Odds of the Pi Network mainnet launch happening this year are rising as Bitcoin and other altcoins continue their bull run. Bitcoin surged to a record high of over $93,000 as investors target the next pivotal price of $100,000.
Crypto rally is a pre-mainnet launch condition
The crypto fear and greed index jumped to the extreme greed zone of 86, while the total market cap of all coins jumped to $3 trillion. Additionally, there is a chance that Donald Trump will enact friendly cryptocurrency policies when he becomes president in January.
These are potential catalysts that could lead to the Pi Network leaving the enclosed mainnet, where it has been in the last three years. An enclosed mainnet allowed pioneers to continue mining their tokens and interacting with the network. However, until the developers move to The Open Network, it is not possible to move these tokens and convert them into fiat currencies.
The soaring cryptocurrency prices and the Trump election are part of the third condition that needs to happen before the mainnet launch happens. Ideally, if the launch happens when cryptocurrencies are in an uptrend, it raises the possibility of it doing well.
Read more: Pi Coin Prediction as the Pi Network Mainnet Launch Nears
KYC verification process is going on
The other condition that needs to happen before the Pi Network mainnet launch happens is the Know Your Customer (KYC) verification. This is a process where the developers verify that all pioneers are real humans and not bots.
The KYC process has been going on for months and the grace period is expected to end on November 30th. By that time, all pioneers who will not have conducted the KYC verification will lose their tokens.
The final condition is that the developers need to have at least 100 apps in the ecosystem. It hopes that these applications will give the Pi Coin more utility after launch. It is unclear whether there are enough developers and apps before the mainnet launch happens.
Will the Pi Coin price rise or fall after the mainnet launch?
It is still too early to predict whether the price of Pi Coin will rise or fall after its mainnet launch. However, the odds are stacked against the token since most holders, who are from low-income countries, will sell their coins as soon as possible.
These users have seen their tap-to-earn tokens like Hamster Kombat, Citizen, and DOGS plunge after their airdrop and will seek to avoid the same fate.
Read more: Pi Network’s Coin Doubled and then Dipped: Will it Rebound?
