Outside Source
The Pi Network IoU token price has remained flat at a key support level as developers prepare to launch the mainnet.
Pi Coin was trading at the psychological level of $50, significantly lower than its November high near $100. The main catalyst for the sell-off has been the ongoing delay in the mainnet launch. Developers initially postponed the first grace period for know-your-customer verification from Nov. 31 to Dec. 31.
In December, they pushed the grace period again to Jan. 31, citing that millions of pioneers had yet to migrate their tokens to the mainnet. At the time, over 18 million members had completed KYC verification, but only 8 million had moved their tokens to the mainnet.
According to the mainnet launch guidelines, the process can only continue when at least 10 million users have migrated their tokens. In a statement on Jan. 5, developers noted that over 9 million users had now completed the migration, increasing the chances of hitting the 10 million threshold by Jan. 31.
If all goes well, the developers expect the mainnet launch to happen in Q1 2025, likely in February or March. Moving to the mainnet will open the Pi Network ecosystem to a broader audience and allow pioneers to convert their Pi coins into fiat currencies after years of mining.
The mainnet launch will also enable users to test about 80 community-created applications. Some of these mainnet-ready apps include Map of Pi, Pi Game, Care for Pi, and 1pi Mall. Notably, Map of Pi lists sellers worldwide who accept Pi Coin.
Pi Network’s vision has always been to create a more accessible cryptocurrency than Bitcoin (BTC). Its unique approach allows Pi to be mined on smartphones, with the goal of global business acceptance.
However, there remains a risk that the mainnet launch could be delayed again, as has occurred multiple times in the past.
Pi Network price analysis
The Pi Coin IoU listed on HTX is not affiliated with the official Pi Network project. It is often considered the closest proxy to the real Pi Coin. Historically, its price has risen on mainnet launch hopes and fallen when those hopes fade.
The daily chart shows that Pi Coin’s price has dropped to an important support level at $50. This level serves as both a psychological point and the lower side of an ascending trendline connecting the lowest swings since September.
The token is consolidating around the 50-day moving average, suggesting possible accumulation. If this accumulation leads to a breakout, the token could surge to $100 ahead of the mainnet launch. However, a break below the trendline risks pushing the price down to $30, its September low.
This article first appeared at crypto.news
