The Pi Network has garnered significant attention since its inception, attracting millions of users eager to mine and hold Pi coins through a mobile application. As the network approaches its much-awaited Open Mainnet launch, originally scheduled for December 31, 2024, but now expected in Q1 2025, the excitement among pioneers–Pi Network users– has reached a fever pitch. This transition is crucial, as it will convert Pi coins from mere test tokens into tradable assets with real-world value, fundamentally altering their role in the cryptocurrency market. With this shift, questions arise about the potential price movements of Pi Coin: will it rise or fall? Factors such as user adoption, successful Know Your Customer (KYC) processes and broader market trends will play pivotal roles in determining the coin’s future.
This article explores these dynamics and offers insights into what the mainnet launch could mean for the value of Pi Coin.
What is Pi Network and How it Works?
Before exploring the details about the Pi Network Mainnet launch date and its price predictions, It is crucial to understand the basics about Pi network. Let’s begin with the basics of Pi Network and how it works.
Pi Network is a new and innovative cryptocurrency initiative that aims to make the cryptocurrency mining process accessible to everyone with a smartphone. It is not similar to Bitcoin or Ethereum, Pi Network does not rely on energy-intensive Proof-of-Work (PoW) or Proof-of-Stake (PoS) consensus mechanisms, instead, it established a concept of mobile mining.
How the Pi Network Works?
Mobile Mining: Users can mine Pi, the native cryptocurrency of Pi Network by using their smartphone. This mining process does not utilize a large amount of your phone’s battery or consume excessive amounts of data. You can earn Pi coins by just running the Pi Network application on your smartphone.
Security and Trust: Pi Network leverages a unique consensus mechanism known as the Stellar Consensus Protocol (SCP), which ensures the security and integrity of the network. The SCP makes sure that you are not only mining Pi but also verifying the transactions within the network securely.
Decentralization: Pi Network runs as a decentralized network, meaning that no single entity has complete control over the network. This compliance with the fundamental principles of cryptocurrency. Creating a transparent, trustless, and borderless financial system.
User-Friendly Approach: The user-friendly approach makes the Pi Network unique. It is designed for the masses, enabling individuals with limited technical knowledge to participate in the world of digital currencies. The user-friendly approach makes it an ideal platform for beginners who are interested in cryptocurrencies.
Pi Network Mainnet Launch Approaches
The Pi Network team has announced a countdown timer on its official website, highlighting the need for users to complete their Mainnet migration process. The new feature reminds users who have not yet finished their Know Your Customer (KYC) verification process and transferred their mined Pi tokens to the Mainnet.
By establishing this countdown, the Pi network ensured its dedication to creating a robust decentralized ecosystem. The countdown encourages active participation in the evolving Mainnet economy. Users are required to complete essential steps promptly to secure their Pi tokens and become a part of the wider utility-focused network.
The price of the Pi Network surged to approximately $100 in October as the countdown to the first grace period continued. After that, it crashed to $47 and bounced back to $91 as the deadline approached. These price surges were short-lived as the developers postponed the grace period to December. In December, they again postponed the verification period to January 31st of 2025. According to the developer team, their goal was to launch the mainnet in the first quarter of 2025.
There are many things to do ahead of the mainnet launch. Developers have to verify millions of users, who will then migrate their tokens to the mainnet and build partnerships with tier-1 exchanges.
Key Milestones For Pi Network’s Mainnet Launch
The Pi Network developers are working hard to meet numerous essential milestones for a successful mainnet rollout, including the enhancement of Know Your Customer (KYC) and the growing ecosystem of applications accepting Pi Coin as a payment method.
KYC Verification Process: The developers of Pi Network have made KYC verification mandatory for users to participate in the mainnet, ensuring regulatory compliance. Users have until November 30 must complete their verification, otherwise, they will lose their coins. The KYC process is to support the long-term stability of the network, ensuring that only verified users can access the ecosystem.
Expanding the Ecosystem: Another milestone for the mainnet launch is developing a robust ecosystem where Pi Coin is accepted for several applications. Pi Network has hosted an event, called PiFest to showcase its progress, highlighting merchants already accepting Pi as a payment gateway. The objective is to have at least 100 applications integrate with the Pi Coin before the launch of the mainnet, helping to build a sustainable and decentralized ecosystem.
Technical Indicators Supporting Price Growth: According to the technical analysis report of the Pi Network, suggests a bullish outlook. After rebounding from a low of $30.1 in October 2024, Pi Coin raised to $100 on October 26, 2024. Both the 50-day and 25-day moving averages show an upward trend.
Outlook For Pi Networks Price: Will Pi Coin Rise or Fall?
Pi Network is likely to continue its upward trend as positive technical indicators and a roadmap that line up with favorable market conditions. According to analysts, the Pi Coin could approach the key resistance level of $100, a move that would indicate a 71% gain from its current price levels. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators of the token suggest growing momentum in the coming days of 2025.
Factors Behind The Price Surge of Pi Network
The latest price surges of the Pi Network align with the current market rally, with Bitcoin recently breaking through the $100,000 mark for the first time. Other popular cryptocurrencies, such as Ethereum and Cardano, are also enjoying significant upward momentum. With these favorable market conditions, the Pi Network also appears to be moving the project closer to its mainnet launch and increasing the utility of the token.
Conclusion
Pi Network’s innovative approach to enabling individuals to mine with their mobile devices and user-friendliness sets it apart from other crypto coins in the sector. With the Mainnet launch approaches, the initiative aims to convert Pi coins into tradable assets with real-world value. As the Pi Network prepares for its Open Mainnet launch, the future of the Pi coin hangs in a delicate balance, influenced by a multitude of factors. The transition from a test environment to a fully operational blockchain presents both opportunities and challenges for the community of Pioneers. Successful user adoption, effective KYC verification processes, and the overall sentiment in the cryptocurrency market will be critical in determining whether Pi coin experiences a surge in value or faces downward pressure. The price prediction generates excitement, however, the volatile nature of the crypto market requires caution.