Pi Network Token’s IOU Plummets 24% In July Following Pi2Day Failure
NOIDA (CoinChapter.com)— Pi Network, the mobile-based crypto mining project, likely misunderstood the principles of cryptocurrency. Rather than introducing transparency in its operations, the Pi Network team remains opaque and vague.
The project, which had users preparing for an open mainnet in June 2024, though without any guarantees, delayed the launch once again. Users and shillers banged their chests in the run-up to June 28, or Pi2 Day, claiming it was the prophecized date for the mainnet launch.
Launch Delay Punches PI Coin In The Gut
PI Coin, the still-waiting-for-mainnet-launch-to-become-relevant crypto token’s IOU, had been comfortably range-bound as Pi2 Day approached. The token refused to budge from its position despite incessant shilling campaigns by Pi Coin supporters.
The shilling campaigns ranged from silly (PI is the next Bitcoin, yay!) to deluded (Elon Musk will accept PI coin) to sometimes so crazy even the Joker would question the sanity of the shillers (PI price will reach $314,159 post mainnet launch).
The failure to launch the Pi Network open mainnet caused a reaction from the token, as the PI coin price dropped nearly 24% WTD to reach a daily low near $30 on July 5.
Should the downtrend continue, PI coin price would likely end up testing the support levels near $28.3 and $21 before recovering.
In the unlikely scenario PI coin price starting a rally, the token could rise to the resistance near $44. Flipping the immediate support might help the Pi Network token price rally to the resistance near $60.5
The relative strength index for PI coin was oversold, with a score of 26.27 on the daily charts.
Pi Network Celebrates “Last Pi2Day” Before Mainnet Launch
Pi Network celebrated what it claimed to be the last Pi2Day 2024 before the anticipated Open Network launch. However, repeated false promises over the years mean users should take the claim with a pinch of salt.
The team announced over 60 million engaged Pioneers, but only 12 million have completed KYC, falling short of the 15 million goal. Migration to Mainnet also lags, with just 5.79 million migrated Pioneers out of the 10 million target.
The network’s reliance on community-driven milestones raises concerns about scalability and efficiency. Despite introducing new KYC features and Mainnet migration optimizations, progress remains slow. Per a post, users can now expect a mainnet launch “by the end of 2024” instead of Q2 2024.
The introduction of a six-month KYC grace period highlights ongoing issues in streamlining the verification process. Pi Network’s claim of creating 70 Mainnet-ready apps also fell short of the 100 apps target, raising doubts about the ecosystem’s robustness.
The network’s attempt to enhance utility through features like the Pi Ad Network and Pi Social Profiles seems insufficient to offset the fundamental delays.
Additionally, the Pi Network mainnet launch delay due to an “unfavorable external environment” casts further uncertainty. Historical delays and the reliance on community efforts indicate potential structural inefficiencies.
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