The price of the IoU token on the Pi Network’s platform has stayed steady at an important floor point, with developers working hard to ready the launch of their main network.
Pi Coin was currently trading at the notable price point of $50, marking a substantial drop compared to its November peak close to $100. The primary reason behind this downward trend can be attributed to the continuous postponement of the mainnet launch. Initially, developers pushed back the initial verification period for customer identification from November 31st to December 31st.
In December, they extended the grace period until January 31st, stating that a large number of early adopters hadn’t transferred their tokens to the main network yet. At that point in time, more than 18 million users had gone through Know Your Customer (KYC) verification, but only around 8 million had shifted their tokens to the main network.
As per the guidelines for the mainnet launch, the process will proceed further once at least 10 million users have transferred their tokens. On January 5th, developers announced that more than 9 million users have already completed this migration, making it likely to reach the target of 10 million by January 31st.
fantastic strides are being taken towards the Open Network, with over 9 million pioneers having moved to Mainnet! If you’re yet to complete Mainnet migration or Know Your Customer (KYC) verification, be sure to review your Mainnet Migration Checklist and KYC app to determine if any additional steps are required.
— Pi Network (@PiCoreTeam) January 5, 2025
If everything proceeds smoothly, the developers anticipate that the mainnet launch will take place during the first quarter of 2025, potentially in February or March. This transition to the mainnet will expand the Pi Network community to a wider group and enable early adopters to exchange their mined Pi coins for traditional currencies following years of mining.
With the mainnet launch, users will have an opportunity to trial around 80 community-made applications. Among these ready-for-mainnet apps are Map of Pi, Pi Game, Care for Pi, and 1pi Mall. Importantly, Map of Pi showcases vendors globally who accept Pi Coin.
Pi Network’s mission is to develop a user-friendly digital currency alternative to Bitcoin (BTC), making it more accessible to the general public. By enabling mining on smartphones, their strategy aims at fostering worldwide commercial recognition and adoption.
As a researcher, I can’t help but express my concern about potential delays in the mainnet launch, given its history of setbacks in the past.
Pi Network price analysis
The HTX-listed token called Pi Coin IOU isn’t connected to the authentic Pi Network initiative. Instead, it’s frequently viewed as the most comparable stand-in for genuine Pi Coins. Throughout history, its value has increased during anticipation of mainnet launch and decreased when those expectations diminish.
Today’s graph indicates that the value of Pi Coin has fallen to a crucial support point around $50. This point is significant not only psychologically but also because it forms the lower boundary of an upward trendline that connects the lowest price dips since September.
The token’s value is tending to cluster near its 50-day moving average, hinting at potential accumulation. If this accumulation results in a breakout, the token might spike up to $100 before the mainnet launch. But if it breaks below the trendline, there’s a chance the price could drop back down to $30, its lowest point from September.
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2025-01-07 18:38