After six years of anticipation, Pi Network's Open Network is live | Credit:Gerald Martineau/The The Washington Post via Getty Images
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Key Takeaways
Pi Network officially launched the Open Network Mainnet earlier today, Feb. 20.
While the PI coin price started trading above $1, the IOU token dropped by 97%.
PI coin price has dropped by 15% and could experience more of an extended decline.
It’s Feb. 20, and the long-awaited Pi Network’s Mainnet launch is finally here, marking a major milestone for the project.
The development is a sigh of relief for users who have been mining the cryptocurrency for the last six years. While Pi’s Open Network launches, these users and the broader market will want to see how Pi will integrate into the ecosystem.
Will the transition unlock real-world utility, or will adoption and liquidity challenges emerge? Here’s everything you need to know about the Pi Network launch.
Pi Mainnet Launch Goes From Excitement to Sell-Offs
On Feb. 12, the Pi Core Team disclosed that it would launch on Mainnet today as well as make the PI coin tradable. This announcement brought excitement to the project’s community.
However, while the development erupted with euphoria, it was not without controversy. As CCN previously reported, the concerns about the Know-Your-Customer (KYC) verification conditions triggered a debate around the Pi community.
Despite that, the big day has come as the project confirmed that users can access the network and cryptocurrency.
“Pioneers, Open Network will launch at 8 AM UTC on February 20, 2025! With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, which allows Pioneers to connect Pi with external systems for use in real-world applications like never before.” The official handle on X, stated.
Interestingly, the launch of the PI coin has further accelerated the decline in the Pi [IOU] price. Within the last 24 hours, CoinMarketCap data shows that Pi [IOU] has dropped by 97%.
The Pi coin, on the other hand, is also not immune to the decline. Since the Mainnet launch, its value has decreased by 15%.
This decline could be attributed to the sell-offs by PI coin holders and miners, who can now trade the cryptocurrency.
While Pi’s price hovers around $1.47, it is likely to continue facing selling pressure as more holders convert the asset to fiat or other cryptos.
More Exchanges List PI Coin
Furthermore, PI’s maximum supply is 100 billion tokens, with 65% of this allocated to miners. Ten percent of the supply goes to ecosystem growth, five percent to the liquidity pool, and the remaining twenty percent to the Pi Core Team.
However, as of this writing, only 9.7 billion is in circulation. Therefore, it is likely that, as the project unlocks more tokens, Pi’s price might face more downward pressure.
As such, the cryptocurrency’s price might not hold on to the $1 mark for long. Besides that, listing the cryptocurrency by exchanges could deepen this potential loss.
Previously, only a few exchanges, such as OKX, MEXC, and Gate.io, confirmed Pi’s listing. But today, several additional exchanges have emerged.
For instance, Bitget announced that its users can trade PI on its futures market. Omnichain liquidity platform also followed suit, indicating that users can trade PI using up to 10x leverage.
Meanwhile, OKX and Gate.io have confirmed that spot trading is now live on their platforms, making them two major exchanges for users to sell their PI coins.
Binance’s Poll Listing Fuels Buzz
Interestingly, Pi will likely get more top-tier exchange listings, especially since Binance asks its community if it should list it.
“We want to hear from you! Should PI be launched on Binance?” The exchange asked on X, while attaching a link to vote on Feb. 12
PI’s trading volume might surge if the vote favors those who want it listed. If the volume increases while the price falls, this could accelerate the correction the cryptocurrency has faced.
In addition, several users have confirmed successfully moving their PI allocation within the mining app, and some have also reported that the cryptocurrency is now tradable.
With the Pi Network Mainnet launch, the project has fulfilled its promises. However, the long-term relevance of the PI coin in the market remains uncertain—only time will tell.
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.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
