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- The Pi Coin mainnet is live after years of anticipation from its large community.
- The coin’s price failed to impress the community as it dropped from over $3 to under $1.
Pi Network (PI) has finally launched its long-awaited open mainnet, triggering excitement within the crypto community. Following the mainnet launch, the PI Coin experienced wild swings, with the price reaching $1.97 before plummeting to current levels.
Pi Open Mainnet Goes Live
Pi Network’s open mainnet is now officially live after years of mining and anticipation. With the network fully open, Pi holders, also known as “pioneers,” can transfer their coins outside the network. This is the very moment early Pi miners have been anticipating. They can buy, sell, and trade Pi Coin like any other cryptocurrency.
Meanwhile, the Pi Network developers have built over 100 applications, covering areas like Decentralized finance (DeFi) and gaming. Pi Network allows people to mine tokens directly from their mobile phones, unlike Bitcoin, which requires powerful computers for mining. In our last update we examined, pioneers claim the Pi Network is 120 times faster than Bitcoin.
This easy-to-use model has made Pi one of the most widely adopted crypto projects. Pi quickly became a powerhouse, with millions of users signing up before the open mainnet launch.
Despite earlier controversies, Pi is officially listed on major crypto exchanges, including OKX, Bitget, Gate.io, and CoinDCX. Upon launching, the price of Pi Coin saw huge fluctuations due to the market’s reaction. In just four hours of trading, the price increased by 36.8% to $1.97 but quickly started dropping. Pi Coin fell to $1.80 on the OKX exchange, while on Bitget, it hit $1.78.
Pi Coin went on a wild ride, Bitget, with the price surging to $3.40 before falling. Soon after, the price dropped below $1 on Bybit. As of this writing, PI is traded at $1.19, recording a 39.4% drop in the last hour. The trading volume, which increased by 250% in just a few minutes after launching, has risen to over 1,800%.
Price Prediction & Market Outlook
Pioneers and analysts within the project’s community had initial high expectations for Pi Coin’s value, with projections ranging from $100 to $500. In a recent update CNF covered, VictorICP, a Web3 content creator on X predicted that PI could surge to $314.
Now, with actual trading in place, many predictions have fallen short. Notwithstanding, the coin’s value, although lower than anticipated, still represents a big achievement for holders. Those who accumulated PI during the network’s test phase can exchange the coins for real value.
After launching its open mainnet, Pi Network made crypto history, with its market cap almost entering the top 10 spot. Many market participants and pioneers anticipate Pi to soon break into the top $3. They believe the price will soar higher once Pi staking commences.
