Pi Network, the well-known digital currency, is progressing towards the launch of its mainnet and the listing of its token, six years after its inception. This development has been met with enthusiasm by early adopters who have been mining the tokens for an extended period.
KYC verification is ongoing. The developers of Pi Network have announced that they have successfully verified more than 11.1 million early adopters, with 5.8 million of them already transitioning to the mainnet and eagerly anticipating the token listing. Additionally, they have introduced a mainnet checklist to facilitate a smoother completion of the KYC process.
However, there is still a long way to go before early adopters can convert their tokens into fiat currency. In a recent update, the developers outlined three conditions that must be met before the token can be listed. Firstly, the completion of KYC verification for the majority of early adopters, a process that is currently progressing rapidly. Secondly, the developers aim to establish a robust ecosystem of dApps with ample utility for the Pi Coin. They have organized numerous hackathons that have resulted in the creation of applications like the Pi Browser and the Pi Ad Network. Nevertheless, the ecosystem still appears to be insufficient at this stage. Lastly, they intend to list the token when the market conditions are favorable to ensure a successful launch. Analysts are optimistic about the performance of most cryptocurrencies this year, especially if the Federal Reserve decides to reduce interest rates.
In a recent statement, Michael Novogratz suggested that Bitcoin could surge to over $100,000 by the end of the year if the bulls manage to push it above the year-to-date high.
For those unfamiliar, Pi Network is among the most widely used digital currencies worldwide, boasting a user base of over 50 million. It was established in 2018 to address one of the most daunting challenges in the crypto industry: mining difficulty. Through its platform, individuals can mine the Pi Coin using their smartphones.
The main challenge faced by miners is the inability to convert these tokens into fiat currency. This capability will only become possible once Pi transitions from its closed mainnet to a fully public mainnet.
At present, the Pi Coin cannot be traded officially. However, some users trade the Pi IoU, which is listed by various companies such as HTX and MEXC.
Upon examining the daily chart, it is evident that the Pi token has been moving sideways in recent months and was trading at $40, down from the year-to-date high of $120. Its trading volume has been relatively low, while the Average True Range (ATR) has plummeted to its lowest level since February this year.
The Pi Coin is currently oscillating around the 50-day and 25-day Exponential Moving Averages (EMA). In technical analysis, this behavior could indicate that it has entered the accumulation phase of the Wyckoff Method, which is typically followed by a mark-up phase. If this unfolds, the token could rebound to over $50 in the coming weeks.