The Pi Network (PI) coin, traded exclusively on HTX, is garnering attention as the Know Your Customer (KYC) verification deadline looms. Currently valued at $43.22, PI has stabilized above the critical support level of $38, hinting at a potential rebound.
The KYC verification grace period, extended twice before, is set to end on January 31, a decisive date for Pi Network’s pioneers. Despite over 13 million pioneers having completed the KYC process, only 8 million have transferred their coins to the mainnet. Developers hope to achieve the target of 10 million transfers to move closer to the much-anticipated mainnet launch.
Mainnet Launch Conditions
The KYC verification is one of three prerequisites for Pi Network’s mainnet debut. The network must also have at least 100 mainnet-ready applications; the current count stands at 80. The final condition, tied to external environmental factors, has already been fulfilled.
As part of preparing for Open Network in Q1 2025, Pi Network made Mainnet Pi apps accessible through the Ecosystem Interface on the Pi Browser. An initial 20 Pi apps are included, with more apps to come in the future. Pioneers can explore these Mainnet Pi apps, but exercise… pic.twitter.com/8k7Iwos3zb
— Pi Network (@PiCoreTeam) December 27, 2024
The mainnet launch is a pivotal milestone, allowing pioneers who have mined PI for over six years to trade their holdings for fiat. However, historical trends suggest caution—several tap-to-earn tokens, like Hamster Kombat and Catizen, experienced significant price drops post-airdrop.
Technical Analysis: Double-Bottom Formation
On the technical front, Pi Network’s price chart highlights a double-bottom pattern, a bullish indicator, with the neckline at $91.50. If the developers confirm the mainnet launch this quarter, PI could surge by over 110%, echoing October 2024’s rapid jump from $37 to $100.
Conversely, another deadline extension could shake market confidence, potentially pushing PI to $30, a level last seen in September.
Market Sentiment Ahead of the Deadline
As the KYC deadline nears, traders are closely watching for updates. A timely mainnet launch announcement could solidify Pi Network’s credibility and drive its price upward, while delays may fuel skepticism.
The coming days will be critical for PI, with January 31 shaping up to be a make-or-break moment for its future trajectory.
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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