Pi Network Launches Open Network Mainnet, Investor Reaction Mixed

Date: February 20, 2025

The highly anticipated launch of the Pi Network’s Open Network Mainnet took place earlier today, marking a significant milestone for the cryptocurrency community that has been mining Pi coins for the past six years. With the launch, excitement surged among users, but subsequent market reactions have demonstrated a mix of enthusiasm and volatility.

Launch Day Developments

At 8 AM UTC this morning, the Pi Network officially activated its Open Network. The announcement declared, "With millions of KYC-verified Pioneers and a thriving utilities-driven ecosystem, Open Network expands available opportunities, allowing Pioneers to connect Pi with external systems for real-world applications like never before," as stated by the official Pi Network handle on X (formerly Twitter).

The project had been building anticipation over the past week, with notifications from the Pi Core Team underscoring the imminent trading opportunity for PI coins. However, the launch was rumoured to generate some controversy, primarily related to the Know-Your-Customer (KYC) verification processes. This discourse raised questions within the community regarding user access and potential barriers as the network transitioned to a tradable platform.

Market Response and Price Fluctuations

While the initial reaction to the PI coin was relatively positive, with trading prices reported above $1 at launch, the market quickly shifted. Within 24 hours following the launch, the IOU token witnessed a staggering 97% drop in value, a dramatic decline attributed in part to the excitement transforming into swift sell-offs.

At the same time, the price of the PI coin itself fell by roughly 15%, now hovering around $1.47. Analysts suggest that the sell-off may stem from PI holders capitalizing on their ability to trade the coins after years of mining. This development might trigger further selling pressure as users look to convert their assets into fiat currency or other cryptocurrencies.

The Challenges Ahead

Despite the project’s growth potential, concerns linger regarding the long-term viability of the PI coin. There are currently 100 billion tokens in total supply, with 65% allocated to miners and only 9.7 billion currently in circulation. This disbalance could exert additional downward pressure on prices as more tokens are unlocked for trading.

Further complicating the situation is the expanding number of exchanges listing the PI coin. Major exchanges like OKX and Gate.io have initiated spot trading, while Bitget has opened its futures market for the cryptocurrency. This increased availability could further accelerate price volatility, especially if significant trading activity occurs amid declining prices.

Binance’s Interest Sparks Speculation

In another intriguing development, Binance has expressed interest in potentially listing the PI coin, sparking speculation about whether such a listing would bolster trading volume. A recent poll conducted by the exchange asked its community if it should begin trading the PI cryptocurrency, hinting at the possibility of increased visibility and active trading, depending on the outcome.

Conclusion

As the Pi Network enters this new phase with the Mainnet launch, the initial excitement appears to be tempered by market realities and investor actions. The coming days will be critical in determining whether the long-promised utility of the PI coin is realized, or if it gets mired in challenges related to adoption and liquidity. For users and investors, the question remains: will the Pi Network achieve its intended purpose, or will it succumb to market fluctuations and uncertainties?

Disclaimer

The information provided in this article is for informational purposes only and should not be construed as financial advice. All investments carry risk, and past performance does not guarantee future results. It is advisable to consult a financial advisor before making any investment decisions.