As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I find myself often reminded of the rollercoaster ride that is this fascinating yet unpredictable market. The Pi Network IOU token’s downtrend, mirrored by other cryptos such as Bitcoin and Ethereum, is a stark reminder of the ebb and flow of investor sentiment in this industry.
The Pi Network IOU token continued its strong downtrend as sentiment in the crypto industry waned.
On September 2nd, Pi Coin (PI) was valued at approximately $33.90, marking a decrease of more than 5% in the past 30 days and over 72% from its peak this year. Launched in 2022, Pi’s IoU is not connected to the primary project. It can be found on limited exchanges and exhibits low trading volume, implying that its price may not accurately represent the future trajectory of the main token.
Pi Network IOU has retreated
The recent price movements of this cryptocurrency have closely followed those of others. Specifically, Bitcoin (BTC) has fallen more than 20% since reaching its highest point this year, whereas Ethereum (ETH) has plunged by over 38% within the same time frame.
The Crypto Fear & Greed Index, which was at an extreme 90 (signaling strong market greed) in March, has now settled at 42.5, indicating a more neutral sentiment. Typically, cryptocurrencies tend to perform better when investors exhibit a sense of greed rather than fear.
The trade volume for both centralized and decentralized cryptocurrency exchanges decreased noticeably during August as well.
The retreat of Pi Network’s IOU can be attributed to the ongoing postponement of the mainnet launch, as stated by the developers back in December. Originally, they had planned for the network to transition from a closed mainnet this year.
To bring about this situation, it’s essential that the network reaches three crucial landmarks, a task they are currently engaged in.
Initially, the group responsible for Pi requires KYC (Know Your Customer) verification from most early adopters. This process is still ongoing and more than 13 million pioneers have transitioned to the mainnet. In a recent announcement, the developers highlighted that they’ve enhanced their Pi Wallet to make it simpler for users to perform upgrades.
Upgrading the Pi Wallet has made it more efficient for users and allowed some pioneers, who were unable to before, to establish their wallets and advance their Mainnet tasks. Always use your Pi Wallet exclusively within the Pi Browser at precisely the specified location.
Make sure you’re accessing…
— Pi Network (@PiCoreTeam) August 26, 2024
Afterwards, the Pi Network will officially launch its mainnet once it has a minimum of 100 apps within its ecosystem that are decentralized in nature, known as dApps. However, data reveals that currently, the network only hosts around 50 such dApps, indicating more development and growth is necessary.
Eventually, it’s essential for the market conditions to be favorable prior to launching the mainnet. Should the current consolidation persist, there’s a strong likelihood that the mainnet launch of Pi Network may not occur this year.
Tap-to-earn tokens have crashed
In other words, although the Pi Network token is widely used, it might not perform favorably when trading begins. A relevant instance is Hamster Kombat, a well-liked tap-to-earn token, which plunged to an all-time low in the pre-market futures market. It has experienced a steep decline of more than 80% from its peak before the official distribution.
As an analyst, I’ve observed a downturn in the performance of various tap-to-earn tokens. Specifically, the Notcoin (NOT) token has plummeted by more than 71% from its peak, and Pixelverse has sunk to an all-time low.
Pi Network’s user interaction resembles Telegram’s tap-to-earn platforms, as users receive tokens simply by tapping a button within the app. However, one key distinction is that Pi has its own separate application, and the development team prioritizes creating an ecosystem before deploying the mainnet.
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2024-09-02 17:40