Currently, Bitget, as one of the top five cryptocurrency exchanges globally, has its native token Pi (PI) not listed on its official trading list. Therefore, there is no official and regulated pi rate in dollar on the platform. Users usually do not get results when they directly search for PI in the spot trading market of this exchange. Bitget’s listing review process is extremely strict. It usually only selects assets with a market capitalization ranking of the top 500, an average daily trading volume of over one million US dollars, and sufficient liquidity to protect investors from the fluctuations of high-risk assets. For instance, in 2022, the platform delisted over 30 tokens that did not meet the standards due to risk control reasons.
However, some users may come across prices related to PI in Bitget’s over-the-counter (OTC) trading area or through platform-supported contract trading products such as PI/USDT perpetual contracts. These products are usually designed based on the IOU (Promissory Note) price indices of other small exchanges. Their price formation mechanism does not come from spot trading but from speculative behavior in the derivatives market. For instance, in the fourth quarter of 2023, the marked prices of such contracts experienced extreme fluctuations of over 70% in a single day, far exceeding the approximately 5% volatility of Bitcoin during the same period, reflecting extremely high speculative risks and price uncertainties.
To obtain a relatively reliable reference of pi rate in dollar, investors still need to rely on large cryptocurrency data aggregation platforms. CoinMarketCap and CoinGecko will collect data from several small exchanges that support PI IOU trading, including BitMart and Houbi Global, and provide a comprehensive quote by calculating their volume-weighted average price (VWAP). For instance, at the beginning of 2024, its quote range might be between $30 and $50, but this data is only based on a limited average daily trading volume (usually less than $1 million), and compared with trillion-dollar market capitalization stocks like Apple or Tesla, its price is highly susceptible to manipulation by a small amount of capital, and the accuracy of the data has inherent flaws.
The Pi Network project itself is in the stage of a closed mainnet, and its economic model has not yet been fully integrated with the global cryptocurrency market. This is the core reason for its lack of authoritative pricing. This is similar to the situation before 2021 when Bitcoin was not widely adopted by mainstream institutions, but the difference is that there are still many undisclosed details about Pi’s underlying technical architecture and token allocation mechanism. For investors, the safest strategy is to regard the pi rate in dollar displayed on any third-party platform (including Bitget) as a highly experimental reference indicator rather than an investment basis, and strictly follow the principle of “not investing funds beyond your capacity to bear” to avoid the potential risk of total loss.