Pi Network mainnet launch is coming: will Pi coin rise or fall?

Jan 8, 2025

The Pi Network IoU token price has remained steady at a critical support level as developers intensify preparations for the highly anticipated mainnet launch.

Currently, Pi Coin is trading at the psychological mark of $50, significantly below its November peak near $100. The primary driver of this decline has been repeated delays in the mainnet rollout, which have dampened market sentiment.

Delays in the Mainnet Launch

Initially, the mainnet launch was delayed due to a grace period extension for Know-Your-Customer (KYC) verification. The first extension pushed the deadline from November 30 to December 31. Subsequently, developers announced another delay, moving the grace period to January 31, citing that a substantial number of users had yet to migrate their tokens to the mainnet.

Read: Pi Network: Unraveling the Mobile Crypto Project

By December, over 18 million pioneers had completed the KYC process, but only 8 million had successfully migrated their tokens to the mainnet. According to the network's guidelines, the mainnet launch can only proceed once 10 million users have migrated their tokens.

In a January 5 update, the developers revealed that more than 9 million users had completed their migrations. This progress significantly increases the likelihood of reaching the required threshold by January 31.

“We’re making excellent progress towards Open Network with over 9 million Pioneers who have migrated to Mainnet! If you’re still waiting on either Mainnet migration or KYC, remember to check your Mainnet Checklist and KYC app to see if further actions are necessary,” the developers announced.

Mainnet Launch Timeline

If all milestones are achieved, developers expect the mainnet launch to occur in Q1 2025, with February or March being the most likely timeframe. This transition will unlock numerous opportunities for the Pi Network ecosystem, including enabling pioneers to convert their mined Pi coins into fiat currencies.

Additionally, the mainnet launch will support approximately 80 community-created applications. Some notable apps ready for the mainnet include:

Map of Pi: A platform listing sellers worldwide who accept Pi Coin.
Pi Game: A gaming ecosystem powered by Pi tokens.
Care for Pi: An application promoting social responsibility projects.
1pi Mall: A marketplace for goods and services purchased with Pi Coin.

The broader goal of the Pi Network is to make cryptocurrency more accessible than Bitcoin by allowing users to mine Pi tokens on smartphones, fostering global acceptance in everyday business transactions.

Potential Risks of Further Delays

Despite the progress, there remains a risk of additional delays. Previous postponements have frustrated users and affected the token’s speculative value. A smooth mainnet rollout hinges on achieving the migration target and resolving any unforeseen technical or procedural bottlenecks.

Pi Network Price Analysis

The Pi Coin IoU token listed on HTX (formerly Huobi) serves as a speculative proxy for the official Pi Network token. It has exhibited a pattern of price volatility influenced by updates and delays related to the mainnet launch.

Key Price Levels and Trends

The daily chart reveals that the Pi Coin IoU token has stabilized at a significant support level of $50. This price point acts as both a psychological barrier and the lower edge of an ascending trendline that has connected the token’s lowest swings since September.

Additionally, the token's consolidation around the 50-day moving average suggests a phase of accumulation. If the market shifts to optimism, a potential breakout could propel the token back to its November high of $100. Conversely, a breach below the trendline may trigger a decline to $30, marking the September low.

Factors Influencing Pi Coin’s Future Value

Several elements will determine the token’s trajectory in the coming months:

Mainnet Launch Progress: Achieving the migration threshold is crucial.
Adoption of Community Applications: The usability of Pi in real-world applications will enhance its perceived value.
Market Sentiment: Cryptocurrency markets are highly speculative, and sentiment-driven moves could significantly affect prices.
Broader Cryptocurrency Trends: General market conditions will also play a role in determining Pi’s price.

Conclusion

The Pi Network's ambitious vision of creating a universally accessible cryptocurrency hinges on the successful launch of its mainnet. With over 9 million pioneers already migrated and the 10 million target within reach, the network appears closer than ever to realizing this goal.

However, investors and users must remain cautious about potential delays, as any further postponements could impact market confidence. The coming months will be pivotal for Pi Network, with February and March 2025 likely to define its trajectory in the cryptocurrency ecosystem.