The Pi Network has generated significant excitement in the crypto industry this week following its official transition from the testnet to the open mainnet on Thursday. This means Pi is now moving from a restricted (enclosed) phase to public trading, making it accessible to a broader market.
With over 60 million users reportedly mining Pi through their mobile phones, it has quickly become one of the most widely adopted crypto projects in terms of user base. However, its actual value and long-term viability in the crypto market remain key points of discussion.
What Is Pi Network?
Pi Network was launched by a a group of Stanford graduates in 2019. It is a blockchain project launched unlike traditional cryptocurrencies such as Bitcoin. Generally, Bitcoins require powerful and expensive mining rigs. Whereas, Pi can be mined directly on smartphones. The users just need to open the app once a day to earn coins.
According to its official website, “Pi Network is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem.” The project aims to create a fairer digital currency system by offering free mobile mining and a streamlined identity verification.
Open Network has officially launched, marking a groundbreaking moment for all Pioneers! With external connectivity now enabled, Pioneers can engage in transactions beyond the Pi ecosystem, connect with KYB-verified businesses, and access new integrations like centralized… pic.twitter.com/MXev5NMeD7
— Pi Network (@PiCoreTeam) February 20, 2025
The Pi Network’s Immutability
Once a transaction is recorded, it cannot be changed or altered, ensuring security and trust in the system. Additionally, Pi coins cannot be counterfeited, making them more secure against fraud.
According to various news report, the Pi Network app does not drain battery life, making it a convenient and accessible option for users to participate in crypto mining without the need for expensive hardware.
What’s Behind The 62% Fall?
The Pi Network Coin, which initially launched with great excitement, has experienced a major setback. It started trading at $1.70, briefly surged to $2.00, but then plunged by 50% within hours.
This extreme volatility put its fully diluted valuation (FDV) at $195 billion, making it temporarily comparable to some of the biggest names in the crypto industry. However, the rapid price drop has raised concerns about its stability and long-term potential. It’s currently sitting at $0.66, leaving many investors wondering: What went wrong?
Will It Become Next Big Cryptocurrency?
The Pi Network Coin has generated massive interest due to its unique mobile mining model and large user base (over 60 million users). However, whether it will become the next big cryptocurrency remains uncertain. Despite initial hype, its price is uncertain and volatile.
Despite the initial hype, Pi’s price remains uncertain and highly volatile. It has yet to be officially listed on major crypto exchanges, and its real-world utility and adoption for transactions are still unproven.
According to various crypto experts, long-term success of cryptocurrency depends on ecosystem adoption, governance, security, and real-world utility. Investors are advised to carefully research and assess whether Pi Coin fits their financial strategy and risk tolerance before investing.
