Pi Network Now Live! Pi Coin Drops 100% After Launch – What Went Wrong?

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.

What is 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 Coin Tokenomics

Pi Network has a total supply of 100 billion coins, divided into four categories:

• Mining Rewards – Around 65% of the total supply around 65 billion has been allocated to the miners who have been mining the Pi token since the beginning of the network.

• Pi Ecosystem Growth – Pi developers have allocated 10% of the supply of around 10 billion to the Pi support community projects, dApp development, and network improvements.

• Liquidity Pool – However, 5% of the supply has been allotted to the Pi liquidity pool to ensure smooth transactions.

• Core Team – Lastly 20% around 20 billion will go to the Pi core team for the network development purpose.

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Pi Coin Price Drops Hard After Mainnet Launch

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.

Will Pi Coin Recover?

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.