Ahead Of Mainnet Launch, Pi Network Becomes A DEX Now
NOIDA (CoinChapter.com)— The Pi Network open mainnet launch, speculated to be on June 28, is approaching. However, the project’s team has remained steadfastly silent on probably the most awaited update, which might be hint at a delay in the much awaited launch.
Pi Network has delayed the launch of its mainnet multiple times, mainly for KYC reasons. The delays in the mainnet launch have already cost the project users and credibility. The project’s appeal lies in its accessibility, allowing users to “mine” PI coins using mobile phones.
However, without a mainnet launch, these tokens lack intrinsic value. In a traditional blockchain project, the fully functional mainnet processes transactions and facilitates the creation and exchange of real value.
Until Pi Network launches its mainnet, users’ tokens are essentially placeholders with no real utility or value.
Pi Network Is A DEX Now
The Pi Network shilling team is a bunch of dedicated chaps. It takes effort to get up daily and spew the nonsensical content that the team does.
From Elon Musk endorsing the token to PI coin price trading at $314,159 post-mainnet launch, the shilling team has left no stone unturned. It will not be surprising if the team comes up with a cave painting that warns not to launch the mainnet on June 28 as an excuse for its inevitable upcoming delay.
The latest pièce de résistance from Hokanews, a key Pi Network shilling machine, is that the project is the world’s biggest decentralized exchange.
How they reached that conclusion is anyone’s guess, but apparently, the announcement is Hokanews’ takeaway from Pi Network’s decision not to list PI coins on exchanges. It is likely that the project would launch a DEX before it ends up finally launching its open mainnet.
Great cause and everything, but one problem: there is no such thing as PI coin, at least not until the mainnet launches. Without the mainnet, there is nothing to list on the mainnet. All PI coin trades involve IOUs.
Pi coin IOU trading allows users to trade promises of future Pi coins despite no Pi Network mainnet launch, raising questions about legitimacy, value, and risk.
This speculative practice, fraught with uncertainty and regulatory concerns, exposes investors to significant financial and legal risks. Caution is advised.
It is likely the shilling team is preparing the fans for another launch delay. Instead of telling users they cannot sell their mined tokens due to the mainnet launch delay, the team chose the narrative that the token is too good for the exchanges.
Sadly, the Pi Network team’s silence paves the way for such speculative and nonsensical news.
PI Coin IOU Price Refuses To Budge
Meanwhile, PI coin price continues its dreary one-dimensional path, remaining steadfastly below $40 since June 8. With no open mainnet, market participants continue to trade the token’s IOUs.
Despite all the shilling, the price of PI coin IOU dropped by nearly 1.5% on June 25, reaching a daily low near $37.9. A delay in the open mainnet launch might infuse some life in the token’s price action.
An uptrend from here would see PI coin price face resistance near $41.2 and $44.8 before corrections pare gains.
On the other hand, a downtrend would result in the Pi Network token price dropping to support near $36.7. Moreover, breaching the immediate support level might result in the PI coin price testing support near $34.
For a price action so stagnant, the RSI is, unsurprisingly, neutral, with a score of 49.45 on the daily chart.
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