Pi Network Transforms into a Decentralized Exchange in Anticipation of Mainnet Launch

Pi Network is now a decentralized exchange (DEX) ahead of its mainnet launch, which is rumored to be scheduled for June 28. The delay in the launch has caused speculation and concerns about the project’s credibility and user base. The main appeal of Pi Network is its accessibility, allowing users to mine PI coins using their mobile phones. However, without a fully functional mainnet, these tokens lack intrinsic value and utility. The project’s shilling team has been promoting the token with various claims, including Elon Musk’s endorsement and the PI coin price trading at $314,159 post-mainnet launch. There have also been reports that Pi Network is the world’s biggest DEX, despite not listing PI coins on exchanges. This has raised questions about the legitimacy and value of the token, as all PI coin trades involve IOUs. The price of PI coin IOU has remained below $40, with a drop of nearly 1.5% on June 25. The lack of an open mainnet launch continues to affect the token’s price action, with potential resistance and support levels identified. The RSI remains neutral at 49.45 on the daily chart. Investors are advised to exercise caution due to the speculative nature of the token and the potential risks involved.