Pi coin, often called the “next Bitcoin,” is back in the spotlight as excitement grows around the Pi Network’s mainnet launch. With the launch expected in the first quarter of this year, many are watching closely as Pi coin’s price recently surged by 2% in just a few hours.
What’s in store for Pi coin as it prepares to enter the mainstream crypto market? Keep reading to find out what makes Pi Network so interesting.
Pi Network Remains a Fan Favorite
Launched in 2018, Pi Network has quickly become a major name in the cryptocurrency world. With over 50 million users and more than 100 million downloads of the Pi Browser, the network’s goal is to make cryptocurrency easy and accessible for everyone.
Pi coins can be mined in a unique way—through a simple tap-to-earn process on a smartphone, unlike traditional mining that requires expensive hardware.
Pi Tokens: No Value… Yet
Since its launch, millions of Pi coins have been mined by users. However, these tokens don’t have real-world value right now because the network has been operating in a closed mainnet since 2021.
The Pi team has promised that the mainnet will open to the public by the end of the first quarter. However, past promises have been delayed, so the exact timing remains uncertain.
The mainnet launch will only happen once 10 million Pi pioneers complete the KYC (Know Your Customer) verification process. This requirement has led to delays, with the new deadline set for January 31. If all goes as planned, the public mainnet could be live soon after.
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Pi’s Vision to Outperform Bitcoin
Pi Network wants to fix some of Bitcoin’s issues, like its high energy use and complex mining process. A key part of Pi’s plan is its easy mining process, which can be done directly on a phone. Another big addition will be decentralized apps (dApps), which will expand the network’s capabilities.
Around 80 dApps are expected to launch when the mainnet goes live. Plus, more than 27,000 shops have agreed to accept Pi coins as payment, which could help drive its adoption.
Developers vs. Users
There’s a gap between the vision of Pi’s developers and what many Pi users expect. While the team aims to turn Pi into a global currency, many users see it as a chance to make quick profits. This divide could affect Pi coin’s price and stability once it is publicly tradable.
Pi Coin Price Analysis
As of now, Pi coin is trading at approximately $42.5, marking a rise of nearly 2% in the last 24 hours, with a market cap of $2.89 billion. However, its 24-hour trading volume has dropped by 13%, currently standing at around $236K, according to CoinMarketCap
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FAQs
Currently, 1 Pi coin is valued at approximately $42.5, with a market cap of $2.89 billion. The price fluctuates based on network developments.
Pi coin currently has no real-world value but could gain worth once its mainnet launches and it becomes publicly tradable after KYC verification.
Pi coin’s price surged due to growing anticipation of its mainnet launch and the 2% rise in the last 24 hours, indicating rising investor interest.
Yes, Pi coins can be mined on a smartphone using a simple tap-to-earn process, making it accessible for users without specialized hardware.