After many years of waiting, Pi Network has finally launched its Open Mainnet, bringing a new phase for Pi Coin. The launch has sparked excitement, especially with top exchanges like OKX and Bitget listing Pi Coin. Perhaps the launch didn’t go as many had hoped for, the token price crashed by nearly 100%, dropping to $1.5 on the debut, raising concerns over their Pi token value.
Pi Network: The Next Big Thing!
Tap To Earn Pi Network started in 2018 and has quickly gained popularity in the crypto world. With over 50 million users and more than 100 million downloads of the Pi Browser, its main goal was to make cryptocurrency easy for everyone.
However mining the Pi coin is simply a matter of tapping a button on your mobile, unlike Bitcoin mining, which requires extensive machinery. This way, Pi has already allowed thousands and thousands of people to mine Pi coins easily.
Apart from this mining Pi Network also aims to address some of the biggest issues of Bitcoin, especially energy consumption and complexities in mining. By enabling mining via smartphone, Pi opens it up for more users.
Additionally, the network is looking to introduce decentralized apps (dApps) as part of the toolkit moving forward.
Pi Coin Tokenomics
The overall supply of Pi Network coins is set to have a 100 billion allocation, however, the coins are distributed in four different categories;
- Mining Rewards – Around 65% of the total supply around 65 billion has been allocated to the miners who have been mining the Pi token since the beginning of the network.
- Pi Ecosystem Growth – Pi developers have allocated 10% of the supply of around 10 billion to the Pi support community projects, dApp development, and network improvements.
- Liquidity Pool – However, 5% of the supply has been allotted to the Pi liquidity pool to ensure smooth transactions.
- Core Team – Lastly 20% around 20 billion will go to the Pi core team for the network development purpose.
Pi Coin Price Crash By 100%
Since 30 minutes after the official mainnet launch of the Pi Networks, the Pi coin price has crashed hard, dropping by nearly 100%. Just a few hours back, it was trading around $35, but now it hovering around $1.5
As Coinpedia news already reported Pi coin price may see massive profit-taking by early miners, and that’s exactly what happened after the launch of mainnet.
Many in the community fear that Pi’s price could drop even further, potentially falling below $0. Only time will tell whether the coin will face more losses or if positive news like a listing on a major exchange, could give Pi’s price a much-needed boost.
