The mainnet launch of Pi Network initiated trading volumes exceeding $1.3 billion during its first few hours. The rapid decline of Pi Coin reduced its value by 60% from $2 to $0.69, which eliminated almost all investor gains.
Early investors in Pi Coin took advantage of the classic pump-and-dump scheme by quickly selling their tokens, which caused the price to collapse. The token plummeted from $2 to $0.66 during the first day of trading.
Even as of the current price of $0.66, the Pi Network pegs a market cap of $4.25 billion. With more than 60 million users and over 10 million already migrated to the mainnet, the Pi Network has achieved significant market following.
Following the mainnet launch, a total of 1 billion from the total 9.7 billion PI tokens are available initially. The remaining tokens will be locked in user wallets and unlocked over a period of time.
The cryptocurrency exchange platforms OKX and Bitget already list Pi Coin, while Binance and Coinbase are in active negotiations to support the token. The platforms could establish much-needed liquidity and credibility through their services, which might help Pi Network recover.
The price collapse of Pi has left its long-term supporters feeling deceived. Crypto commentator Wood LightYear expressed disappointment about the launch because early miners invested years into mining Pi, but new buyers obtained it at a low price.
The high price volatility of Pi Coin creates a risky investment opportunity despite some traders maintaining positive expectations. Investors need to identify clear indications of market reversal before considering fresh investment decisions.
Also Read: Pi Mainnet Launches, Calls Businesses to Join Ecosystem
