The Pi Coin unofficial token continued to consolidate as traders positioned for the upcoming mainnet launch. According to HTX, the token was trading at $38.55 on Thursday, where it has been in the past few days.
Pi Network mainnet launch may happen soon
The Pi Network token has come in the spotlight as the developers hinted that they will launch the mainnet before the end of the year.
They confirmed this in a post earlier this week, where they were seeking more validators to join the network and help with the ongoing Know Your Customer (KYC) verification.
The developers have been doing the KYC verification for millions of pioneer members of the network in the past few months. This verification is important to ensure that these members are real people and not bots.
Verifying these members is one of the three things that need to happen before the network moves to the mainnet.
The other two relate to the ecosystem growth and market environment. Regarding ecosystem growth, developers hope that the network will have at least 100 mainnet-ready applications before the launch of the Open Network.
The goal is to ensure that the Pi crypto has a utility immediately it launches. For example, they hope that there will be e-commerce-focused applications where the Pi token will be the main medium of exchange.
Pi Network will also launch its mainnet when the external environment is conducive. The developers will want to ensure that its launch happens when cryptocurrencies are in a strong bull run. In most periods, newly launched tokens do well when other tokens are rising.
Still, there are chances that the Pi Network token will have a strong bearish breakout after airdrop, as we have seen with other tap-to-earn tokens. Most of these tokens, like Hamster Kombat, Catizen, and PixelVerse, have tumbled by over 50% after their airdrop.
Read more: Pi Network: Does it Make Sense to Mine Pi Coin in 2024?
Pi coin price forecast
It is not possible to predict the value of the Pi coin price since it is not publicly traded for now. Details of its circulating supply and the maximum limit have also not been revealed.
Most notably, the Pi/USDT token offered by HTX is just an IoU and is not linked to the main Pi Network. Its daily traded volume is also significantly low, meaning that it is not a good indicator of how Pi will trade.
The daily chart shows that the Pi Network token peaked at $40 earlier this month as the odds of the mainnet launch rose. The rally also coincided with the broad crypto rally as Bitcoin jumped to $68,000 for the first time in months.
Pi’s highest point this month was notable since it was the highest swing in July. While it remains above the 50-day moving average, the Relative Strength Index (RSI) and the MACD have reversed.
Therefore, the Pi Network’s IoU will likely continue falling as sellers target the next key support at $29.57, its lowest point in July and September this year.
Read more: Is Pi Network a Pyramid Scheme and What is the Pi Coin Price Outlook?
