The Pi Network coin price has remained in a deep consolidation, but this week’s events may help to trigger a parabolic move. The token traded at $43.58 on Thursday where it has remained in the past few days. So, what next for the Pi coin ahead of the mainnet launch?
Pi Network KYC period is ending
This will be a big week for the Pi Network and its miners, popularly known as the pioneers, as the grace period for the know-your-customer (KYC) process ends.
The KYC has been a crucial step for the network, allowing it to remove bots who have accumulated the coins for over 6 years. Its goal has been to ensure that each Pi coin is associated with an individual.
All pioneers who have mined the Pi Network coin must verify their identity and then move their accumulated tokens to the mainnet. Unfortunately, those who don’t will lose their hard-earned tokens when the Pi Network airdrop happens.
The KYC process was supposed to end on November 31 last year, but the developers postponed it two times. This postponement aimed to ensure that as many pioneers as possible completed their KYC process and moved their coins to the mainnet.
In the last update, the developers noted that over 18 million pioneers had done their KYC verification process, but only 8 million had moved their coins to the mainnet. For the Open Network or the mainnet to launch, the developers aimed to have at least 10 million users with their coins moved to the mainnet.
Read more: Is Pi Network a genuine crypto project or a scam?
When will the Pi mainnet launch happen?
The developers have identified three conditions that need to happen for the open network to launch. First, their goal is to have at least 10 million users moving their Pi coins to the mainnet before the launch. This goal will likely be met when the KYC verification process happens.
Second, the open mainnet launch will only happen if there are no external factors are hindering the process. This section has already been achieved, meaning that it will not be a hindrance to the mainnet launch.
The final condition for the mainnet launch is that the network needs to have at least 100 mainnet apps ready. There were about 80 Pi Network apps in the ecosystem, meaning that the number will not be reached by January 31. It is, however, unclear, whether the developers will delay the process because of the app element.
The developers hinted that the mainnet launch would happen in the first quarter. Therefore, the most likely scenario is the launch in February or March.
Will the Pi Network price rise or fall?
A common question is whether the price of Pi will fall or rise after the mainnet launch happens. While it’s too early to predict, there are signs that the coin will drop immediately after it starts trading.
Pi Network is simply a tap-to-earn coin since users generate their tokens by doing some simple tasks in the ecosystem. History shows that most tap-to-earn tokens crash over time. This includes tokens like Axie Infinity and Sweat Economy.
Most recently, most viral tap-to-earn tokens like Hamster Kombat and Catizen also crashed after their airdrop.
In Pi Network’s case, the developers and miners want different things. The developers want a vibrant ecosystem, while miners are only interested in mining the token and cashing out. This means that there will be more Pi Network sellers than buyers, at least initially.
Pi coin price forecast
PI coin chart by TradingView
The Pi coin IOU price has remained volatile in the past few days. It has remained below the key resistance level of $50 and has also moved below the 50-day and 25-day moving averages.
Oscillators like the MACD and the Relative Strength Index (RSI) have moved sideways. The coin will likely surge, probably to $100 if the developers confirm when the mainnet launch will happen.
Please note: this Pi Network is only offered by HTX and is not associated with the main project.
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