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Pi Network is one of the few crypto projects that have maintained their hype for a long time. Its unique features have made it a very popular project with a very vibrant community. It has built quite a following despite not having gone live yet. As of this writing, the Pi Core Team X (formerly Twitter) page has over 3.3 million followers.
This signals the high level of anticipation bubbling under as users wait for the mainnet launch. One of the project’s key attractions is that it is built to enable the mining of its native cryptocurrency, Pi Coin on smartphones. To do this, they simply need to complete short tasks on their phones.
However, the Pioneers (as Pi Coin supporters are referred to) are losing their patience as the project is yet to go mainstream despite years of development. Instead, what has been forthcoming is uncertainty and several postponements of the mainnet launch date.
For this reason, the real price of the Pi coin remains a mystery to most holders. These factors have led some people in the online space to call for an intervention by the Federal Trade Commission (FTC) before things go the FTX or the Terra Luna way.
However, there’s something great to look forward to after the Pi Network development team announced on August 8 that the number of KYC’ed users had risen to 13 million. With that, the network is about 2 million KYC’ed users away from hitting its target figure of 15 million before the open mainnet launch. Meanwhile, 6 million users have already migrated to the mainnet.
Furthermore, the KYC deadline of September 30 is fast approaching, which will likely bring new excitement to the project. However, there have been rumours that some users have been facing challenges in completing their KYC verification, with bugs and verification errors. That could potentially lead to extension of the deadline date.
Despite these developments, the Pi Network is yet to give a tentative date for its mainnet launch- a factor that has led to frustration among some Pioneers. With key milestones yet to be attained, it is becoming increasingly likely that the project may fail to launch the mainnet by the end of the year.
Many crypto enthusiasts can be seen on different forums on the internet looking for the current price of Pi coin. One of the most commonly circulated speculated figures is $314,159. It is worth mentioning here that all the Pi coin price estimates currently available on the internet are not accurate. This is because the coin is yet to be listed on crypto exchanges for trading.
The Pi coin was created by a team of Stanford graduates and was launched in 2019 on Pi Day, 14 March. A free Pi mining app was also provided during the launch, which enabled users to mine the crypto on their phones. Till now Pi coin value is not known as the network hasn’t launched any coin yet.
By June 2019, the crypto had already amassed more than 100,000 active users. By February 2020, the user base had grown to over 3.5 million active users. Today, the network has over 60 million active Pioneers.
To protect its scarcity, the crypto undergoes halving, which is the number of coins awarded for processing a transaction. For instance, the Pi network halved from 1.6 π when it reached 100,000 active users. The process repeated when it reached another milestone of 1 million active users and again when it reached 10 million users. It will continue with the halving process until it reaches zero, when the number of active users will be 1 billion.
The network has reached over 13 million Pioneers who have passed KYC and over 6 million Pioneers who have migrated to Mainnet! Through our collective efforts, we’re progressing towards the Open Network goals. Keep in mind that the progress is not linear and has been accelerating… pic.twitter.com/fXad6mpe59
After remaining in its closed mainnet, the public launch of Pi Network mainnet was expected in 2022. However, due to the lack of communication from the team and constant delays, it didn’t even happen in 2023. The PI Core Team announced in early September 2024 that it will reveal the Mainnet open roadmap in December 2024.
However, as impressive as they were, the milestones still fell short of the targets needed before the Open Mainnet launch. This may increase the level of apprehension among Pi Coin holders, but it is an unavoidable step if the coin is to achieve mass adoption and utility.
The Pi Coin project has adopted a phased approach, to ensure that it ticks all the boxes for efficiency and regulatory compliance. However, the continuous postponement of the mainnet launch is a cause for concern and has given rise to the widespread talk that it could well be a long con scheme or scam.
Instead of focusing on giving updates on the project roadmap, with well-defined timescales, the team has instead prioritised attracting attention from online social media platforms. In one such recent occurrence, the team posted an online competition asking users to answer three quizzes to win 100 USDT. These are often seen as stunts aimed at diverting attention from the real challenges facing the project.
