Pi Network (PI) Price Drops 24% as Project Delays Open Mainnet Launch Yet Again

Pi Network celebrated what it claimed to be the last Pi2Day 2024 before the anticipated Open Network launch. However, repeated false promises over the years mean users should take the claim with a pinch of salt.

Mobile crypto mining project Pi Network might have gotten the principles of cryptocurrency all wrong. Rather than bringing transparency in its operations, the Pi Network team continues to be opaque and vague in its approach.

The project, which had users gearing up for an open mainnet in June 2024, albeit without any guarantees, has delayed the launch yet again. Users and shillers went all out in the run-up to June 28, or Pi2 Day, claiming it to be the prophesied date for the mainnet launch.

Launch Delay Punches PI Coin In The Gut

PI Coin, the still-waiting-for-mainnet-launch-to-become-relevant crypto token’s IOU, had been trading comfortably range-bound as Pi2 Day approached. The token refused to budge from its position despite the shilling campaigns by Pi Coin supporters.

The shilling campaigns ranged from silly (PI is the next Bitcoin, yay!) to deluded (Elon Musk will accept PI coin) to sometimes so crazy even the Joker would question the sanity of the shillers (PI price will reach $314,159 post mainnet launch).

However, the failure to launch the Pi Network open mainnet had its effect on the token, as PI coin price dropped nearly 24% WTD to reach a daily low of $30 on July 5.

Should the downtrend continue, PI coin price would be testing the support levels near $28.3 and $21 before recovering.

In the unlikely scenario of PI coin price starting a rally, the token could rise to the resistance near $44. Flipping the immediate support might help the Pi Network token price rally to the resistance near $60.5

The relative strength index for PI coin was oversold, with a score of 26.27 on the daily charts.

Pi Network Celebrates “Last Pi2Day” Before Mainnet Launch

Pi Network celebrated what it claimed to be the last Pi2Day 2024 before the anticipated Open Network launch. However, repeated false promises over the years mean users should take the claim with a grain of salt.

The team announced over 60 million engaged Pioneers, but only 12 million have completed KYC, falling short of the 15 million goal. Migration to Mainnet also lags, with just 5.79 million migrated Pioneers out of the 10 million target.

The network’s reliance on community-driven milestones raises concerns about scalability and efficiency. Despite introducing new KYC features and Mainnet migration optimizations, progress remains slow. Per a post, users can now expect a mainnet launch “by the end of 2024” instead of Q2 2024.

The introduction of a six-month KYC grace period highlights ongoing issues in streamlining the verification process. Pi Network’s claim of creating 70 Mainnet-ready apps also fell short of the 100 apps target, raising doubts about the ecosystem’s robustness.

The network’s attempt to enhance utility through features like the Pi Ad Network and Pi Social Profiles seems insufficient to offset the fundamental delays.

Moreover, the Pi Network mainnet launch delay due to an “unfavorable external environment” casts further uncertainty. Historical delays and the reliance on community efforts indicate potential structural inefficiencies.

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