Will the Mainnet Launch Trigger a Rally?

After years of meticulous research and development, the Pi Network team, led by Nicolas Kokkalis, has scheduled the launch date for the mainnet. According to an X post earlier today, the official launch of Open Network will happen on February 20, 2025. 

The Pi Network core team has been fine-tuning the mining app for the past six years, thus gaining massive popularity among crypto miners. The use of basic mobile phones to mine Pi coins has attracted more retail investors compared to Bitcoin’s complex mining rigs.

PI Price Defies Bearish Crypto Sentiment

While the total crypto market cap slipped over 4 percent in the past 24 hours to hover around $3.27 trillion at the time of this writing, PI price gained over 66 percent in the same period to trade at about $83.28. Although the PI coins are currently in IOUs, which are non-transferable across exchanges, the hype for the mainnet launch has triggered bullish sentiment.

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According to market data from Binance-backed Coinmarketcap, PI coins have a fully diluted valuation of about $5.5 billion with a total supply of around 68 million. In the last 24 hours, PI coins recorded a net trading volume of about $761k, up over 120 percent.

Cautionary Words 

As the mainnet launch of Pi Network approaches, the odds of early holders selling off their tokens as soon as trading kickstarts are extremely high. Moreover, early Pi miners have not vested their holdings for over five years despite the impressive token performance.

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