As we approach the anticipated launch of the Pi Network mainnet at the end of 2024, excitement is building among its community of users, known as “pioneers.” With the ongoing Know Your Customer (KYC) process for migrating Pi coins, speculation about its price and conversion ratios has taken the internet by storm. Currently, the price of Pi coin hovers around $36.10, reflecting a significant 38.51% increase over the past year, according to CoinMarketCap data.
Understanding Pi Coin’s Tokenomics
As of August 14, 2024, Pi Network has a total supply of 68 million tokens, out of a maximum of 100 billion. Crucially, 80% of the mined Pi coins are locked in a three-year vesting period, designed to stabilize their value. The remaining 20% is allocated to the Pi core team: 65% for mining rewards, 10% for ecosystem development, and 5% for providing liquidity on exchanges.
This structure raises critical questions about the coin’s future valuation. The dynamics of the vesting period could significantly impact liquidity—too restrictive, and the price may stagnate; too liberal, and oversupply could lead to a price drop.
Speculating on Future Prices
The speculative landscape for Pi coin is murky, with many variables at play. Current estimates suggest that, post-mainnet launch, Pi could experience price surges. A Reddit post estimated that by September 14, 2024, the price could skyrocket by 227.99%, potentially reaching around $111.52, nearing its all-time high of approximately $119.
Technical analysis supports this bullish sentiment. The 200-day Simple Moving Average (SMA) is projected to rise, with expectations of hitting $60.75 in the coming weeks. Meanwhile, the Relative Strength Index (RSI) remains at a neutral level, indicating a balanced market sentiment.
Navigating Withdrawal and Trading
Currently, Pi remains in its pre-release phase, meaning trading is not yet permitted. Users who have mined Pi coins can only withdraw or exchange them during Phase 3. This precaution aims to prevent the concentration of coins through fake accounts. Until the cryptocurrency transitions from the testnet to the mainnet, wallet balances cannot be transferred.
In Phase 3, the network will enter an open phase, allowing users to purchase products and services on Pi’s peer-to-peer marketplaces. However, without control of their public and private keys, holders will be unable to utilize their coins.
Analysts forecasts a notable price surge for Pi coin post-launch, citing its peer-to-peer utility outlined in the whitepaper. Initially, the price may stabilize around $43 to $47, but as market forces adjust to the launch, prices could climb to between $58 and $74. By August, estimates suggest stabilization around $73 to $86.
Long-term predictions remain optimistic. If Pi achieves widespread adoption, it could trade between $55 and $70 by the end of 2024, with the potential to soar beyond $200 by 2025.
Conclusion
As the Pi Network prepares for its mainnet launch, the stage is set for significant developments in the world of cryptocurrency. With a growing user base and a carefully structured tokenomics model, Pi coin could become a noteworthy player in the crypto market. Investors should keep a close eye on the evolving landscape as we move towards 2025.
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