The long -awaited launch of Pi Network’s open moorst caused competitive price movements for his native token, Pi (PI), on February 20, while early enthusiasm made way for a quick sale.
Pi Network, with which users can minen crypto via a mobile app without energy-intensive hardware, has switched from a closed beta system to an open blockchain, making transactions outside its ecosystem possible.
The shift is expected to expand the real use of the token and increase accessibility on external platforms. The PI Network development team said in a statement:
“With the transition to Open Network, PI can connect to external networks on the Mainstet blockchain, allowing users to perform transactions outside the PI ecosystem.”
The upgrade also paves the way for possible exchange lists and integration with decentralized applications. However, the road remains loaded with challenges because of uncertainty about the legality of the project.
Crash after the span
After the announcement, PI rose by 45% within an hour and reached a highlight of $ 2.10, while the trade volume distributed more than 1,700%, because speculation around the launch fed a purchase razoria.
However, the rally was short -lived. Within a few hours, Pi fell more than 52% to a low point of $ 1.01, so that the profit from earlier in the day was wiped out. The market capitalization of the token fell to $ 7.02 billion, which expressed concern about long -term stability.
With a total stock of 9.7 billion tokens, PIs is currently around $ 83.07 billion.
Analysts warned that future token releases could introduce extra downward pressure if the demand does not keep pace with the supply.
Uncertainty remains
Since its foundation in 2019, Pi Network has attracted tens of millions of users and positioned itself as a mobile -friendly alternative to traditional cryptocurrencies. Proponents believe that the open network launch marks an important step in the direction of wider acceptance by making Real-World transactions possible.
Despite optimism, uncertainty remains. Critics point to unclear tokenomics, potential regulatory obstacles and the absence of confirmed exchange lists as challenges that can limit the viability of PI in the long term.
In the meantime, the history of legal and regulatory problems has also expressed their concern in the industry, with various large fairs that refuse the listing application. Binance eventually let the community vote on this issue, which resulted in a favorable outcome of 85% for PI.
The support of the community, however, does not relieve the uncertainty surrounding the project, which was labeled as a scam by law in 2023.
