Pi Network mainnet launch is set to happen on February 20, allowing pioneers to sell their Pi coins and developers to showcase their apps to the world.
This mainnet launch or airdrop is a major milestone for a project that has been around for years. So, let’s explore what we know about the Pi Network launch and whether it will be safe to buy the coin.
All you need to know about Pi Network mainnet launch
The developers confirmed last week that the Pi Network mainnet launch would happen on February 20. This launch is happening since the developers have met the three conditions they needed to happen.
Over 10 million pioneers have migrated their Pi coins to the mainnet; there are no external factors, and 100 mainnet-ready apps.
The mainnet launch happened even after the developers postponed the KYC grace period again to February 28. This means that users who have not migrated their tokens to the mainnet will have time to do so by then.
Centralized exchanges know the popularity of the Pi Network, and many will want to engage. OKX, Bitget, HTX, and Gate have already confirmed their participation.
Others, potentially including big names like Binance and Coinbase, may want to engage in the airdrop this week.
The Pi Network developers are yet to reveal the Pi coin price at launch. The expectation is that the listing price will be $3.14, or the value of Pi. It is unclear whether they will opt for the Pi coin IOU price of $50.
Is It Safe to Buy Pi Coin After Its Airdrop?
So, will buying the Pi coin after the airdrop on February 20 be an excellent decision? Most analysts warned that the airdrop will be a seller’s market. These analysts cited the performance of other recently launched tokens.
One analyst said: “It has been a brutal period for recently launched tokens. All of them, including blue-chip names like Berachain, EigenLayer, Wormhole, Grass, and ZkSync have all plunged. Worse, tap-to-earn tokens like Hamster Kombat and Notcoin have all imploded. Therefore, it is hard to come up with a bullish forecast for Pi coin for now.”
Another analyst noted that many pioneers have held their tokens for so long and will want out as soon as possible. He said:
“Let’s not forget that Pi Network is not a new project. It is an old platform that has been around since 2018, an eternity in the crypto universe. Therefore, this prolonged period from inception to listing has disappointed many pioneers who will want to exit as soon as possible and do other things.”
Further, analysts noted that there has been a divergence between the developers and the pioneers. Like other crypto developers, their goal is to have a vibrant ecosystem and more utility.
However, pioneers are only interested in making a quick buck. As such, the Pi Network price will crash this week as it will be in a seller’s market. Still, some analysts believe it will eventually bounce back in the coming months as investors buy the dip.
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