Pi coin (PI) falls after the initial jump as its long-awaited Pi Network Mainnet launches on Thursday.
Pi Network Mainnet Launches
Pi Network launched its long-awaited Mainnet on February 20, transitioning from Beta to an open, decentralized network.
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The crypto project lets users mine coins via a mobile app, avoiding energy-intensive hardware. It has attracted tens of millions of users since 2019.
โThe shift to the Open Network will enable Pi to connect with external networks on the Mainnet blockchain, allowing users to conduct transactions outside the Pi ecosystem. This expands Pi’s utility and potential for broader adoption,โ the protocolโs team stated in the X post.
Pi Networkโs Mainnet launch enables external wallet transfers, exchange listings, and real-world applications, according to an official statement.
Users will be able to transact with Pi coins beyond the network. The coin could soon list on major exchanges and support more dApps.
โOpen Network was key to Piโs missionโto create an inclusive, utility-driven, and widely adopted cryptocurrency accessible to all,โ the statement said.
Pi Coin Price Crashes
The networkโs native Pi coin (PI) surged following the long-awaited news of Pi Networkโs launch.
According to CoinMarketCap, Pi jumped 45% in less than an hour on Thursday, reaching a high of $2.10. Its 24-hour trading volume soared 1,775.4%.
However, the optimism was short-lived as Pi coin quickly reversed course after the mainnet launch event. Within hours, PI has erased its gains, plunging over 52% to a low of $1.01, with its market cap dropping to $7.02 billion.
The coin of 9.7 billion total supply currently stands at $83.07 billion FDV (Fully Diluted Valuation), meaning its current value is much lower than its potential full value if all tokens were released.
On the Flipside
- With a total supply of 9.7 billion, Pi coin currently holds an $83.07 billion FDV, indicating its market value is significantly below its potential if all tokens are released. This raises concerns of future dilution, which could pressure prices downward if demand doesnโt increase.
Why This Matters
Pi Network stands out in crypto due to its mobile-first, energy-efficient mining model and strong community-driven approach. The mainnet launch marks a critical step in its evolution, opening doors to real-world transactions and broader adoption.
