Pi Network price stalls as traders wait for the ‘real deal’

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As a researcher with extensive experience in the cryptocurrency market and a keen observer of the Pi Network project, I have closely followed its development since its inception. Having researched numerous projects and tokens, I can confidently say that the Pi Network’s mainnet launch is an eagerly anticipated event for many investors.

The price of Pi Network tokens has been stable between a range since March, with investors keeping a watchful eye for the upcoming mainnet launch.

Pi Network price stalls as traders wait for the ‘real deal’

The IOU token has been stuck at $40 in a low-volume environment. 

Pi Network mainnet launch ahead

Based on recent developments, it appears that the Pi Network team is making preparations for the highly anticipated launch of their mainnet.

Earlier this year, the team listed three conditions that must be met for this to happen.

At least 15 million pioneers need to be confirmed as legitimate accounts, purging bots from the system in the process. The developers mentioned that more than 11 million pioneer accounts have already been verified.

One significant action to note is the six-month leeway initiated recently, allowing for a half-year duration. During this timeframe, all pioneers must undergo the mandatory verification process. Consequently, should the other prerequisites be fulfilled, Pi can transition to the Public Network by December or January.

According to Pi Day’s announcement, the 6-month Grace Period commenced on July 1. During this period, pioneers are required to finish their KYC verification and Mainnet migration following the given deadlines set within the Grace Period. The process is flexible enough to cater to pioneers who may require additional time.

— Pi Network (@PiCoreTeam) July 12, 2024

Another requirement is that the team anticipates the blockchain network to host a minimum of one hundred decentralized applications (dApps). This goal is expected to add value to the token by increasing its utility, although the exact number of dApps presently available in the confined mainnet phase remains uncertain.

As a researcher studying Pi Network, I can share that the team plans to initiate their ‘airdrop’ distribution once the cryptocurrency market exhibits favorable conditions, specifically when the values of various digital currencies are on an upward trend.

Pi Coin IOU has consolidated

The Pi Coin, introduced on the market in 2022 through the Pi Network, is currently accessible only on a limited number of cryptocurrency exchanges. Following its launch, the coin’s value spiked up to $343. However, it experienced a significant decline after the developers distanced themselves from it.

After that point, Bitcoin‘s most significant price surge occurred in March when it peaked at a new record of $120. Subsequently, its value dropped back down to $40 and has stayed there ever since.

The trading volume for Pi Network’s token is relatively low, with an average of only $600,000 worth of tokens exchanging hands daily. As such, this figure does not accurately reflect the expected trading activity for the actual Pi digital currency.

The unfolding circumstances surrounding the tap-to-earn sector, specifically with Notcoin and Pixelverse (PIXFI) being the pioneers, offer insights into potential price fluctuations upon major exchange listings for Pi Network. Notcoin peaked at $0.030 in June before retreating to $0.016, while PIXFI hit a high of $0.10 and subsequently plunged by nearly half to $0.050.

Pi Network functions differently from other techs, enabling users to amass tokens merely by tapping the app’s button. Meanwhile, these types of applications offer additional features such as integrating elements of entertainment, like games.

It’s plausible that the IOU price of Pi Coin will stay fairly stable, with investors keeping a watchful eye for the significant event: the mainnet launch.

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2024-07-22 16:30