After years of anticipation, Pi Network has finally launched its Open Mainnet, marking a major milestone for Pi Coin. The project, once hailed as a revolution in crypto mining, had millions of users waiting for this moment. With major exchanges like OKX and Bitget jumping in to list Pi Coin, expectations were sky-high.
But instead of a price surge, reality hit hard. Pi Coin’s value crashed nearly 100% within minutes, plummeting to $1.5 on debut. Investors were left stunned.
Keep reading as we break down what went wrong and what’s next for Pi Network.
Launched in 2018, Pi Network quickly became popular for its tap-to-earn mining system. With over 50 million users and more than 100 million downloads of the Pi Browser, it aims to make cryptocurrency accessible to everyone.
Unlike Bitcoin mining, which requires powerful hardware, Pi mining is as simple as tapping a button on your phone. This approach has allowed millions of people to mine Pi Coins without expensive equipment.
Beyond simplifying mining, Pi Network also aims to solve key issues seen in Bitcoin, such as high energy consumption and complex mining processes. By enabling mining via smartphones, it opens crypto access to a wider audience.
Pi Network is also working on decentralized applications (dApps) as part of its future development plans.
Pi Network has a total supply of 100 billion coins, divided into four categories:
Since 30 minutes after the official mainnet launch of the Pi Networks, the Pi coin price has crashed hard, dropping by nearly 100%. Just a few hours back, it was trading around $35, but now it hovering around $1.5
As Coinpedia news already reported, Pi coin price was likely to see massive profit-taking by early miners, and that’s exactly what happened after the launch of mainnet.
Many in the community worry that Pi Coin’s price could drop even further, possibly below $0. However, some believe that positive news, such as listings on more major exchanges, could help Pi Coin recover.
For now, it remains uncertain whether Pi Coin will bounce back or continue to decline.
Pi Network’s long-awaited launch may have arrived, but for many investors, the excitement turned into a brutal reality check.
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