After years of anticipation, Pi Network has finally launched its Open Mainnet, marking a new era for the widely-discussed Pi Coin. The long-awaited transition has generated excitement, especially with top exchanges like OKX and Bitget listing Pi Coin. However, the launch did not go as expected for many investors, as the token’s price plummeted by nearly 100%, dropping from around $35 to just $1.5 within minutes of trading.
Pi Network: A Revolutionary Concept?
Launched in 2018, Pi Network quickly gained traction with its unique tap-to-earn mining model, aiming to make cryptocurrency accessible to everyone. Unlike Bitcoin mining, which requires costly hardware and extensive energy consumption, Pi Network allows users to mine simply by tapping a button on their smartphones. This innovative approach has attracted over 50 million active users and led to more than 100 million downloads of the Pi Browser.
Beyond its user-friendly mining mechanism, Pi Network aims to address major challenges in the crypto space, including high energy consumption and mining complexities. The project also envisions the integration of decentralized applications (dApps) to enhance its ecosystem.
Pi Coin Tokenomics
Pi Network has a total supply of 100 billion Pi coins, which are allocated across four key categories:
- Mining Rewards (65%): Approximately 65 billion Pi coins have been allocated to early miners who have actively contributed to the network since its inception.
- Ecosystem Growth (10%): Around 10 billion coins are designated to fund Pi’s community projects, dApp development, and network enhancements.
- Liquidity Pool (5%): To facilitate smooth transactions and maintain market stability, 5 billion Pi coins are reserved for liquidity purposes.
- Core Team (20%): About 20 billion coins are allocated to the Pi Network’s core team for continued development and expansion.
Pi Coin’s 100% Price Crash: What’s Next?
Within just 30 minutes of the mainnet launch, Pi Coin’s price collapsed, falling from $35 to $1.5—a nearly 100% drop. This dramatic decline is largely attributed to early miners taking profits, as predicted by analysts. With widespread selling pressure, fears have emerged that Pi Coin could dip even further, possibly below $0.
Also Read: Pi Network Mainnet Goes Live Today: What Investors Need to Know
While the launch sparked initial optimism, the sudden price crash has raised concerns over Pi’s long-term viability. However, a potential listing on major exchanges or positive ecosystem developments could offer a much-needed price rebound. As the market watches closely, only time will tell whether Pi Coin can recover or continue its downward spiral.
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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