Pi Network Token’s IOU Drops by 24% in July
In a surprising turn of events, the Pi Network, a revolutionary mobile-based crypto mining venture, seems to have veered off course in its understanding of cryptocurrency fundamentals. Rather than embracing transparency and clarity in its dealings, the Pi Network team operates in a shadowy and ambiguous manner.
Initially, the Pi Network had generated buzz among users, who were eagerly anticipating an open mainnet launch in June 2024. However, the launch, which was never guaranteed, witnessed yet another setback. As the calendar flipped to June 28, dubbed Pi2 Day by enthusiasts, hopes were high for the long-awaited mainnet debut.
The Extended Launch Wait Wreaks Havoc on PI Coin
The PI Coin, the digital asset patiently awaiting its moment to shine with the mainnet launch, had maintained a stable trajectory in anticipation of Pi2 Day. Despite relentless advocacy by Pi Coin supporters, the token stood its ground and resisted fluctuations in value.
The promotional efforts took on various forms, ranging from the optimistic (PI is the heir to Bitcoin, rejoice!) to the fantastical (Elon Musk to endorse PI coin) to the downright outlandish, prompting even the Joker to question the sanity of the enthusiasts (PI’s value to skyrocket to $314,159 post mainnet launch).
PIUSDT (IOU) daily price chart with RSI. Source: Tradingview.com
The failure to kick off the anticipated Pi Network open mainnet triggered a sharp response from the market, leading the PI coin price to plummet approximately 24% week-to-date, settling at a daily low around $30 on July 5.
If the downward trend persists, the PI coin price may test key support levels at $28.3 and $21 before any signs of recovery emerge. Conversely, a potential price rally could propel the token towards resistance levels near $44. Overcoming immediate support barriers could pave the way for a surge towards the $60.5 resistance mark.
On the daily charts, the relative strength index for PI coin pointed towards oversold conditions, registering a value of 26.27.
Pi Network Marks the Alleged “Last Pi2Day” Ahead of Mainnet Rollout
As Pi Network observed what it deemed to be the final Pi2Day of 2024 leading up to the much-anticipated Open Network launch, skepticism looms large due to past unfulfilled promises. Despite the celebratory claims, users are advised to approach the announcement with caution.
The team disclosed an engagement count of over 60 million Pioneers, yet only 12 million have completed KYC procedures, falling short of the 15 million target. Mainnet migration progress remains sluggish, with only 5.79 million Pioneers successfully transitioned out of the envisaged 10 million.
With a target set for the conclusion of 2024, patience remains paramount for observers. The network’s heavy reliance on community-driven milestones raises valid concerns regarding scalability and operational efficiency. Despite efforts to streamline KYC procedures and Mainnet migration, progress appears sluggish, with a revised timeline pointing towards a mainnet launch “by the end of 2024” as opposed to the earlier Q2 2024 projection.
Challenges persist, as highlighted by a six-month extension to the KYC deadline to tackle verification bottlenecks. The claim of developing 70 Mainnet-ready apps falls short of the 100-app target, underscoring doubts about the ecosystem’s resilience.
Efforts to enrich utility through initiatives such as the Pi Ad Network and Pi Social Profiles appear insufficient to offset the persistent delays. Furthermore, the mainnet launch delay attributed to an “unfavorable external environment” injects further uncertainty into the equation. Historical setbacks and the heavy reliance on community involvement hint at underlying structural inefficiencies that demand attention.
