Pi Coin has been in the spotlight lately, but not for the reasons its supporters hoped. Even with a massive $15 billion market cap, it’s still ranked at #201 on CoinMarketCap (CMC). Meanwhile, Hedera, which has a smaller $9 billion market cap, is ranked much higher at #11. This has left many in the crypto space wondering what’s going on.

The main reason seems to be how CMC handles rankings. Unlike other major cryptocurrencies, Pi Coin’s circulating supply was initially self-reported. Since CMC usually waits for independent verification before updating rankings based on market cap, that could explain why Pi is still placed so low. 

Until recently, Pi Coin’s supply status was marked as “unverified,” but CMC has now updated it to “verified.” Even so, the ranking hasn’t changed, frustrating Pi supporters.

Crypto enthusiasts have taken to Reddit and other forums to voice their concerns. Many supporters of Pi argue that, purely in terms of market cap, the project deserves a place within the top 15. They believe that it would make it far more noticeable, bring more investors in and perhaps even help raise the token’s price.

After Pi Network finally launched its long-awaited mainnet on February 20, this dispute picked up a lot of overseas attention. Following the launch, Pi Coin was listed on major exchanges like Bitget, OKX, and Gate.io. The excitement caused a quick 30% price surge within an hour, but the rally was short-lived. By the next day, the price had dropped significantly, showing just how unpredictable new token listings can be.

Now that CoinMarketCap has verified Pi Coin’s market cap, the big question is, why hasn’t the ranking been updated? Some believe CMC is playing it safe because of Pi’s self-reported supply, while others argue there’s no reason for the delay. It is still the dream of many Pioneers to adjust the ranking so that it corresponds with the project’s actual worth.

At the moment, it is a waiting game. Will CoinMarketCap ultimately update Pi Coin’s ranking, or will this controversy continue? One thing is clear, supporters of Pi are not giving up now or ever. 

Also Read: Alert: Pi Network extends KYC and Mainnet Migration Deadline to March 14