Pi Crypto News – Pi Coin’s Journey: What’s Next After the Mainnet Launch?
Pi Crypto News – The Pi Network price has continued its downward trajectory this week, falling to $38, its lowest point in nearly three months. This marks a sharp 56% drop from its all-time high. As the market waits for further clarity on the mainnet launch, investors are left questioning the token’s future performance.
Pi Network’s Journey Toward the Mainnet Launch
Launched in 2018, Pi Network has gained massive popularity, amassing over 50 million users, with its Pi Browser seeing over 100 million downloads. The network aims to be the largest and most user-friendly cryptocurrency project by simplifying the mining process. With just a smartphone and an invitation, anyone can participate and become a pioneer.
For years, the network has been in development, and many pioneers have been actively mining and accumulating millions of Pi coins. However, these tokens have remained essentially worthless, as there has been no way to sell them or convert them into fiat currency. The network has been in a closed mainnet since 2021, meaning the blockchain is only accessible to members of the ecosystem.
What is a Closed Mainnet?
A closed mainnet is a blockchain that is live but only accessible to its specific members. Unlike a public mainnet, where users can freely interact with the network and developers can build decentralized applications (dApps), the closed version restricts participation. The Pi Network developers have hinted that the mainnet launch will occur in the first quarter of this year. However, given past delays, there is a possibility that the launch might be postponed again. The previous deadline of 2024 was missed, adding to the uncertainty.
Pi Network’s Ambitious Goals
Despite the delays, Pi Network has an ambitious vision to surpass Bitcoin as the most used cryptocurrency. One of the primary differences is how Pi is mined, with a tap-to-earn method, which makes it easier for users to mine. After receiving an invite, users can install the app and tap to earn more coins.
Unlike Bitcoin, Pi Network also plans to introduce dApps in its ecosystem, which will provide Pi coin with actual utility. The developers have promised that around 80 Pi apps will go live once the mainnet is launched, offering more use cases for the token.
Pi Coin’s Path to Becoming a Global Currency
In addition to its app ecosystem, Pi Network has ambitions to become a universal currency accepted by merchants globally. The Map of Pi, a top dApp within the network, has already onboarded over 27,000 shops that are willing to accept Pi as a payment method once the mainnet goes live.
Despite these exciting prospects, there is a significant challenge looming over the future of Pi Network. The divergence between Pi Network developers and pioneers might play a major role in shaping the coin’s price after the mainnet launch. While the developers are working towards positioning Pi as a viable alternative to the US dollar, many pioneers are more interested in cashing out quickly. This tension could result in a significant sell-off once the coins are made public, potentially driving the price down.
Similarities to Other “To Earn” Tokens
This pattern of divergence and subsequent price crash has been observed in other projects within the crypto industry. For instance, Hamster Kombat, Sweat Economy, and Catizen tokens have all experienced significant declines after their respective launches. This presents a cautionary tale for Pi Network holders, as many might choose to sell their tokens as soon as they can.
Pi Network IoU Token and its Impact
The Pi Network IoU token has also seen a sharp decline in value in recent weeks. This IoU token, which is traded on platforms like HTX, is not officially linked to the Pi Network developers but is often considered the closest proxy to the main Pi project. Its price drop highlights growing concerns over the network’s uncertain launch and the potential for market volatility once the mainnet is launched.
The Road Ahead for Pi Network
As Pi Network heads toward its mainnet launch, the future of its price remains uncertain. While the project has amassed a large user base and has ambitious goals, the market sentiment will likely be influenced by how the token is received once it becomes publicly tradable. Investors are advised to keep an eye on any updates from the developers and continue to assess the market as the Pi Network ecosystem evolves.
In conclusion, while Pi Network holds promise with its innovative approach to mining and ambitious vision, its price trajectory remains uncertain. As the mainnet launch approaches, the crypto community will be watching closely to see if Pi can overcome the challenges it faces and fulfill its potential as a top cryptocurrency.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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