Pi Network's Open Mainnet Launch Sends Pi Coin Price Crashing Over 25%

Pi Network's Open Mainnet was launched officially on February 20. This enabled users to transfer their PiCoin outside the network for the first time.

Pi Network's (PI) Open Mainnet was launched officially on February 20. This enabled users to transfer their PiCoin (PI) outside the network for the first time.

With the launch, this PiCoin is now available on prominent cryptocurrency exchanges like OKX, Bitget, and CoinDCX.

Earlier this year, rumors of Pi Network’s mainnet launch began circulating, and with it, there was a lot of speculation about when PiCoin’s price would be revealed.

After months of anticipation, Pi Network's mainnet was finally launched on February 20. This event brought to an end the long-running beta testing phase of the project, which commenced in 2019.

Following the launch of Pi Network's mainnet, the price of PiCoin dropped significantly.

What Went Down?

From the highs of over $200 that some investors had reached on internal trading platforms, Pi Coin's price on Bitget crashed substantially, and its price soon fell by about 55% to around $1.

Before the launch, some investors were trading PiCoin at very high prices, which created unrealistic expectations about it. However, after the token was launched on exchanges, its price dropped significantly from the levels it had reached in internal trading.

Despite the anticipation surrounding Donald Trump's establishment of the US Crypto Reserve, the market reaction was somewhat disappointing, as investors had hoped for the US to inject new funds into the cryptocurrency market.

However, the administration announced the setting aside of existing assets, which had little impact on market liquidity.

This news comes amid a period of decline in the prices of major cryptocurrencies, such as Bitcoin.

Market Volatility Following Policy Announcements By US President Donald Trump

The market volatility can be attributed to several factors, including the implementation of new tariffs by US President Donald Trump, which have had a significant impact on global trade and investment.

Moreover, President Trump's policies have implications for cryptocurrency adoption and regulation.