The Pi Network token price has been in a consolidation phase since March as investors await the promised mainnet launch.
IOU token remained stuck at $40 in a low volume environment.
Pi Network Mainnet Launch
There are indications that Pi Network developers are preparing to launch the long-awaited mainnet.
Earlier this year, the team listed three conditions that must be met to achieve this goal.
The first requirement is to verify at least 15 million pioneers, a process that will lead to the removal of bots from the ecosystem. In a recent note, the developers noted that more than 11 million pioneers have passed the verification stage.
Another important step is the six-month grace period, which began earlier this month. During this period, all Pioneers must complete the verification process. If the other two conditions are met, Pi could move to the open network by December or January.
Another requirement is that developers hope the network will have at least 100 dApps, a move that would create utility for the token. It is unclear how many dApps there are in the current closed mainnet period.
Finally, Pi Network hopes to launch an “airdrop” when the market is supportive, i.e. when cryptocurrency prices are rising.
Pi Coin IOU is unified
Pi Network IoU is a cryptocurrency that was launched in 2022 and is available on a handful of exchanges. It initially jumped to $343 after launch and then dropped sharply when Pi Network developers disowned it.
Since then, the biggest jump for the token occurred in March, when Bitcoin hit a record high.. It then rose to $120 and then fell to $40, where it has remained since March.
Pi Network token is traded thinly, with an average of Daily volume The fact that this amount is less than $600,000 means that it is not a good representation of how real Pi is traded.
Latest events in click to earn Cryptocurrencies have been sending signals about what to expect when Pi Network lists on major exchanges. Notcoin, the first cryptocurrency to go public, initially rose to $0.030 in June before falling to $0.016. Similarly, Pixelverse (PIXFI) rose to $0.10 before falling 50% to $0.050.
Despite the different technologies, Pi Network is a click-to-earn platform where entrepreneurs earn tokens by simply clicking on an app button. These platforms also create utilities such as games.
Therefore, there is a possibility that the Pi Coin IoU price will remain in a tight range while investors wait for the real deal: the mainnet launch.