Pi Network: Mainnet Launch and Token Price Remain Uncertain

Pi Network, a project launched in 2019, has yet to release its token on the open market. Recent positive news caused excitement about its launch

Pi Network, a cryptocurrency project that has been teasing its launch for years, has yet to release its token on the open market. Despite recent positive news that sparked excitement about its launch, nothing has happened at the time of writing.

With no official date for its mainnet launch, will Pi ever go live, and what will its price be if it does?

What Is Pi Network? Pi Network is a crypto project that was launched over five years ago. However, its token is yet to debut on the open market. Its main proposition is that unlike other mining-intensive cryptocurrencies such as Bitcoin (BTC), mining PI is straightforward and only requires a phone.

The mining rate for PI also halves, but unlike Bitcoin, it does so through milestones. More specifically, the trigger is the number of users that join the network. The rate started at 3.14 PI per hour and is currently at 0.2 PI per hour. The mining rate will decline to 0.10 PI per hour after 10 million members join the network.

According to the whitepaper, the maximum supply will be 100 billion PI, of which 80% will go to the community.

As per the roadmap, the Pi network is currently in the final stage of the enclosed mainnet. In this phase, Pioneers will complete their KYC and migrate to the mainnet. Meanwhile, the community will build applications and prepare them for the open network.

Even though the project has not officially launched yet, there is a significant buzz around it, with 3.3 million followers on its official X account. Over 13 million people have passed their Know Your Customer (KYC) checks to date, and the grace period for doing so will end in September.

While this sparked excitement about a potential Pi open network launch, there is no official date yet.

PI Price Finds Support Despite the Pi open network not yet launching, PI is tradable on exchanges like Huobi and Bitmart. However, this is just an IOU token, which can allegedly be redeemed once the open network launches.

At the time of the listing, the official Pi Network account clarified that it was not involved with any official exchange listings, casting doubt on its legitimacy.

On Huobi, the PI price has been following an ascending support trend line since May 2023. It also traded below the $55 horizontal resistance during this period, except for a brief spike in March 2024.

Finally, in September, the price broke down below the ascending support trend line, before bouncing at the $30 horizontal support. However, the price is still trading below the trend line, which is now likely to be acting as resistance.

Both the Relative Strength Index (RSI) and MACD are also bearish, having started decreasing since March. A breakdown below $30 could lead to a move toward the $10 all-time low.

It is also worth noting that at the reported maximum supply of 100 billion tokens, PI would have a fully diluted market cap of around $3.3 trillion at the current price.

This would make PI the largest cryptocurrency by market capitalization, surpassing Bitcoin, which currently has a market cap of $1.13 trillion.

Pi Network Subject To Uncertainty Despite the buzz surrounding it, the Pi Network is subject to considerable uncertainty. From its much-delayed mainnet launch to its unofficial exchange listings, it is unclear if the mainnet will ever launch or what the token price will be if it does.