Pi Network price remains in a bull market after rising by almost 100% from its lowest level this year. It was trading at $57 on Tuesday as the focus shifted to the upcoming KYC verification deadline and the potential mainnet launch.
Will the Pi Network mainnet launch happen this year
Pi Network developers have constantly hinted that the mainnet launch would happen this year. The transition from the enclosed mainnet to The Open Network is a highly anticipated event because it will let millions of pioneers convert their accumulated coins into fiat currencies.
The developers have identified three key things that need to happen for the Pi mainnet launch to happen. They first need to ensure that most of the pioneers have conducted their automated KYC verification, a process that has been going on in the past few months.
Millions of users have already verified themselves, and the focus is now shifting to the upcoming conclusion of the process. The grace period for this verification ended on November 31st and was then extended to December 31st.
Therefore, with the deadline for the KYC verification being on the last day of this year, there is a chance that the mainnet launch will not happen in 2024.
The other key thing that needs to happen for the migration to the Open Network to happen is having an ecosystem. The developers hope that there will be at least one hundred mainnet-ready applications that will provide utility to the Pi coin.
Data shows that there are about 60 applications in the Pi Network. While these apps are fewer than the required 100, there are signs that Pi coin will have utility since there are over 27,000 registered businesses that are willing to accept it.
Finally, the external environment will need to be friendly for the mainnet launch to happen. This means that they will only launch it when the crypto industry is doing well and there is clarity about regulations.
Odds are that the Pi Network mainnet launch will happen in the first quarter of next year. For it to happen this year, the developers would have given the roadmap for the potential exchanges that will list it.
Read more: XRP Price Could Surge to $48: Popular Crypto Pundit Predicts
What next for the Pi coin price?
The daily chart shows that the Pi coin price has been a bit volatile in the past few months. After bottoming at $30 earlier this year, it rebounded to $99.82 in October. It then crashed and bounced back to $90 last month.
Pi coin has remained above the ascending trendline that connects the lowest swing since September 20. It has also remained above the 100-day Exponential Moving Average, meaning that bulls are in control.
Therefore, there are odds that the Pi Network price will continue to rise in the next few days. This rally will happen as bulls target the key resistance at $100. This rebound will accelerate if it becomes clear when the Pi mainnet launch will happen. A move to $100 will be confirmed if the coin rises above $91.50, the highest level in November.
Read more: Can Terra Luna Classic (LUNC) Price Realistically Hit $1?
