Pi Network’s major milestone sparks market frenzy, but volatility looms.
Mainnet Launch Ignites Market Excitement
Pi Network finally launched its long-awaited open mainnet, sending Pi Coin soaring by over 36% within an hour. Prices peaked at $3.41 on Bitget, fueled by years of anticipation and market enthusiasm. With 57 million registered users, the network’s move from a closed to an open mainnet has unlocked unrestricted token trading.
Pi Network, known for its mobile-first mining system, took over six years to develop. Before the launch, internal transactions were limited. Now, users can trade freely as over 100 decentralized applications (dApps) go live on the platform. Pi’s popularity is evident, with 3.8 million followers on X, surpassing major players like Ethereum and Solana.
Price Swings Highlight Market Volatility
While the initial surge thrilled investors, Pi Coin’s price quickly turned volatile. After peaking at $1.97, the token plunged to $1.70 on Bitget and $1.80 on OKX, marking a sharp 42% drop. Some exchanges like Bybit saw prices dip below $1 before a quick rebound. This rollercoaster ride underscores the intense speculation surrounding newly listed tokens.
Trading volume spiked by 250% within minutes, reflecting strong demand. Currently, Pi Coin trades at $0.91230 on OKX and $1.06 on Bitget. While some investors anticipate further gains as more exchanges list the token, early miners cashing out could pressure prices.
Will Major Exchanges Boost Pi Coin’s Price?
Pi Coin’s listings on platforms like OKX, HTX, and Bybit have significantly influenced its price. However, the world’s largest exchange, Binance, has yet to list it. Instead, Binance launched a community poll to gauge interest, with 86% of users voting “Yes.” The poll closes on February 27, and its results could be pivotal for Pi’s next price move.
Other giants like Coinbase, Kraken, and Upbit remain undecided. Their eventual listings could inject fresh demand, potentially sparking another price surge. Until then, expect continued volatility as speculation dominates market sentiment.
Can Pi Coin Sustain Its Momentum?
The mainnet launch has undoubtedly been a game-changer for Pi Network. While the initial price surge was impressive, the market’s swift correction reveals the challenges ahead. Exchange listings, user adoption, and miner sell-offs will play crucial roles in shaping Pi Coin’s future.
Investors should stay cautious amid the hype. The road ahead promises both opportunities and risks as Pi Network navigates its new phase in the crypto world.
