Pi Network, the smartphone mining project that claims to have 60 million users, released its native PI token Thursday giving traders a roller-coaster ride that saw the price rise 18% in minutes before tumbling 50% over the next two hours.
PI debuted at $1.70 at 09:00 UTC, rising to as high as $2.00. It was recently trading at $0.97. The initial surge sent the fully diluted value (FDV) to as high as $195 billion — almost double the value of the Solana blockchain’s SOL.
The FDV is based on the maximum supply of a token, 100 billion in this case. The self-reported circulating supply is 6.3 billion, putting its market cap at around $6.1 billion.
Pi Network has drawn comparisons to viral projects from previous cycles including SafeMoon, which also attracted a retail audience with aggressive marketing and referral schemes.
In order for users to begin mining the Pi token on a mobile device, they must first receive an invitation from another…
