Pi Network Launches Open Network, Reaches 70 Million Users Worldwide

It’s the biggest crypto news this week – Pi Network has finally launched after several delays. Pi Network, a blockchain project centered on mobile

Pi Network, a blockchain project centered on mobile-based mining, finally launched its mainnet on March 14, 2023, after years of development and anticipation.

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

A mobile-first mining system distinguished Pi from traditional proof-of-work cryptocurrencies. This unique approach enabled millions worldwide to interact 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

As Pi Coin (π) finally hit centralized exchanges on March 14, 2023, its price became available for tracking. Commencing at 9:00 AM UTC, the token began trading on OKX, MEXC, Bitget, and Bybit.

Initially, OKX displayed the highest Pi Coin price at $1.97, followed by MEXC at $1.80, Bitget at $1.70, and Bybit at $0.99 before quickly rising to $1.00. These prices sharply contrasted the speculated IOU prices of $60 to $70 circulating before the mainnet launch.

After reaching the $1.989 peak, some exchanges saw Pi Coin drop as much as 42.52%. At the time of writing, π is trading at $0.91230 on OKX and $1.06 on Bitget.

Some exchanges experienced extreme movements. On Bybit, Pi Coin briefly fell below $1 before bouncing back up. 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, π is trading at $0.91230 on OKX and $1.06 on Bitget, indicating continued volatility.

As more exchanges evaluate listing Pi, some investors anticipate further gains, while 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. While some smaller exchanges began trading the token as early as March 13, 2023, major platforms like OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget have already listed π.

However, the biggest exchange in the world, Binance, has taken a cautious approach. Instead of listing Pi Coin immediately, the exchange launched a community poll, allowing users to vote on whether the token should be added to its trading platform.

The poll, which closes on February 27, 2025, includes five options: “Yes, list Pi Coin (π) now,” “List π after community education,” “π is a scam, don't list it,” “π listing price should be above $5,” and “Other (specify in comments).”

At the time of writing, 86% of users have voted in favor of listing Pi Coin on Binance, with the remaining votes being split among the other options. This result could significantly impact π's future price movements.

Meanwhile, other major exchanges like Coinbase, Kraken, and Upbit have also not announced their decision regarding Pi’s listing. 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.