Pioneers can now view the transactions on the Pi Testnet and Pi Mainnet blockchain via Pi Block Explorer. The explorer lists all the transactions occurring on both networks in real-time. In addition, users can also check for a particular transaction or an account balance by using the in-built search function.
Even after mining Pi coin for years, many holders are still looking for ways to cash some of their holdings. Due to the constant delay in the full mainnet release, the tokens are currently almost illiquid unless someone sells them in a pee-to-peer market. Generally, the jury is still out on whether the Pi Coin project is legitimate or a long con.
However, the Pi Coin development team has given solid updates in May, including an update to the mainnet migration mechanism to speed up Pioneers’ migration to the mainnet when it launches. In addition, the project has been urging its users to safeguard their non-custodial wallets holding Pi ahead of the mainnet release. With less than two months to the mainnet launch, this is the closest the project has come without postponing the launch.
After a very long wait, Pi team finally shared the roadmap in November 2023. While this roadmap was not detailed, it still showed the direction in which the project would be heading.
The version 1 of the roadmap is divided into 3 phases, with the initial 2 phases already complete. However, phase 3 which is divided into two parts, is the most significant one. Pioneers were eagerly waiting for some information on the Pi coin exchange listing but met with utter disappointment as the team didn’t give any timeline for the full public launch of the mainnet.
In the last 4 years, users of the Pi Network app have mined millions of coins. However, these coins are not liquid so far as they are not trading on any centralized or decentralized crypto exchanges. This has led to frustration in the community of Pioneers as many people keep on looking for ways to sell their Pi coins, commonly known as IOU contract coins. Typically, peer-to-peer trading is the most common way of exchanging coin. However, the mainnet launch will be a key step in bringing the coin to centralised exchanges.
Pi has not been listed on any exchange, and Pi Network has not been involved with any purported listings. You could sustain substantial loss by participating in unauthorized listings. Read more on our website: https://t.co/rbntZ7DROj pic.twitter.com/LJztPOH35c
While you can still trade these derivative products on multiple exchanges, they must not be mistaken as real coins. Another reason to stay away from these IOU contracts of Pi/USD is that they seem quite overvalued, considering the total supply of Pi coins. And in recent days, there has been a steep decline in the volume of Pi Coin IOU tokens, after the PI Coin Network team issued several warnings against trading in such coins.
As mentioned earlier, the Pi coin is not tradable yet. Due to the huge hype about the project, many crypto exchanges are waiting for the full mainnet release to list Pi Network. Currently, it is up to the project team when to launch the full version of their blockchain. However, many users are still selling their coins via different P2P methods.
It seems that the team is deliberately delaying the full mainnet release. Many industry analysts believe that the project is already generating very good revenue from the daily traffic on Pi Network app. A launch of the mainnet may divert all this traffic to the blockchain, depriving the project of significant ad revenue.
If you are eagerly waiting to sell your Pi coins, then I’ll let you know when your coins are tradable. For this, you are welcome to join my free Telegram, where I post daily updates on cryptocurrencies and stocks.
In other news, Pi Network has announced a prize of 10,000 Pi for the winners of the recently concluded hackathon. The announcement was made via a Twitter post. The names of the winners have already been shared on Twitter.
The network has been running a Grace Period campaign, informing PI coin holders to complete the Know Your Customer (KYC) verification and mainnet migration within 6 months from June 28 (PIDay 2). We are likely to see more user activity in the network as the September 30, 2024 deadline draws near.
In September 16 2024, PI Bridge, the project’s DeFi network that interfaces the PI Network to other blockchains, announced the opening of an NFT staking pool on the platform. Users were told to start depositing their NFTs before the September 30 deadline for a chance to generate earnings.
🚨 ANNOUNCEMENT: CLOSING TIME FOR MINER NFT DEPOSITS 🚨
⏳ The NFT Pool is now officially open on the PiBridge App!
