There is an unsubstantiated rumor going around that pi network has received $15,000,0000,000 in funding. According to CoinMarketCap, based on this raise alone, Pi Network would be the 9th largest cryptocurrency. It would jump passed Tron immediately. If it has any value prior to the raise it would most likely jump past Doge and take the 8th spot. Obviously, this would be game changing and people are excited. It would be a major shift in the cyrpto landscape. The price has jumped over 15% today.
Take this with a heaping serving of salt. I cannot find much about the source of this rumor. I came across this article on CryptoTimes about the raise. The main source the author uses is this tweet from a Pi Network enthusiast that goes be the handle @Pi_Coins. Very self serving.
The tweet has a screen grab from TracXN, a website which appears to be a database of startups that tracks the financial transactions. I signed up for an account so that I could find out as much as I could about the raise. Although TracXN was very enlightening about the viability of Pi Network I did not find any information about a recent raise, let alone one for 15 Billion dollars.
As you can see from my screen grab Pi Network's last raise was in November of 2023. Seeing that this website ranks 2nd of 1579 competitors give me some confidence in the project. The only project that ranks better than Pi Network, according to TracXN is Core Scientific. Suspiciously (as you can see below) the total equity funding is undisclosed. A bit of an eyebrow raiser. I highly doubt that a project would go from a series A round to a series B of $15,000,000,000 and if they did, why keep it secret?
Across the entire website, the only thing I could find about a the funding was in the news tacker. Obviously this is not curated. This is referencing the article I found from the Crypto Times that references the tweet that has the most likely fictitious TracXN screen grab. Nothing better than some circular reasoning and white washing of news.
Although I would benefit greatly from Pi Network raising $15,000,000,000 and becoming a top 10 crypto asset. But this is just a rumor and most likely false. You have to peel back the onion before jumping on any rumor.
Frankly I am a little disappointed with the quality of reporting done by The Crypto Times on this one. Maybe that's because I have always assumed the Crypto Times to be more like a newspaper than a blog, this may not be the case.
The most peculiar aspect of this rumor is that why try to pump and dump a token that does really have a market. I cannot buy any more tokens on the market, and I believe I can only sell IOUs or very opaque, illiquid, and sketchy exchanges.
This is a lot of effort for what equates to a long con.
What are your thoughts?
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