Pi Network Token’s IOU Plunges 24% In July
NOIDA (CoinChapter.com) — Pi Network, the mobile-based cryptocurrency mining project, seems to have misunderstood core cryptocurrency principles. Instead of prioritizing transparency in its operations, the Pi Network team has maintained an opaque and vague stance.
The project, which initially aimed for an open mainnet launch in June 2024, encountered another setback with the delay of its launch date. Despite the anticipation leading up to June 28, dubbed Pi2 Day, which enthusiasts believed would mark the mainnet’s release, the promised event failed to materialize.
Delayed Launch Hits PI Coin Hard
PI Coin, the cryptocurrency token eagerly awaiting its mainnet launch to gain relevance, had been trading within a stable range as Pi2 Day approached. Despite relentless promotional efforts by Pi Coin supporters, ranging from overzealous claims (such as PI becoming the next Bitcoin) to outright fanciful predictions (like Elon Musk endorsing PI coin or the token hitting $314,159 post-mainnet launch), the token’s value remained stagnant.
The failure to launch the Pi Network open mainnet prompted a sharp decline in PI coin’s price, plummeting nearly 24% week-to-date to a low of around $30 on July 5. If the downtrend persists, PI coin may test support levels around $28.3 and $21 before any potential recovery.
In a bullish scenario, a price rally could push PI coin towards resistance levels near $44, potentially extending further to $60.5 upon surpassing immediate support levels. The daily charts indicated an oversold condition for PI coin, with a relative strength index (RSI) of 26.27.
Pi Network Marks “Last Pi2Day” Ahead of Mainnet Launch
Pi Network celebrated what it claimed to be the final Pi2Day 2024 before the much-anticipated open network launch. However, given the history of unfulfilled promises over the years, users are advised to approach such claims with caution.
While the team announced engagement from over 60 million Pioneers, only 12 million have completed the Know Your Customer (KYC) process, falling short of the 15 million target. Similarly, migration to the Mainnet remains sluggish, with only 5.79 million Pioneers migrated out of the 10 million goal.
Looking forward, the team has set a tentative end-of-2024 deadline, adopting a cautious “wait and watch” approach. Concerns linger about scalability and operational efficiency, given the network’s heavy reliance on community-driven milestones. Despite efforts to streamline processes through enhanced KYC features and Mainnet migration optimizations, progress remains slow.
The introduction of a six-month KYC grace period highlights ongoing challenges in verification. Moreover, Pi Network’s claim of developing 70 Mainnet-ready apps falls short of the 100-app target, raising doubts about the ecosystem’s readiness.
Despite efforts to bolster utility through initiatives like the Pi Ad Network and Pi Social Profiles, these measures seem insufficient to offset fundamental delays. The mainnet launch delay attributed to an “unfavorable external environment” adds to existing uncertainties. Historical delays and a significant dependence on community contributions underscore potential structural inefficiencies.
