Pi coin: Pi Network’s Open Mainnet was launched officially on Thursday, February 20. This enabled users to transfer their Pi Coin outside the network for the first time. With the launch, this crypto coin is now available on prominent cryptocurrency exchanges like OKX, Bitget, and CoinDCX. Furthermore, this marks the beginning of genuine trading, value, and investment opportunities.
This is a vital moment for people who started mining Pi years ago. Moreover, they can buy, sell, and trade this crypto coin like other cryptocurrencies now. Prices are subject to market volatility, but Pi is now a major cryptocurrency.
Pi Coin’s price witnessed significant volatility following its mainnet launch. Pi Coin’s price has dropped substantially. It started trading at $2.20 on its launch day, but soon fell by about 55% to around $1. Before the launch, some investors were trading Pi Coin at very high prices, up to $200, which created unrealistic expectations.
Pi coin: Why It Crashed?
Here are 3 reasons why the Pi Coin may have experienced a crash during Mainnet launch:
- Early adopters sell off: The first miners of PiCoin had been waiting for over 5 years, and they were on the selling streak to secure profits.
- History: Likewise, in the past, cryptocurrencies that started with airdrops have often crashed.
- Limited real-world use: The Pi network doesn’t have many practical uses beyond peer-to-peer transactions. To drive demand, it needs to develop more decentralized applications and partnerships.
Latest Price And Other Details
Pricing: Currently at Binance, apiece of Pi Coin is priced at $0.751015 with a 24-hour trading volume of $62.76 million.
What Is Pi Network: Pi Network is a unique cryptocurrency platform that combines social features, development tools, and real-world uses, and it allows users to easily mine and send Pi coins using their mobile devices.
Major Differentiator: Unlike other cryptocurrencies like Bitcoin, which requires powerful computers to mine, Pi coins can be easily mined using a mobile app.
ALSO READ: Pi Network Mainnet Launched: Here’s The Latest Pi Coin Price
