The Pi Network has officially launched its mainnet, a highly anticipated moment for users who have mined Pi coins for six years. However, the entry of the PI coin into the market has been met with immediate selling pressure, raising concerns among the community regarding its future value.
What Reactions Followed the Mainnet Launch?
Following the announcement on February 12 about the mainnet’s upcoming launch on February 20, excitement surged within the Pi community. Yet, this enthusiasm was tempered by worries about the Know-Your-Customer (KYC) verification processes that were to be implemented. Despite mixed reactions, the project confirmed that the mainnet is now live.
Why Did the Price of PI Coin Drop?
Upon launching, the PI IOU coin’s price plummeted drastically, showing a 97% drop within 24 hours, while the PI coin itself experienced a 15% decline. Currently, the coin is valued at approximately $1.47, but continued selling pressure could result in further decreases.
– The total maximum supply of Pi Network is capped at 100 billion coins.
– 65% of this is distributed to mining users, with 10% for ecosystem development and 20% for the Pi team.
– The circulating supply now stands at 9.7 billion coins.
– Increased supply and potential listings on major exchanges could lead to further downward pressure on prices.
Initially available only on platforms like OKX, MEXC, and Gate.io, the PI coin has recently been listed for futures trading by Bitget, while the Omnichain liquidity platform has begun offering leveraged trading. Binance‘s move to survey community interest in listing PI coin has sparked optimism, although experts warn that a declining price could undermine its market potential.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/pi-networks-mainnet-launch-sparks-price-concerns