Pi Network price stalls as traders wait for the ‘real deal’
Pi Network token price has remained in a consolidation phase since March as investors wait for the promised mainnet launch.
The IOU token has been stuck at $40 in a low-volume environment.
Pi Network mainnet launch ahead
There are signs that Pi Network developers are gearing towards the much anticipated mainnet launch.
Earlier this year, the team listed three conditions that must be met for this to happen.
The first condition is that at least 15 million pioneers must be verified, a process that will remove bots from the ecosystem. In a recent note, the developers noted that over 11 million pioneers had passed the verification stage.
Another important step is the six-month grace period, which started earlier this month. During this period, all pioneers are required to complete the verification process. Therefore, if the other two conditions are met, Pi may move to the Open Network by either December or January.
The other condition is that the developers hope that the network will have at least 100 dApps, a move that will create utility for the token. It is unclear how many dApps are in the current enclosed mainnet period.
Finally, Pi Network hopes to launch its ‘airdrop’ when the market is supportive, i.e., when cryptocurrencies are rising.
Pi Coin IOU has consolidated
The Pi Network IoU is a cryptocurrency launched in 2022 and is available in just a few exchanges. It initially jumped to $343 after launch and then plummeted as the Pi Network developers disowned it.
Since then, the token’s biggest jump happened in March, as Bitcoin reached a record high. At the time, it rose to $120 and then retreated to $40, where it has remained since March.
Pi Network’s token is thinly traded, with the average daily volume being less than $600,000, meaning that it is not a good representation of how the real Pi will trade.
Recent events in the tap-to-earn have sent signals on what to expect when Pi Network is listed in major exchanges. Notcoin, the first tap-to-earn token to go public, initially rose to $0.030 in June and then pulled back to $0.016. Similarly, the Pixelverse (PIXFI) token rose to $0.10 and then dropped by 50% to $0.050.
While the technologies differ, Pi Network is a tap-to-earn platform since pioneers earn tokens by just tapping the app button. These platforms also create utilities like gaming.
Therefore, there is a likelihood that the Pi Coin IoU price will remain in a tight range as investors wait for the real deal: the mainnet launch.
