Pi Network’s long-awaited mainnet launch is moving forward as Bitcoin forms a rare death cross pattern.
Pi Network developers have been working hard this year to ensure the blockchain transitions from a closed mainnet to a public mainnet. In a recent post, they noted that they are making good progress on KYC verification for customers. Over 13 million Pioneers have gone through the KYC process and 6 million have already moved to the mainnet.
Additionally, developers have started a six-month grace period for innovators to complete the verification process. The KYC process is a crucial step in Pi Network’s journey to the mainnet as it aims to eliminate potential bots.
This is also one of the three major milestones that must be achieved before the Pi Network mainnet is launched, which will enable users to sell their Pi coins.
The other two achievements are the development of the ecosystem and the favorable market environment. In terms of the ecosystem, the Pi Network creators aim to have at least 100 decentralized applications (dApps) to create utility for the token.
It is unclear how many Pi Network dApps are available yet. Show warehouse There are around 27 decentralized applications in areas like commerce, gaming, NFTs, and utilities in the ecosystem, which means it still has a long way to go to reach 100.
Bitcoin has formed a death cross.
The developers also hope that the token listing will take place in a favorable market environment. While Bitcoin (BTC) and most cryptocurrencies reached record highs earlier this year, many have since fallen.
Bitcoin recently formed a death cross pattern where the 50-day and 200-day simple moving averages made a bearish crossover. Historically, this pattern is often followed by a significant decline. In 2022, Bitcoin dropped more than 60% after the pattern formed.
Cryptocurrency listings during a bear market are often risky. For example, most of the newly launched tokens such as Notcoin (NOT), Pixelverse (PIXFI), Wormhole (W), and zkSync have fallen by double digits from their all-time highs.
As we wrote before, the price movement of Pi can also reflect the movement of other coins that can be used to make money, since they have a similar business model.
Publicly traded cryptocurrencies like Notcoin and PIXFI have already fallen, while Hamster Kombat futures have hit all-time lows. Therefore, there is a possibility that Pi could fall after its listing on the exchange as entrepreneurs liquidate their cryptocurrencies, especially since many have held onto them for years.