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Pi Network, the digital currency platform that allows people to mine and exchange Pi coins using mobile devices, launched its Open Mainnet on February 20, 2025. This marked a turning point, allowing users to transfer Pi coins outside the network for the very first time and making it possible for real trading and investment. The coin appeared on top exchanges such as OKX, Bitget, and CoinDCX.
In spite of the hype, Pi Coin saw high volatility after launch. It had opened at $2.20 but dropped by about 55% to about $1 within hours. Before the launch, investors had exchanged Pi Coin at speculative prices of up to $200, creating unrealistic expectations.
A number of factors led to this steep drop:
- Early Adopters Selling Off: Early miners, who had been holding Pi coins for more than five years, sold their holdings to realize gains, thereby exerting selling pressure.
- Historical Precedents: Cryptocurrencies that started with airdrops have frequently experienced initial sell-offs since recipients have the tendency to dispose of free tokens for gain in the short run.
- Limited Real-World Use Case: Currently, the real-world usage of Pi Network is mostly in peer-to-peer transfers. It requires more decentralized applications and strategic partnerships to create demand and expand the value of the coin.
As of today, Pi Coin costs $0.75 with a 24-hour trading volume of $62.76 million. The network stands out by enabling users to mine coins using a mobile application, in contrast to other cryptocurrencies, such as Bitcoin, which need a lot of computational power.
In total, the Open Mainnet launch marks a milestone for Pi Network, but the following price volatility reflects the long road to come. The future success of the platform will be in its ability to expand its applications in everyday use cases and reach greater acceptance in the crypto community.