Pi Network, the highly popular crypto project, is nearing its biggest event since its founding in 2018: its mainnet launch. After multiple delays, many pioneers look forward to exit by selling their coins, while others are eager to see their tokens rise. Let’s explore all you need to know about Pi Coin ahead of its mainnet launch.
What Is Pi Network?
Pi Network is a unique crypto project started in 2018 to disrupt the industry. It was created to solve the challenge of mining Bitcoin by making it easy for people to use their smartphones to mine their coins.
Pi Network miners must be invited to join the network, which explains why some people compare it to a pyramid scheme. After enrolling, early users, known as pioneers, accumulate coins by pressing a button, watching ads, and doing other tasks.
Pi Network has grown its ecosystem over the years. It launched a browser that has been downloaded over 100 million times. It also launched the ad network, which its ecosystem partners will use to advertise their solutions.
Pi launched an ecosystem social media platform, Fireside Forum, which millions of members use.
Is Pi Network a Scam?
A common criticism about Pi Network is that it is a scam or a pyramid scheme. Users are right to be concerned about Pi because, like other crypto projects, little is known about the company and its headquarters.
Moreover, many pioneers have been mining the coins for over 7 years and have not been able to convert their winnings into cash. This mining does not make it a scam since users don’t pay any money to join the Pi Network.
Also, the developers have justified the continued mainnet launch delay. Their reason is that the ongoing development behind the scenes justifies the delay. They have also insisted that the mainnet launch will happen soon, allowing users to sell their coins.
When Will the Pi Coin Mainnet Launch Happen?
The developers have pledged that the network will move from an enclosed mainnet to the mainnet in the first quarter. They are going through KYC verification, a process where pioneers verify their identity to prevent bots. After the KYC, these pioneers must migrate their tokens to the mainnet.
The developers have said that the goal is to launch the mainnet in the first quarter of this year. With the KYC grace period ending on January 31st, the launch will happen in February or March.
The caveat is that the developers have a long track record of missing deadlines. This mainnet launch was scheduled to happen a few years ago. In December 2023, they pledged that it would happen in 2024, but it did not happen. Most recently, they delayed the KYC grace period two times. So, there is a likelihood that the mainnet launch will not happen soon.
Will the Pi Coin Price Rise or Fall After Listing?
The most likely scenario is where the Pi coin price rises immediately after the airdrop and falls shortly after.
That’s because most “to earn” tokens fall after the airdrop. There is no major to earn a token that has thrived after the airdrop. This includes the likes of Sweat Economy and Hamster Kombat, which have all crashed.
In Pi Network’s case, a likely reason for the crash is that many pioneers will sell their tokens after seeing many recent airdrops plunge. Also, the developer’s vision of a vibrant ecosystem mostly differs from that of pioneers interested in a quick buck.
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