Cryptocurrency Pi Network Sees 62% Drop After Listing
The cryptocurrency's market cap stands at $8.6 billion, with a total supply of 9.82 billion and a maximum supply of 100 billion PI. Experts predict further upside, with some advising users to hold their precious coins, citing exhaustion of sellers and potential big capital investment, as the Pi Network continues to navigate its journey in the cryptocurrency market.
Pi Network Coin, a cryptocurrency mined on smartphones, has experienced a significant decline in value, dropping 62.63% from $1.97 to $0.737 after its listing, despite attracting over 110 million users and showing potential for growth.
The sharp decline is attributed to several factors, including early miners selling off their holdings, the absence of a Binance listing, and concerns about the coin's real-world usability. Analysts remain optimistic about Pi's future, citing its potential for growth and mainstream adoption. The platform has expanded its ecosystem, allowing users to trade, sell, and integrate with the wider cryptocurrency market.
Experts predict that if Pi Network gains mainstream adoption and establishes real-world use cases, its price could exceed $500 by 2030. The coin's Open Network has launched, marking a significant milestone in connecting the Pi ecosystem with the wider world. External connectivity is now enabled, allowing Pioneers to access Pi's utilities-backed ecosystem and applications, interface with other compliant networks, and engage in transactions beyond the Pi ecosystem.
To maintain a safe and compliant ecosystem, participation in Mainnet blockchain activities requires KYC verification for Pioneers and KYB verification for businesses. The Open Network also brings Node updates, with the removal of the firewall that was in place during Enclosed Network. A new Open Network Challenge will be launched next week, allowing Pioneers to learn more about Open Network and explore the ecosystem through interactive content and rewards.
As Pi Network continues to evolve and expand its ecosystem, its potential for growth and mainstream adoption remains promising. With millions of users mining Pi and engaging with its ecosystem, the real test will be whether businesses and consumers adopt it for everyday transactions, ultimately determining the coin's future value and success.