⚠️ PiBridge will soon close the Miner NFT deposit gateway to transition to the next development phase. Don’t miss the chance to deposit your Miner NFT and stake… pic.twitter.com/BbkAwldVZ6
Also, it has so far 70 real, distinct Pi apps that are either mainnet-ready or already on the mainnet. Finally, the project’s developers say the external environment will need to be favourable upon completion of these milestones before it launches.
One of the bottlenecks facing Pi Coin is the Know Your Customer (KYC) process, which is a demanding task for an ecosystem with over 60 million users. Nonetheless, this is one of the most important steps in the PI network’s development and reputation, as it will ensure that all Pi Coin holders are human beings.
As more Pioneers migrate to the Mainnet, please be reminded of the safety of your non-custodial Pi Wallet and Pi. Mistakes in sharing your wallet passphrase to bad actors or phishing sites may result in irreversible transactions due to the immutability of blockchain. Make sure… pic.twitter.com/bujyjb5iMV
Pi Network is working to expand its ecosystem. The project currently runs the Developer Ambassador Program. The program rewards anyone with 1000 Pi coins for onboarding new developers to the Pi mainnet. This initiative may accelerate the development in the coming months.
Currently, Pi Network is one of the biggest crypto communities on Twitter. The project is supported by a loyal community of enthusiasts who are eagerly waiting for the full release of the mainnet. The project has attained more than 3.3 million followers on Twitter/X. The number of network participants has hit 50 million.
Similarly, its main app has been downloaded by more than 50 million people, making it one of the most popular apps in the crypto industry. The Twi
The social media following is the backbone of any crypto project. Pi Network is currently followed by 4.7 million across different social media platforms. Such a big community can be attributed to the project’s great referral system and good marketing.
The most distinguishing feature of Pi coin mining is the fact that it can be mined on any cell phone and doesn’t require any sophisticated hardware or computational power. This unique trait has made it very popular among the new crypto enthusiasts as they can mine coins just by tapping on their mobile screens everyday.
Pi Network uses the Stellar Consensus Protocol (SCP). This Consensus Protocol is different than the widely used proof-of-work (PoW) and has also been a major selling point to its users. The consensus mechanism allows transaction validation on a distributed ledger to be executed by order, increasing its scalability and rate of transactions per second.
Another cryptocurrency called Stellar Lumens already uses Stellar Consensus Protocol (SCP). In the Stellar Lumens network, most of the nodes are being run by big organizations like IBM. However, in Pi Network, all the nodes will be run by individual users.
Users would be able to use their devices like mobile phones, laptops, and tablets to run a Pi Network node. This can theoretically create a much more robust and decentralized network while also ensuring high scalability.
HTX (formerly Huobi) was one of the first crypto exchanges to launch Pi coin IOU contracts in December 2022. After an initial surge to $264, the pair has been in a tailspin since then. The current price of $36.49 also seems to be overvalued, considering the huge circulating supply of Pi coin.
According to the latest exchange data, $588,000 worth of Pi IOU contracts have changed hands across crypto exchanges BitMart, HTX and CoinW. However, I would be cautious to invest in these derivatives as they currently seem to be overvalued.
All the Pi coin price predictions that you find on the internet these days are nothing but clickbaits and dubious speculations. This is because the real coins are yet to hit the market and trade freely on digital asset exchanges. It is better to wait for further clarity from the team before selling your holdings for pennies in the p2p markets.
Many experts predict that Pi coin will be listed on several decentralized exchanges by the second half of this year, allowing traders and holders to convert their coins to cash.
But what will be the price of Pi coin when it finally launches? One of the most common speculative price circulating out there is that Pi will be worth $314,159 (a play with the value of Pi) when it lists. However, that remains nothing more than speculation. To answer the question of the price of Pi coin when it starts to trade this year and my general Pi price prediction for 2024, I will use several concepts that help explain why cryptos increase or reduce in price.
