s launch is still undergoing evaluation, and the decision will be based on our official review processes and standards,” Binance stated.

Shiba Inu News: SHIB marketing lead Lucie recently revealed why the crypto’s team is not making any major announcements amid the broader market crash. Notably, Lucie has reflected a gloomy outlook surrounding poor market conditions on X this Tuesday, deeming it to be the reason for no latest advancements. SHIB price also plummeted over 9% in tandem Lucie’s post, sparking investor discussions over future endeavours.

Shiba Inu News: Marketing Lead Deems Poor Market Condition As Reason For No Key Advancements

In an X post on March 4, Lucie stated, “The market crash isn’t the time to chase announcements, it’ll be dragged down by the bad market.” This statement aligns with why the SHIB community stood silent on any major developments amid the recent market turmoil.

Notably, the project’s lead developer, Shytoshi Kusama, also hasn’t made any key announcements on X amid the recent market crash since February. The last buzzworthy update revealed by the lead was in early February, the community’s partnership with the UAE Ministry of Energy and Infrastructure.

Lucie Says Build Connections Instead

Instead, the marketing lead believes that a market slump may be the best time to ‘focus on building connections.’ This statement in turn ignited speculations about whether the team is gearing up for another partnership, presenting as bullish Shiba Inu news.

Why Is The Crypto Market Crashing?

Meanwhile, the crypto market continues to face immense heat amid macroeconomic developments and liquidity setbacks. CoinGape reported that the crypto sector recorded over $1 billion in liquidations intraday amid Trump’s new tariffs saga.

Starting March 4, new U.S. import tariffs on Canada and Mexico have continued solidifying global trade war tensions. As a result, BTC & altcoins slump hard just after a prompt jump due to Trump’s previous crypto reserve announcement.

Shiba Inu Price Plunges 10%

SHIB price today crashed nearly 10% in sync with the broader market trend, reaching $0.00001281. The meme coin bottomed and peaked at $0.00001228 and $0.00001423 in the past 24 hours. Traders and investors remain apprehensive as they expect no major Shiba Inu news till the market recovers, as also hinted by Lucie.

Further, Coinglass data indicated a 22% decline in SHIB futures OI to $117.78 million. Also, the derivatives volume fell 6% to $156.66 million, underlining the waning market interest. In turn, crypto market watchers continue to monitor the token for further major price shifts.

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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.