Pi Coin Mainnet Launch: Value Surges and Correction as Exchanges Endorse the Project

Pi Coin officially launched its mainnet platform on February 20 at 8 a.m. UTC for all users. The launch marked a milestone for the network, which had been operating within an enclosed mainnet since 2021.

Key Takeaways:

Pi Coin officially launched its mainnet platform on February 20 at 8 a.m. UTC for all users.

The launch marked a milestone for the network, which had been operating within an enclosed mainnet since 2021.

Through the transition, community members, known as pioneers, obtained the ability to trade Pi coins.

With this, developers are gaining opportunities to display their applications to international viewers.

Over 100 applications have emerged on the network, including DeFi solutions and gaming platforms.

Users can perform Pi Coin mining operations on their mobile devices since Pi Network uses a mobile application approach.

Notably, the PI reached a significant adoption phase, gaining over 3.8 million followers on X. Simultaneously, it outperformed major blockchains such as Ethereum Foundation and Solana.

Pi Coin Value Sees Rapid Surge and Correction

According to CoinGecko data, the value of Pi Coin surged by over 50% in its first hour after the mainnet launch. It surged to $1.97 but then retraced back to $1.33.

The market became even more volatile since miners received their first opportunity to trade their holdings at will.

The cryptocurrency project was endorsed for its launch by five leading centralized exchanges: OKX, Bitget, Bitrue, HTX, and BitMart.

Starting on February 20, OKX will present the new trading pair PI/USDT.

Bitget conducts a $60,000 Pi airdrop campaign from February 22 until March 3. Simultaneously, BitMart rewards 300 users with $3,000 through a giveaway competition.

It is important to note that Bitget now enables traders to access the futures market with PI trading capabilities. An omnichain liquidity platform also introduced PI trading while providing its users with leverage up to 10x.

Not all exchanges support Pi. HTX recently removed Pi Network’s IoU token, which contributed to a price drop exceeding 50%. The IoU token previously allowed traders to speculate on Pi’s potential value ahead of its official launch.

Pi Network continues to attract intense surveillance in the cryptocurrency sector. It was established by Stanford Ph.D. scholars Nicolas Kokkalis and Chengdiao Fan in 2019. Broad adoption becomes possible now that the mainnet framework is ready for deployment.

Binance Holdings a Community Vote on Pi Coin Listing

It is important to note that Binance began a community vote for Pi Coin listing on its platform three days before the mainnet launch. Verified Binance account holders must participate after logging in during the voting period.

At the same time, they should maintain at least $5 worth of wallet assets. The token’s market performance will remain questioned since exchanges plan to list PI during an uncertain post-launch price.

Early trading activity has seen high volatility. On the other hand, the network’s accessibility and growing user base continue to drive engagement in the cryptocurrency sector.

In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.