The Pi Network IoU token price has remained flat at a key support level as developers prepare to launch the mainnet.
Pi Coin was trading at the psychological level of $50, well below its November high of nearly $100. The main reason for the sale is the ongoing delay in the mainnet launch. Developers first he canceled the first grace period for notice-to-consumer verification from 31 November to 31 December.
In December, they pushed the grace period again to January 31, citing that millions of pioneers still hadn't transferred their tokens to the main web. At the time, more than 18 million members had completed KYC verification, but only 8 million had transferred their tokens to the main web.
According to the mainnet launch guidelines, the process can only continue when at least 10 million users have transferred their tokens. In a statement on January 5, developers noted that more than 9 million users had now completed the migration, increasing the chances of hitting the 10 million threshold by January 31.
If all goes well, the developers expect the mainnet launch to take place in Q1 2025, possibly in February or March. Moving to the mainnet will open up the Pi Network ecosystem to a wider audience and allow pioneers to convert their Pi coins into fiat currencies after years of mining.
The mainnet launch will also allow users to test around 80 applications created by the community. Some mainnet ready applications include Map of Pi, Pi Game, Care for Pi, and 1pi Mall. Specifically, Map of Pi lists retailers worldwide that accept Pi Coin.
Pi Network's vision has always been to create a more accessible digital currency than Bitcoin (BTC). Its unique approach allows Pi to be mined on smartphones, with the goal of global business adoption.
However, there is still a risk that the launch of the mainnet will be delayed again, as has happened many times in the past.
Pi Network stock price history
The Pi Coin IoU listed on HTX is not affiliated with the official Pi Network project. It is often considered the closest substitute to the real Pi Coin. Historically, its price has risen on mainnet launch hopes and fallen when those hopes fade.
The daily chart shows that the price of Pi Coin has fallen to an important support level with $50. This level serves as both a psychological point and the lower side of an uptrend line connecting the lower troughs from September.
The indicator is consolidating around the 50-day moving average, suggesting a possible rally. If this rally leads to a breakout, the token could rise to $100 before the mainnet launch. However, there is a risk that a break below the trendline will push the price down to $30, the September low.
