Pi Network’s mainnet launch has been plagued by delays and disappointment, as the mobile-based crypto-mining platform struggles to meet its promised June deadline.
Despite claims from Pi Network’s official X handle that over 5.58 million users have migrated to the mainnet, the platform falls short of its target of 10 million users needed for the launch. The team has set various conditions for the launch, one of which includes the absence of any unfavorable circumstances, ranging from minor setbacks to catastrophic events like a nuclear holocaust. As a result, it appears unlikely that the mainnet will launch in June.
This uncertainty has left miners like Akshay Dingoriya questioning the project’s future. Dingoriya, a data analyst and guitar instructor based in Noida, India, joined Pi Network during the COVID-19 lockdown but has lost faith due to the constant delays. Despite not accumulating a significant amount of PI coins, he has stopped mining altogether.
The repeated delays in the mainnet launch could deter potential traders from buying PI coins in India and other regions. While the launch may initially boost the PI coin’s value, the influx of tokens from miners could lead to a significant drop in price. On the other hand, further delays may result in more miners abandoning the project, ultimately leading to its demise.
The PI coin’s IOU price on HTX has remained stagnant below $42 since late April 2024. Any potential price movements would likely face resistance at the 0.618 FIB level near $41, with a possible rally to $43.5 before retracing. Conversely, a downtrend could test support levels at $37 and $35.
Despite the lack of significant price movements, the RSI for PI coin remains neutral at 44.19 on the daily charts.