Pi Network’s Pi Coin Price Surges 36% After Mainnet Launch — Can It Last?

Pi Network’s highly anticipated mainnet launch went ahead yesterday marking a significant milestone in cryptocurrency history. Excitement surged across the market, driving Pi Coin’s value up by over 36% within an hour. Prices peaked at $3.41 on Bitget, reflecting the years of anticipation leading up to the launch.

It’s the biggest crypto news this week – Pi Network has finally launched after several delays. 

Pi Network officially launches Open Network | Source: Pi Network

Pi Network, a blockchain project centered on mobile-based mining, underwent development for more than six years. Prior to this public launch, operations remained restricted within a closed mainnet since 2021, permitting only internal transactions. 

Now, with an open mainnet, 57 million registered users, widely recognized as Pioneers, can engage in unrestricted token trading. Additionally, more than 100 decentralized applications (dApps) are active on the platform, spanning sectors such as decentralized finance (DeFi) and gaming.

Pi Network reaches 70 million users worldwide with 18 million KYC-verified users | Source: fighter jets

A mobile-first mining system distinguished Pi from traditional proof-of-work cryptocurrencies. Millions worldwide interacted with the network long before its public release, establishing Pi as one of the most widely embraced blockchain initiatives. Engagement on X has surged, surpassing industry giants like Ethereum Foundation and Solana, with Pi Network amassing over 3.8 million followers.

Pi Coin’s Wild Ride—From $1.97 Peak to 42% Crash

Despite the initial rally, Pi Coin’s price saw wild swings. Pi Coin’s price peaked at $1.97 within the first hour before quickly dropping to $1.80 on OKX and $1.70 on Bitget. These fluctuations were a sharp contrast to the speculated IOU prices of $60 to $70 circulating before the mainnet launch.

After reaching the $1.989 peak, Pi Network price dropped by 42.52% | Source: OKX

Some exchanges saw extreme movements. On Bybit, Pi Coin briefly fell below $1 before bouncing back. The sudden surges and dips highlight the intense speculation and unpredictability of newly listed tokens. Meanwhile, Pi’s trading volume soared by 250% in just minutes, reflecting strong market demand.

Currently, Pi Coin is trading at $0.91230 on OKX and $1.06 on Bitget, indicating continued volatility. While some investors expect further gains as more exchanges consider listing Pi, others warn that the price might face pressure as early miners start cashing out their holdings.

Binance and Major Exchanges Holding Back

Pi Coin’s availability on centralized exchanges (CEXs) has played a huge role in its price action. Major platforms like OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget have already listed the token. However, the biggest exchange in the world, Binance, has taken a cautious approach.

Instead of listing Pi Coin immediately, Binance launched a community poll, allowing users to vote on whether the token should be added to its trading platform. The poll closes on February 27, 2025, and its outcome could significantly impact Pi’s future price movements. Other key players like Coinbase, Kraken, and Upbit have also not announced their decision regarding Pi’s listing.

86% voted ‘Yes’ on Pi Coin listing | Source: Binance

This hesitation from major exchanges could slow down Pi’s adoption in the wider market. At the same time, if Binance and Coinbase eventually list the token, new demand could trigger another price surge. Until then, Pi Network’s price will likely remain highly volatile as speculation continues.