The Pi Network IoU token price is holding steady at a crucial support level as developers gear up for the mainnet launch.
Currently, Pi Coin is trading at the psychological threshold of $50, significantly lower than its previous peak of nearly $100 last November. The primary cause of this downturn has been the delayed mainnet launch. Developers moved the initial grace period for know-your-customer (KYC) verification from November 31 to December 31.
In December, that grace period was further extended to January 31, as it was revealed that many users had not yet migrated their tokens to the mainnet. By that point, over 18 million users had finished KYC verification, but only 8 million had successfully transferred their tokens.
According to launch guidelines, the process can only progress once at least 10 million users have migrated their tokens. As of January 5, developers reported that over 9 million users had completed this migration, raising the possibility of reaching the required 10 million user threshold by January 31.
If the migration continues successfully, developers anticipate launching the mainnet during Q1 2025, possibly in February or March. This move will broaden the Pi Network ecosystem, enabling users to convert their mined Pi coins into fiat currencies after years of effort.
The mainnet launch will also allow users to explore about 80 community-driven applications, including Map of Pi, Pi Game, Care for Pi, and 1pi Mall. Importantly, Map of Pi offers a directory of global sellers who accept Pi Coin.
Pi Network aims to provide a more accessible cryptocurrency compared to Bitcoin (BTC), facilitating mining through smartphones and striving for widespread business adoption.
However, there remains a concern that the mainnet launch might face further delays, as has happened previously.
Pi Network Price Analysis
The Pi Coin IoU listed on exchanges is often viewed as a proxy to the actual Pi Coin, despite its lack of affiliation with the official project. Historically, its price has fluctuated based on optimism regarding the mainnet launch.
Recent market trends indicate that Pi Coin’s price has dropped to an essential support level at $50, representing both a psychological boundary and the lower range of an ascending trendline since September.
The token is currently consolidating around the 50-day moving average, suggesting potential accumulation. Should this accumulation lead to a breakout, the token could rally to $100 before the mainnet launch. Conversely, a breakdown below the trendline could see prices plummet to $30, mirroring September lows.