The first concept I will use is supply and demand; regardless of whether you are dealing with the Fiat currency or cryptocurrency, oversupply of currency results in depreciation in prices. Therefore, assuming that the supply will be billions at the launch of Pi coin, the resulting prices of the cryptocurrency will be worth pennies. This puts all the dubious price speculations above $1 to rest. Pi Coin price of more than a few pennies would make it extremely overvalued due to its very high circulation.
The second concept determining how much Pi coin will be worth is its long-term usability. Today, most cryptocurrencies have a premise of solving real-world problems, which has led to people using these cryptos. For example, take the case of Ethereum, which promises to decentralize financial institutions. But, again, these are real-world problems that are getting real-world solutions.
However, this is not the case, as seen with some cryptocurrencies such as Shiba Inu and Dogecoin, which were created as jokes and serve no purpose at their core. Instead, these types of cryptos rely on influencers and high-profile people to market them for them to gain prices. Although Pi network team has mentioned a lot of use cases for the coin, most of them are yet to see the light of day. Therefore, only time will determine the true usability of this new cryptocurrency.
The third and last concept I will use for my Pi Coin price prediction for 2024 is how the combination of the previous two factors interact, how the supply and demand and the crypto usability affect clients’ willingness to invest in the project. For instance, the project may have high usability but still fail to launch at a higher price because of oversupply or lack of demand.
Even though the team has been very active on Twitter, they are still keeping the community in the dark regarding the roadmap for the mainnet’s public release. This situation is making many loyal community members to have second thoughts on the project.
Also, there have been whispers about a possible partnership between Pi Network and Amazon for a while now. That would involve PiCoin becoming a payment option on the platform. However, after months of speculation, the world’s largest online retailer has still not said whether it will accept PiCoin as a payment option. Nonetheless, the PiCoin community still holds on to that hope, and if Amazon were to adopt PiCoin, it would be a huge step forward and a huge validation of utility.
I expect the crypto to launch in the second half of 2024 at around $0.2 to $0.5. With the Pi open Mainnet expected to launch in 2024, the project might see some price stability in 2025.
Based on the implementation of technologies such as The Pi Network’s use of Stellar Consensus Protocol (SCP) and millions of users already using the coin, my Pi price prediction for 2025 indicates that the coin will be bullish from 2023 to 2025. As a result, I estimate that the crypto will be trading at above a dollar by 2025. Of course, this is a conservative estimate, but based on my experience with other similar crypto’s, I expect it to at least range from $1 to 1.5 by 2025.
While true that it is almost impossible to predict what will happen to the Pi coin in 2030 since it has not yet started trading, we can still speculate its value during that time.
My Pi coin price prediction for 2030 is based on factors listed in my previous prediction. My conservative estimate is the crypto will be trading at around $5. By this time, the halving cycles will have made it harder for the new Pi coins to be mined, but billions will still be available. Therefore, I don’t expect the crypto to be above $5 by 2030.
One of the questions that come up a lot by investors looking to invest in Pi coin is whether the crypto is a scam.
To be fair, it is a very genuine question that needs to be asked because, unlike other cryptocurrencies, Pi coin is currently not exchangeable anywhere. There is also the question of why the project has been delayed so much before getting launched on exchanges.
Today, many investors of the Pi coin have no tangible benefits (for now), and the value attached to the crypto is more speculative than objective.
However, based on my observation of the project, I am of the opinion that PI coin is a genuine project. This is because creators have already promised to release it in decentralized markets by the second half of this year.
The project also has one of the biggest communities today. Its creators have never shied away from answering these community members, indicating a willingness to move the project forward.
In its short years of existence, the project has also not displayed signs of being a scam. This is an indication that the PI coin is a genuine project.
Investing in Pi coin, for now, is purely based on speculative analysis and not the usual fundamental and technical analysis.
Although my analysis is super bullish, speculative analysis is highly risky, and there is a high probability that the prices will not pun out as predicted in my analysis. Therefore, investing in Pi coin comes with huge returns on investment and can also result in huge losses that wipe your investment.
InvestingCube’s editorial policy is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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