The price of Pi Coin, also known as the Pi Network IoU token, has remained stagnant at a key support level as developers work towards launching the long-awaited mainnet. Currently trading around the psychological level of $50, Pi Coin is significantly lower than its November high of $100, primarily due to delays in the mainnet launch.
Initially, the Pi Network developers had set a deadline for Know-Your-Customer (KYC) verification migration by Nov. 31. However, the grace period was extended to Dec. 31, and later to Jan. 31, 2025, due to the incomplete migration process. Despite over 18 million members completing KYC verification, only 8 million had successfully moved their tokens to the mainnet by the end of December. The developers have stated that the migration will proceed once at least 10 million users have completed the process. As of January 5, more than 9 million users had migrated their tokens, raising the likelihood of meeting the 10 million threshold by the end of the month.
We’re making excellent progress towards Open Network with over 9 million Pioneers who have migrated to Mainnet! If you’re still waiting on either Mainnet migration or KYC, remember to check your Mainnet Checklist and KYC app to see if further actions are necessary.
— Pi Network (@PiCoreTeam) January 5, 2025
Should the migration proceed as planned, Pi Network developers aim to launch the mainnet in Q1 2025, possibly in February or March. This milestone would open the Pi ecosystem to a wider audience and enable pioneers to convert their Pi coins into fiat currencies after years of mining.
The mainnet will also allow users to interact with over 80 community-created applications, such as Map of Pi, Pi Game, Care for Pi, and 1pi Mall. These apps are already ready for launch, with Map of Pi listing sellers who accept Pi Coin globally.
Despite the ongoing delays, Pi Network’s vision remains clear: to create an accessible cryptocurrency that can be mined on smartphones and accepted by businesses worldwide. However, with the past history of delays, there is still a risk that the mainnet launch may be postponed again.
Pi Coin’s price analysis shows it testing a key support level at $50. This level is critical, as it serves both as a psychological point and a lower boundary of an ascending trendline. The token is currently consolidating near its 50-day moving average, suggesting potential accumulation. If momentum builds, Pi Coin could see a surge to $100. Conversely, a break below the trendline could drag the price down to its September low of $30. The next few weeks will be pivotal for Pi Coin’s price action, depending on the mainnet’s progression.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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