Pi Network Mainnet: The Crypto Platform That Might Not Deliver
The Pi Network, known for its enthusiastic promotion and promises, has become the crypto industry’s equivalent of waiting for a surprise party that never materializes. Despite the anticipation of an open mainnet launch on June 28, the event mysteriously disappeared.
Supporters of the platform had prepared for a grand Mainnet launch on Pi 2 day, only to be left disappointed with nothing but empty digital confetti. It’s like being stood up after dressing up and arriving at the bar an hour early.
The Pi Network’s journey is starting to resemble an endless episode of a forgotten TV show. The team had promised a Mainnet launch, but it seems they’ve forgotten about it themselves.
The team talks a big game about creating a secure and scalable blockchain, but concrete details are hard to come by. It’s all smoke and mirrors, with promises of exciting developments that never materialize.
Millions of people are mining Pi, but for what purpose? At this rate, the utility of Pi Coin is as mythical as a three-horned unicorn. Will it become the next big thing? The team’s response seems to be “Reply hazy, try again later.” Until there is a clear use case, the project remains just another shiny object.
Despite preaching decentralization, the Pi Network operates more like an old-school monarchy. Decisions seem to come from the top with little input from the community. For a project that claims to revolutionize finance, it’s starting to resemble a medieval fiefdom with a group of overly enthusiastic fans promoting it.
Regulatory compliance is also a wildcard for Pi Network. Global regulators are closely monitoring the crypto industry, and Pi Network must play by the rules or risk being shut down. It’s a high-stakes game with no guarantees.
The price action of Pi Coin remains stagnant. The missing open mainnet launch should have led to a decline in price, but traders seem unaffected. The token currently trades as IOUs, and even the IOU price remains unchanged despite the team’s failure to launch the mainnet.
Following the absence of the Pi 2 day mainnet launch, the price of PI coin IOU dropped by nearly 14% on June 29, reaching a daily low of around $37. On July 1, the price dropped by 5.3% from the day’s high of $39.7.
If there is an uptrend, the price of PI coin may face resistance at $41.2 and $44.8 before experiencing corrections. On the other hand, a downtrend could cause the token’s price to drop to support levels near $36.7, and breaching that level could lead to a test of support near $34.
Given the stagnant price action, it’s not surprising that the RSI indicator is neutral, with a score of 48.25 on the daily chart.