Pi Coin experienced a remarkable surge of over 35% shortly after the launch of its highly anticipated mainnet.
Today, February 20, Pi Network officially launched its open mainnet at 8 AM UTC, marking a pivotal moment for the project that has been under development for over six years and operated in a closed mainnet since 2021.
With the mainnet launch, community members, known as pioneers, can now trade their Pi coins, while developers are showcasing their work to a global audience. Over 100 applications have already been developed for various sectors, including decentralized finance and gaming.
Distinct from traditional proof-of-work networks, Pi allows users to mine PI through a mobile application, enhancing accessibility for a worldwide audience.
This accessibility has led to significant adoption, with millions of users already participating in the network prior to its official launch. The Pi Network boasts over 3.8 million followers on social media, surpassing even the Ethereum Foundation and Solana, and at its peak, the project attracted over 50 million users.
The launch of the Pi Network mainnet was highly anticipated and resulted in multiple listings of Pi coin (PI) on several prominent crypto exchanges immediately after going live, such as OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget.
In a different approach, Binance has opted to conduct a poll regarding the listing of PI, which will run until February 27. The outcome of this poll is expected to have little impact on the potential listing.
Other major exchanges like Coinbase, Kraken, and Upbit have not yet confirmed whether they will list Pi Coin.
Pi Coin Experiences Significant Volatility Post-Listing
Following its listing on crypto exchanges, Pi Coin’s price witnessed notable volatility. According to data, PI increased by 36.8% within the first hour of trading, reaching a peak of $1.97.
As of now, Pi Coin is trading at $1.8 on OKX and $1.78 on Bitget, which is a considerable drop from the speculative IOU prices of $61 to $70 observed just prior to the mainnet launch.
After listing, the altcoin briefly surged to $3.4 on Bitget but quickly retraced to current price levels. On Bybit, PI’s price dipped below $1 shortly after trading began.
Pi Coin may experience further price increases as its extensive community and new investors looking to benefit from the hype continue to accumulate the token. Anticipation of potential listings on major exchanges such as Binance, Coinbase, and Kraken could further drive buying momentum as investors position themselves for a price rally.
However, these gains may be temporary if early miners, who have accumulated Pi over the years, decide to cash out. Historically, hype-driven rallies can face swift corrections, and newly listed tokens often experience significant sell-offs before achieving a stable price equilibrium.
Moreover, if tier-1 listings are delayed by days or even weeks, the current excitement might wane, diminishing any potential impact on price movement.
