Rajpalsinh
Vaibhav Jha
As the Pi mainnet launch is scheduled towards the end of 2024 and the ongoing KYC process for the migration of Pi coin, the speculation about its price and possible conversion ratio have taken the internet by storm.
At the moment, the Pi IOU coin price revolves around $36.10 with over a 38.51% hike in a year according to the CoinMarkeCap data. After the mainnet launch, the price of the official Pi coin is expected to shoot up with a much larger participation by users. There are over 60 million ‘pioneers’ registered with Pi and out of them 13 million have already completed the KYC process. Out of these, 6 million Pioneers have already migrated to Mainnet.
In this article, we will provide a speculative analysis of how much the value of Pi Coin would shoot once its mainnet gets launched.
As of August 14, 2024, Pi Network has a total supply of 68 million tokens, out of a maximum possible 100 billion tokens, which is the total supply of Pi coins. Out of the total mined Pi, 80% is locked for three years ‘vesting period’ to keep its value stable. The other 20% is granted to the Pi core team, out of which 65% will be used for mining rewards, 10% for growing the ecosystem, and 5% for providing liquidity on exchanges.
Various factors, such as the mainnet launch, user adoption, and the effect of the vesting period, will play a pivotal role in deciding its value. If the vesting period is too ‘restrictive’, it could limit liquidity and hinder price growth. On the flip side, if too many coins are released too quickly, it could lead to a major drop in price due to oversupply.
However, there are a lot of dilemmas over Pi tokenomics as no one knows the dynamics or exact figure of Pi coins that will be available in the future. This makes it difficult to tell its value in the future. For example, here’s a price estimation from the Reddit post for a maximum supply of 70 to 90 billion Pi coins.
Note that, Pi Coin has not done any ICOs or crowdfunding to provide additional liquidity to the project. So, whatever price fluctuation PI coin experiences will be solely because of its utility and tokenomics model.
If the mainnet launches in 2024, Pi coin can witness a notable price surge after wider participation and the ‘peer-to-peer’ utility mentioned in its whitepaper. Albeit, initially, the Pi coin may trade around the $43 to $47 range.
But as the market will eventually absorb the impact of the launch, the price began to climb. This price surge could range between $58 and $74 at the initial stage. By August, the price continued its upward trajectory, stabilizing around $73 to $86.
In the short term, Pi’s price is expected to fluctuate as it gains more users and becomes more integrated into the broader crypto market. Long-term predictions suggest that Pi could potentially trade between $55 and $70 by the end of 2024, and the possibility of reaching $200 or more by 2025 if the network achieves widespread adoption.
By September 14, 2024, the price of Pi Network could increase by 227.99% and reach $111.52, which is around its ATH (all-time high) at around $119.
Right now, Technical analysis of the Pi coin shows a strong possibility for growth after the mainnet launch with wider participation. The 200-day Simple Moving Average (SMA) is projected to increase, and the SMA is expected to reach $60.75 in the upcoming weeks, showing a bullish sentiment. The Relative Strength Index (RSI), currently at a neutral level, indicates a balanced market sentiment.
Right now, Pi remains at its pre-release phase. If you’re wondering whether you can buy or sell Pi Network coins, the answer is currently no. Users who have mined Pi coins will only be able to withdraw or exchange (like BitMart) them in Phase 3.
During the testing period, Pi coins cannot be transferred to avoid the concentration of coins by fake accounts. Wallet balances can only be honored once the cryptocurrency moves from the testnet to the mainnet and the blockchain is fully deployed.
At present, Pi coins are not available for trading on any cryptocurrency exchange platform. The official announcement states, “Pi is currently in the Enclosed Network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings.”
In Phase 3, an open network phase, holders can use Pi coins to purchase products and services on Pi’s peer-to-peer marketplaces, provided they have control of their public and private keys. Without these keys, Pi holders cannot spend their cryptocurrency.
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