Pi Network pioneers who have spent the last seven years mining and accumulating tokens are waiting for the promised mainnet launch and the eventual trading of the coin.
Pi Network Mainnet Launch to Happen in Q1
The developers have pledged that the network will exit the enclosed mainnet and move to the public mainnet in the first quarter. That is a big sigh of relief for these holders, who are still unsure whether their tokens will have any value.
These pioneers have a good reason to be worried, especially after the recent collapse of other tap-to-earn tokens like Hamster Kombat, DOGS, and Catizen. Notcoin, the first tap-to-earn token to get listed gained a market cap of over $2.5 billion, a figure that has dropped to below $800 million today.
As a much bigger brand, analysts anticipated that Hamster Kombat would have a fully diluted valuation of over $10 billion. Besides, it broke the record of having over 300 million users and the fastest-growing YouTube channel. Today, Hamster Kombat has an FDV of $306 million.
Pi Network is largely similar to these tap-to-earn tokens in that users mine the Pi coin by just tapping a button on the app. The only difference is that Pi Network has a dedicated app, requires a referral to join, and has worked to build an ecosystem to give the Pi coin a use case when it launches.
Pi Network’s developers have pledged that the mainnet launch will happen in the first quarter once the ongoing KYC verification ends. While this launch is possible, there are still odds that it won’t happen since, like TapSwap, they have a long record of missing deadlines.
In addition to the KYC verification, the developers hope to have a mainnet-ready ecosystem of apps that will give it more utility. They also hope that the external market environment will be ready for this launch.
Will the Pi Coin Rise or Fall After the Mainnet Launch?
It is still too early to predict whether the Pi Network price will rise or fall after the mainnet launch. The most likely scenario is where the coin drops, as many of the holders sell since most of them have held the coins for years. Many of these holders have also learned from other “to earn” tokens like Hamster, Catizen, and Sweat Economy.
Further, there is likely a disconnect between the developers and the miners. The developers envision Pi as a global cryptocurrency with a big use case. However, miners are most likely interested in accumulating more coins and then cash out after the mainnet launch.
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