Pi Network Mainnet Goes Live On Exchanges With Significant Price Drop

Pi Network, a cryptocurrency platform that integrates social engagement, developer tools, and real-world applications, has officially launched its open mainnet, marking a significant milestone for the project.

Key Takeaways: – Pi Network has officially launched its Mainnet, with PI tokens now tradable on major exchanges like OKX, Gate.io, Bitget, and CoinDCX. – PI tokens initially traded at $2.20 but have dropped 30% to around $0.906 due to sell-offs by miners and holders cashing out.

With this launch, the PI token is now listed on major exchanges such as OKX, Gate.io, Bitget, and CoinDCX, allowing users to trade it freely.

The long-anticipated debut of Pi Network’s spot trading began with PI tokens initially priced at $2.2 on OKX at 8 AM UTC. This moment was eagerly awaited by early miners who can now buy, sell, and exchange PI tokens like any other cryptocurrency.

However, the launch also brought market volatility, with PI’s value experiencing a sharp decline. Analysts attribute this downturn to increased sell-offs from miners and holders taking advantage of the opportunity to cash out. Since the Mainnet went live, the token has dropped by 30%, currently trading at approximately $0.906.

Despite the enthusiasm surrounding Pi Network’s expansion, concerns have emerged regarding its Know-Your-Customer (KYC) verification process. The stringent KYC requirements have sparked debates within the community, as some users find the conditions restrictive.

Pi Network operates with a fixed maximum supply of 100 billion tokens. Of this total, 65% is designated for mining rewards, 10% supports ecosystem development, 5% is allocated to a liquidity pool, and 20% is reserved for the Pi Core Team.

Currently, only 9.7 billion tokens are in circulation, raising questions about potential future price pressures as more tokens are unlocked.

Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor.