Konstruct Telemedia
The Pi Network, led by Stanford grads Nicolas Kokkalis and Dr. Chengdiao Fan, has launched its open mainnet, letting investors trade Pi Coin on major exchanges. This move coincides with a notable price drop, raising eyebrows in the crypto community as traders brace for what’s next.
In terms of use cases, Pi coin allows for payments between users without the need for traditional banking systems. Additionally, developers have the opportunity to create applications that incorporate Pi for various functions, including transactions, gaming, and decentralized finance.
Pi coin, the native cryptocurrency of the Pi Network, is a blockchain-based project designed to simplify the mining process for users through mobile devices. Unlike other cryptocurrencies, such as Bitcoin, which require powerful computer systems for mining, Pi coins can be easily mined using the mobile app without significantly draining the phone’s battery.
Founded by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, the Pi Network recently transitioned from a closed mainnet to an open one, allowing investors the potential to trade Pi on major cryptocurrency exchanges.
Open mainnet signifies the decentralized and public phase of the blockchain where the coin is freely traded on exchanges like OKX, CoinDCX, Gate.io, and Bitget.
However, the coin has experienced a noticeable price drop. Upon its open mainnet launch on Thursday, Pi coin began trading on exchanges at $2.20 before decreasing by approximately 55 per cent to around $1. Prior to this, Pi Coin IOUs had been trading at inflated prices – reaching as high as $200 on the crypto exchange BitMart – which led investors to have unrealistic expectations.
This contrast between the speculative IOU prices and the actual price upon launch contributed to the sell-off. Moreover, early adopters and miners of Pi coins may have liquidated their holdings in substantial amounts, leading to an increase and subsequent drop in prices. Additionally, concerns regarding the coin’s long-term prospects have caused investors to exercise caution, which may have further influenced the price.
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