February will be a big month for Pi Network developers and its pioneers as it launches its much-awaited mainnet. The mainnet, also known as the open network, will launch on February 20th, allowing miners to sell and developers to showcase their apps to a wider audience.
So, will the Pi coin price rise or fall after the launch?
Pi Network Mainnet Launch is Here
The Pi Network developers said they had achieved the three conditions needed for the mainnet launch or the airdrop. Over 10.1 million pioneers have migrated their tokens to the mainnet; no external factors exist, and developers have created 100 mainnet-ready applications.
If these conditions are met, Pi Network will launch on February 20, allowing pioneers to sell their tokens. Genuine believers will also be able to hold the tokens and expect the price to keep soaring.
The upcoming mainnet launch is over 6 years since the network was launched, allowing users worldwide to mine their tokens. A sizeable community of users has been created during this period.
Pi Network’s developers hope that the coin will achieve what Satoshi Nakamoto had in mind when he launched Bitcoin. They hope it will facilitate international and local transactions, be accepted by sellers of all sizes, and be a viable alternative to the dollar.
Pi coin price faces risks
The Pi coin’s price has not been revealed. The developers will probably list it with a starting price of $3.14, the value of Pi. That price will be much lower than the existing Pi coin IOU price of $50.
Pi coin price faces substantial short-term risks. The first major risk is that most pioneers will flood the market with sell orders after their airdrop. Besides, many users have held the token for years and are looking for ways to exit.
These users have observed many highly hyped tokens crash after launch. The most recent ones to crash were the Official Trump and Berachain tokens imploded by double digits.
Before that, tokens like Hamster Kombat, Notcoin, Wormhole, and ZkSync crashed by over 90% from their highest levels. Therefore, Pi Network holders will probably avoid the risk of seeing their tokens crashing and selling.
History shows that most “to-earn” tokens often crash after their airdrop. Some of the most popular to-earn tokens that have plunged are Sweat Economy, StepN, and Hamster Kombat.
This is not to say the Pi coin will be worthless over time. There are chances that the token will eventually rebound.
For example, as a Made in USA token, the Securities and Exchange Commission (SEC) will likely approve a spot Pi Network ETF.
