Pi Network Mainnet Launch Sees A Pump and Dump In Pi Coin Price

The Pi Network mainnet launch resulted in a major uproar in the crypto market, with the native cryptocurrency Pi Coin seeing strong trading activity within 24 hours of launch. The digital asset surged past $2.0 in the initial hours of launch but has currently been nearly 65% since then and currently trading under $0.70. However, market analysts still remain hopeful of a recovery with the expectations of listing on top exchanges like Binance and Coinbase.

Why Is Pi Network Mainnet Launch Important?

The mainnet launch marks a significant milestone for the Pi Network, which has garnered a massive following of over 10 million users. After a two-year delay, users can finally migrate their mined Pi coins from the testnet to the mainnet, paving the way for the cryptocurrency’s transition into a tradable asset.

The excitement surrounding Pi Coin is palpable, with major exchange listings fueling the frenzy. The cryptocurrency’s global appeal is evident, with users in several countries eagerly awaiting its widespread adoption. As the Pi Network community celebrates this landmark achievement, all eyes are on the cryptocurrency’s future prospects.

Pi Network Mainnet Launch Highlights

The Pi Network Mainnet Launch took place at the scheduled time of 8 am UTC today. Notably, more than 10 million users have reportedly completed their KYC and are awaiting this launch to move their PI holdings to the mainnet.

Meanwhile, Pi Network has begun trading, but it is anticipated that only around 1 billion out of 9.7 billion tokens will be available currently. The remaining tokens will be locked in users’ wallets over the next months or years.

Notably, this limited supply, combined with massive demand from top crypto exchanges, could trigger a price surge. Market participants are eagerly watching the cryptocurrency’s performance, anticipating potential price increases due to the restricted availability of tokens.

A Closer Look Into The Developments

In a recent blog post, Pi Network announced the launch of its Open Network, enabling external connectivity and unlocking a thriving ecosystem of innovative applications and peer-to-peer networks. This mainnet launch milestone marks a major step forward in connecting Pi Network to the broader blockchain world.

With Open Network, the blog noted that Pioneers (Pi Network’s community members) can now take advantage of Pi’s utilities-backed ecosystem and applications to interface with other compliant networks and systems. This enables transactions beyond the Pi ecosystem, expanding Pi’s existing utility and reach.

Key features of Open Network include support for integrations with centralized exchanges (CEXs) and onramps, providing additional means of acquiring Pi for use in the Pi ecosystem. Businesses can apply for KYB verification to access Pi Mainnet wallets and conduct transactions within the Pi ecosystem.

To ensure ecosystem security and compliance, Pi Network has implemented KYC (Know Your Customer) verification for Pioneers and KYB (Know Your Business) verification for businesses. Only KYB-verified businesses will be eligible to create individual non-custodial Mainnet Pi Wallets.

What Lies Ahead After The Pi Network Mainnet Launch?

In celebration of Open Network, Pi Network will launch an Open Network Challenge next week. It would allow Pioneers to learn more about Open Network and explore the ecosystem through interactive tasks and rewards.

This development marks a significant milestone in Pi Network’s mission to create an inclusive, utility-driven, and widely adopted cryptocurrency. As Open Network continues to evolve, it is likely to have a profound impact on the blockchain landscape.

Major Listings Spark Optimism

Pi Network has received backing from a flurry of major crypto exchanges. For context, the MEXC exchange has launched a pre-listing trading for the token, which has gained notable traction from the market participants. Besides, just after the Pi Network Mainnet launch, other leading crypto exchanges also announced listings of the token. Besides, market analysts are also hopeful for the Pi Coin listing on Binance and Coinbase.

For context, OKX announced the spot trading of the PI/USDT pair on its platform just after its mainnet launch. Besides, Bitget also listed Pi/USDT Futures on its platform, bolstering the market sentiment.

Pi Network Price

The PI Network price was around $1.3 during its mainnet launch but soon soared past $2, indicating massive demand from the investors. During writing, the crypto was up about 46% and exchanged hands at $1.87. The trading volume of the token soared to $118.86 million.

However, investors should exercise due diligence as the PI price face significant volatility despite the successful launch. In addition, a recent report highlights 3 critical risks for PI, that could impact its value in the coming days.