As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of bull runs and bear markets. The Pi coin, with its upcoming mainnet launch, has certainly piqued my interest.
Anticipation about the Pi cryptocurrency’s potential price and conversion rate has been stirred up as we approach the mainnet launch, slated towards the end of 2024, with the ongoing KYC process for the transition of Pi coins. The digital world is abuzz with discussion on this topic.
Currently, the value of Pi Coin hovers near $34, showing a significant increase of approximately 29.5% compared to a year ago, based on CoinMarketCap’s data. Following the mainnet launch, experts anticipate that the price of Pi Coin will rise even more, as user involvement increases substantially. At present, there are over 60 million individuals registered as ‘pioneers’ of Pi, and out of this group, around 13 million have completed the KYC (Know Your Customer) process.
Drawing from my years of experience in the cryptocurrency market, I’ll share my speculative thoughts on the potential impact of Pi Coin’s mainnet launch on its value. Upon launch, I believe that Pi Coin could see a significant surge in value due to increased demand and interest generated by the mainnet release. However, it is essential to approach such predictions with caution as the cryptocurrency market can be unpredictable and subject to various factors. Keep an eye out for updates and developments regarding Pi Coin’s mainnet launch and its potential effects on the coin’s value.
Tokenomics of Pi Coin
By August 14, 2024, the Pi Network boasts a total minted supply of 68 million tokens, with a maximum possible total of 100 billion tokens. Of this total, approximately 80% is reserved for a three-year ‘vesting period’ to ensure its value remains consistent. The remaining 20% is allotted to the Pi Network core team. Out of this portion, 65% will be utilized as mining rewards, 10% will foster ecosystem growth, and an additional 5% will facilitate liquidity on exchanges.
Factors like the launch of its mainnet, user acceptance, and the influence of the vesting schedule significantly impact its worth. If the vesting period is overly strict, it may reduce liquidity and slow down price increases. Conversely, a rapid release of too many coins could result in a significant price decrease due to an oversupply.
What could be the speculative price of Pi Coin post-mainnet launch?
There’s much debate surrounding the economics of Pi tokens due to uncertainty about the number of coins that will be circulating in the future and how they behave. This ambiguity makes it challenging to predict its value down the line. For instance, a Reddit post offers an estimation for a maximum supply of between 70 and 90 billion Pi coins.
Keep in mind that Pi Coin hasn’t raised funds through Initial Coin Offerings (ICOs) or crowdfunding. Therefore, any changes in the price of Pi Coin are due to factors related to its utility and tokenomic structure alone.
The Crypto Times analysis of Pi Coin’s expected growth
If the Pi cryptocurrency’s mainnet goes live in 2024, it could experience a significant price increase following broader adoption and the implementation of its promised ‘peer-to-peer’ functionality, as outlined in its whitepaper. However, it is expected that the Pi coin may start trading within the range of $43 to $47 at first.
Initially experiencing a rise in price from $58 to $74 following the launch, the market eventually took in this impact, causing the price to further climb. By August, the price trend maintained an uptick, settling between approximately $73 and $86.
As a seasoned crypto investor with over a decade of experience under my belt, I believe that Pi has immense potential for growth in the coming years. Based on my observations and analysis of its market trends, I expect Pi’s price to be volatile in the short term as it gathers more users and becomes integrated into the broader cryptocurrency ecosystem. However, looking ahead to 2024, long-term predictions suggest that Pi could potentially trade between $55 and $70 if it manages to achieve widespread adoption. In fact, if the network truly takes off and gains mainstream traction, I wouldn’t be surprised if we see Pi reaching $200 or even higher by 2025. But as always, investing in cryptocurrencies carries risks, so it’s essential to do thorough research before making any investment decisions.
It’s projected that the Pi Network’s value might surge up to 227.99% by September 14, 2024, potentially reaching approximately $111.52 – a figure close to its maximum historical price point of around $119.
Currently, there’s a promising outlook for Pi coin growth post-mainnet launch as more people join in. The 200-day Simple Moving Average (SMA) is forecasted to rise, potentially reaching $60.75 over the coming weeks, suggesting a bullish trend. However, the Relative Strength Index (RSI), standing at a neutral point, indicates a balanced market feeling.
How To Withdraw Pi Coin?
Currently, Pi is still in its initial stage of release and it’s not yet possible for people to buy or sell Pi Network tokens at this time. However, those who have already mined Pi coins can look forward to being able to withdraw or exchange them during Phase 3. This could be likened to the situation where you can’t purchase or trade Bitcoin on an exchange until it reaches a certain phase of development.
During the trial phase, it’s not possible to move Pi coins. This is done to prevent fraudulent accounts from accumulating large amounts of coins. The wallet balances will only be valid when the cryptocurrency transitions from the testing network (testnet) to the live network (mainnet), and once the blockchain has been completely activated.
Currently, it’s not possible to trade Pi coins on any cryptocurrency exchange as they are still within the Enclosed Network and have not been officially approved by Pi Network for listing. It is important to note that Pi Network has not endorsed or participated in any supposed postings or listings of Pi coins for trading.
During the Open Network Phase (Phase 3), Pi coin holders will be able to buy goods and services from Pi’s decentralized marketplaces, as long as they manage their public and private keys. If a Pi holder does not possess these keys, they won’t be able to spend their cryptocurrency.
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2024-08-15 16:53