Pi Network IoU price staged a strong comeback, soaring to $91, its highest level since October 26 as investors waited for the upcoming mainnet launch. The Pi Coin token was trading at $75 on Monday morning, up by 145% from its lowest point in July.
Pi Network’s November 30 deadline
The Pi coin price surged ahead of a key deadline on November 30. On this day, the grace period of the ongoing Know Your Customer (KYC) verification process will end, moving the project one step closer to the mainnet launch.
KYC is an important process that has been going on in the past few months that allows pioneers to verify and confirm their details. The goal is to ensure that the project does not have substantial bots in the ecosystem.
All pioneers are required to complete the KYC confirmation to receive their accumulated Pi coins during the claiming period.
The conclusion of the KYC verification leaves two more steps towards the mainnet launch, which is expected to happen in December.
According to the developers, the other criteria for the launch are an active ecosystem and a friendly market environment. With cryptocurrencies soaring and the US regulatory ecosystem improving, there are signs the second criterion has been achieved.
The developers also want to launch the mainnet when more applications will give Pi coin more utility. Data on its website shows that there are over 30 apps in its ecosystem, which is a positive thing. The number of developers will likely continue growing in the coming months if the mainnet launch is successful.
According to the developers, there are now over 27,000 active sellers from 160 countries ready to launch when the mainnet launches.
Therefore, from a fundamental perspective, there is a likelihood that the Pi Network IoU price will continue rising as the anticipation of the mainnet launch continues. If this happens, the coin could jump to the year-to-date high of $122, which is about 67% above the current level.
To be clear: the Pi Network IoU is not affiliated with the main project. Instead, it is a token that was launched in 2022 after the original project spent longer than expected in its enclosed mainnet.
Will the Pi coin price rise or fall after mainnet launch?
Details about the Pi Network mainnet launch have not been made public. For example, it is unclear the starting price for the coin and the exchanges that will be the first to list it. Because of its scale and popularity, there are chances that many big exchanges like Binance and OKX will list it.
Odds are that the Pi coin price will fall after the mainnet launch as many people start selling it since they have held it for so long.
A good example of this is the recently launched tap-to-earn tokens like Hamster Kombat and Notcoin whose prices dropped sharply after their airdrops.
Historically, “to earn” tokens don’t do well. For example, move-to-earn tokens like Sweat Economy and StepN’s GMT, which were highly popular have all crashed. Similarly, play-to-earn tokens like Axie Infinity and Gala Games have also dropped sharply from their all-time highs.
Therefore, if history repeats itself, there are chances that the Pi coin price will drop sharply after the mainnet launch in December.
