Pi Network's PI Coin has made a significant splash in CoinMarketCap's top rankings, showcasing its rising prominence in the cryptocurrency world as a US-based altcoin.

Despite not being listed on traditional exchanges, Pi's network is steadily growing, witnessing substantial user adoption and an increase in circulation.

Examining Pi Coin's expansion and the rise in circulating supply, current data reveals that the PI token holds the 11th spot on CoinMarketCap with a market cap exceeding $12 billion. Notably, it is yet to appear on CoinGecko.

The circulating supply of PI tokens has seen a 9.5% surge since its mainnet launch on February 20. Initially at 6.3 billion, the supply now sits at 6.9 billion, indicating a surge in activity within the ecosystem and suggesting heightened engagement among Pi Network users.

The app has garnered over 113.2 million downloads solely from the Google Play Store, underscoring its widespread appeal, especially among users attracted to its mobile-driven crypto mining concept.

Furthermore, Pi Coin is gaining traction as a medium of exchange, with various merchants and platforms now accepting it as payment, marking a significant step toward real-world utility.

While Pi Network faces legal hurdles in certain jurisdictions, like Vietnam and China, due to concerns over its structure, it continues to push forward. The delay in securing a Binance listing, despite strong voter support, has led to price uncertainty and investor frustration, impacting its market performance.

Despite these challenges, Binance has not ruled out the possibility of listing Pi Coin, stating they are currently evaluating the project based on their official review procedures and criteria.