The PI price broke down from a 476-day support trend line.
There is no official date for the launch of the Pi open network yet.
Will PI ever launch, and what will its price be if it does?
Pi Network, a project launched in 2019, has yet to release its token on the open market. Recent positive news caused excitement about its launch, but nothing has happened as of the time of writing.
With no official date for its mainnet launch, will Pi ever go live, and what will its price be if it does?
What Is Pi Network?
Pi Network is a project that launched over five years ago. However, its token has not yet debuted on the open market. Its main proposition is that unlike other mining-intensive cryptocurrencies such as Bitcoin (BTC), mining PI is straightforward and only requires a phone.
The mining rate for PI also halves, but unlike Bitcoin, it does so through milestones. More specifically, the trigger is the number of users that join the network. The rate started at 3.14 PI per hour and is currently at 0.2 PI per hour. The mining rate will decline to 0.10 PI per hour after 10 million members join the network.
According to the whitepaper, the maximum supply will be 100 billion PI, of which 80% will go to the community.
According to the roadmap, the Pi network is currently in the final stage of the enclosed mainnet. Pioneers will complete their KYC and migrate to the mainnet in this phase. At the same time, the community builds applications and readies them for the open network.
Even though the project has not officially launched yet, there is significant buzz surrounding it, as evidenced by the 3.3 million followers from its official X account. So far, over 13 million people have passed their Know Your Customer (KYC) checks, and the grace period for doing so will end in September.
Even though this sparked excitement about a potential Pi open network launch, there is no official date yet.
PI Price Finds Support
Even though the Pi open network has not yet been launched, PI is tradable on Huobi and Bitmart. However, this is just an IOU token, which will allegedly be able to be redeemed after the open network launches. The official Pi Network account clarified at the time of listing that it was not involved with any official exchange listings, casting doubt on its legitimacy.
On Huobi, the PI price has followed an ascending support trend line since May 2023. It also traded below the $55 horizontal resistance area during this period, except for a brief increase in March 2024.
In September, the price finally broke down below the ascending support trend line. Then, it bounced at the $30 horizontal support area. Despite the bounce, the price still trades below the trend line, which has likely turned into resistance.
The Relative Strength Index (RSI) and MACD are also bearish, having started downward trends since March. A breakdown below $30 could trigger a decline toward the $10 all-time low.
It is worth mentioning that with the reported maximum supply of 100 billion tokens, PI would have a fully diluted market cap of around $3.3 trillion at the current price.
This would make PI the largest cryptocurrency by market capitalization, outpacing Bitcoin, which currently sits at a $1.13 trillion market cap.
Pi Network Faces Uncertainty
Despite the buzz surrounding it, the Pi Network is subject to considerable uncertainty. From its much-delayed main net launch to its unofficial exchange listings, it is unclear if the main net will ever launch or what the token price will be if it does.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
