Pi Coin surged by over 35% in less than an hour after its highly anticipated mainnet went live on February 20, 2024.
Pi Network, the tap-to-earn crypto platform, marked a significant milestone with the launch of its open mainnet at 8 am UTC. The project, which has been in development for more than six years, transitioned from its enclosed mainnet, operating since 2021, to an open network that allows users to trade Pi coins and showcase applications globally.
Pi Network stands out from traditional proof-of-work systems by enabling users to mine Pi coins through a mobile app. This accessibility has contributed to the project’s massive adoption, with millions of users already engaging with the platform even before its official launch. Pi Network has gained significant traction, with over 3.8 million followers on X (formerly Twitter), surpassing even major networks like Ethereum and Solana. At its peak, the network boasted over 50 million users.
The launch of the mainnet generated excitement, and several major centralized crypto exchanges, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, listed Pi Coin (PI) shortly after it went live. However, Binance, the world’s largest exchange, took a different approach and launched a poll to decide whether to list Pi Coin. The poll is scheduled to close on February 27, though the result is expected to be largely symbolic.
Other prominent exchanges, like Coinbase, Kraken, and Upbit, have yet to confirm whether they will list Pi Coin.
Pi Coin Experiences Price Volatility Following Exchange Listings
Pi Coin experienced significant price volatility shortly after its exchange listings. According to data from CoinGecko, the token surged by 36.8%, reaching a high of $1.97 within the first hour of trading. At press time, Pi Coin was priced at $1.8 on OKX and $1.78 on Bitget, reflecting a steep drop from the speculative IOU prices of $61 to $70 seen just a day prior to the mainnet launch.
After initially spiking to $3.4 on Bitget, the price retraced, with Bybit even seeing Pi Coin dip below the $1 mark shortly after listing.
Despite this volatility, Pi Coin’s strong community base and growing interest from newcomers could drive further price action. The ongoing hype surrounding the possibility of listings on major exchanges like Binance, Coinbase, and Kraken may lead to buying pressure, as investors seek to capitalize on potential future price increases.
However, the gains could be short-lived if early miners, who have accumulated Pi coins over the years, begin to cash out. History shows that newly listed tokens often experience sharp sell-offs before stabilizing. Additionally, the impact of future tier-1 exchange listings may be diminished by the time they occur, cooling the current hype and possibly limiting further gains.
In summary, while the Pi Network mainnet launch has sparked initial excitement and price rallies, its long-term price performance will depend on exchange listings, miner behavior, and the broader market response.
