Wrapped Pi Token Surges to Nearly $20 Before Drawback

Wrapped Pi Token Hits $18

Wrapped Pi token surged to nearly $20 on January 2 before returning to a price point under $10. The token has caused quite a stir in less than a week since launching, exemplified most by the volatility in the token’s price action.

Amidst a controversial Initial DEX Offering (IDO), the Wrapped Pi token galvanized behind the massive Pi Network community and doubled its price in a 24hr span. The 24hr high for WPI is $18.31, while the low is just $7.27, according to CoinMarketCap.

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Pi Bridge launched the Wrapped Pi token over the New Year with IDOs on six platforms. After selling out and performing well across the platforms, one partner, FantomLive, seems to have attempted to scam users of $20,000.

The news with FantomLive is developing and ongoing. The PiBridge team confirmed with BSC News that they have a contingency plan if FantomLive completely rugs and does not refund users.

Pi Bridge has burned all remaining tokens unvested on FantomLive and is attempting to work with the team to refund users. Notably, FantomLive has deleted their Telegram and has not posted on Twitter since the PiBridge IDO on Dec. 28.

The controversy around Wrapped Pi should not be overlooked. The price volatility is already a red flag for users looking for a stable project, but the launch controversy should raise more eyebrows. But who knows––Pi Network still has a powerful community, and much of economics persists upon hype and FOMO.

No official connection from the Pi Network core team has been confirmed with the Pi Bridge team. The Wrapped Pi is still an unofficial wrapped token on BNB Chain of the Pi Network native coin. The ultimate goal of Wrapped Pi will be a bridge between BNB Chain and Pi Network that operates at a 1:1 ratio with Pi Coin.