In 2024, Pi Coin has gained considerable attention within the cryptocurrency space. With a user base exceeding 50 million, Pi Network’s approach to digital currency and mining has attracted a global audience. This article examines Pi Coin, its features, and the factors contributing to its increased visibility this year.
Table of Contents
How Pi Coin Works
Pi Network offers a simplified approach to cryptocurrency mining. Unlike Bitcoin, which requires solving complex equations and significant computational power, Pi allows users to mine its native token, PI, through a mobile app. Users participate by tapping a button within the app every 24 hours, reducing the environmental impact and eliminating the need for expensive hardware.
Pi Network simplifies cryptocurrency mining, making it accessible to a wider audience. Unlike Bitcoin, which requires solving complex mathematical equations and significant computational power, Pi allows users to mine its native token, PI, through a mobile app. Users demonstrate active participation by tapping a button within the app every 24 hours, reducing the environmental impact and eliminating the need for expensive hardware.
Stanford academics Nicolas Kokkalis and Chengdiao Fan founded Pi Network in 2018, officially launching it on March 14, 2019, known as Pi Day. The network classifies users into four roles: Pioneers (who mine the coin), Contributors (who provide a list of trusted users), Ambassadors (who recruit new users through referrals), and Nodes (who provide computational power using their home computers).
To maintain the scarcity of Pi, the network undergoes periodic “halving.” This process reduces the mining rewards by half whenever certain user milestones are reached. Initially, the mining rate was 1.6 π per hour, which halved to 0.8 π per hour at 100,000 users, then to 0.4 π per hour at one million users, and to 0.2 π per hour at ten million users. This halving will continue until the network reaches one billion users.
When is the Pi Network Mainnet Launch?
2024 seems to be the year for the army of ‘Pioneers’ around the world, with just a few key milestones to go. The team calls it “The Countdown to Pi Open Network 2024”:
While some news sources speculate a June 28 Pi launch date, this appears to be false information, sparked by a similar rumored date in 2022. The team’s official Pi Network account has only outlined 2024 as the year for the mainnet launch.
Official Milestones for Launch
The team has set goals on a page named “mainnet2024” that they wish to achieve before launching the Open Mainnet, including:
- 15 million Pioneers passing Know Your Customer (KYC) checks.
- 10 million Pioneers migrating to the beta mainnet.
- 100 mainnet-ready apps.
If the mainnet launch depends on reaching these milestones, the wait may not be too long.
Progress Towards Mainnet
As of now, 11.1 million Pioneers have completed KYC checks, marking an increase of 2.55 million between December 2023 and June 2024. Additionally, around 50 apps — ranging from chats to forums to browsers — are believed to be mainnet-ready.
Moreover, there have been 5.58 million mainnet migrations by users, up from three million in December. Notably, the project recently announced a technical upgrade in the mainnet migration mechanism, which reportedly doubled the speed at which Pioneers migrate to the mainnet.
The anticipation surrounding Pi Coin has peaked with the imminent mainnet launch expected in 2024. The Pi Network team has outlined specific milestones necessary for the launch, including 15 million KYC-verified users, 10 million mainnet migrations, and the development of 100 mainnet-ready applications.
As of June 7th, Pi Network confirmed that they have checked all items on their mainnet checklist, signaling the launch’s near completion. They reported significant technical upgrades that doubled the speed of mainnet migrations, with over 5.58 million users already migrated to the mainnet. Additionally, around 50 applications are reportedly ready for the mainnet.
The Pi Network team has implemented several technical upgrades to expedite these milestones. In May 2024, a significant update doubled the speed of mainnet migrations. Additionally, the Pi Network launched the Fireside Forum, a Web3 social platform designed to foster authentic and constructive interactions among Pioneers.
With the significant milestones achieved and the technical upgrades in place, the Pi Network mainnet launch appears imminent. The team has confirmed that all items on their mainnet checklist have been completed, signaling the near completion of the launch process. While the exact date remains unspecified, the community speculates a possible launch around June 28, 2024, recognized as “Pi2 Day.”
Pi Network’s X Account Surpasses 3.3 Million Followers
Pi Network’s community strength significantly influences its rising prominence. The project’s social media following on X has surpassed 3.3 million, outpacing established cryptocurrencies like Solana, Cardano, Avalanche, and Tron, each with less than 2.5 million followers. Robust community support is vital in the crypto world, where community engagement often correlates with a project’s success.
In February 2024, Pi Network celebrated reaching the 3 million follower milestone on X. Since then, an additional 300,000 followers have joined, further solidifying Pi Network’s position as one of the fastest-growing projects in the blockchain space. This milestone underscores the increasing interest and support for the project, highlighting the strength of its community.
Market Dynamics and Pi Coin’s Surge
Market dynamics also play a crucial role in Pi Coin’s growing attention. Shortly after its listing on exchanges such as Huobi, BitMart, HotCoin Global, Biconomy, SuperEX, and XT.com, Pi Coin experienced a significant surge in value. In late 2022, Pi Coin’s price soared from $30 to an all-time high of $330.65 within 24 hours. This spike was driven by the anticipation and excitement that had built up around the token over the previous two years.
As of mid-2024, Pi Coin’s price stood at $36.71, with a market cap of approximately $2.52 billion. The 24-hour trading volume reached $224,151.32. Although the trading volume has fluctuated, the overall trend suggests steady interest in Pi Coin. Reports from CoinCodex indicate that Pi Coin could reach higher price points post-mainnet launch, potentially hitting $96.04 by the end of 2024.
It’s important to note that the trading of Pi Coin on these exchanges operates on an IOU (I Owe You) basis. This means that the coins traded are not actual Pi Network tokens but rather a promise to deliver the tokens once the mainnet goes live. Despite the excitement and price movements, the Pi Network team has not confirmed an official mainnet launch date. On X, they reiterated that while 2024 is the targeted launch year, no specific date has been set.
Pi Network (PI) Price Prediction 2024-2030
As of now, Pi Coin is priced at approximately $36.71. The Fear & Greed Index shows a value of 74, indicating a market sentiment of greed. Despite this, the overall sentiment remains bearish, with 80% of technical indicators signaling sell and only 20% indicating buy.
Pi Coin Price Predictions
| Year | Yearly Low ($) | Yearly High ($) |
|---|---|---|
| 2024 | $18.00 | $96.04 |
| 2025 | $36.07 | $179.59 |
| 2026 | $30.21 | $94.53 |
| 2027 | $33.05 | $66.92 |
| 2028 | $48.44 | $113.30 |
| 2029 | $89.09 | $221.82 |
| 2030 | $95.97 | $155.61 |
Reports from CoinCodex suggest that Pi Coin could reach higher price points post-mainnet launch, potentially hitting $126.94 by July 2024.
Price Prediction for 2024
Pi Coin could reach a high of $96.04 by the end of 2024, driven by the expected launch of the Open Mainnet and the continued growth in user base and developer activity. According to CoinCodex, the potential price range for Pi Coin in 2024 is between $18 and $96.04.
Short-Term Price Prediction (2025)
The medium-term outlook for Pi Network presents a compelling case for significant growth. Predictions for 2025 suggest that Pi Coin could reach a high of $179.59, a substantial increase from its current value. This forecast aligns with the anticipated mainnet launch, which promises to unlock new functionalities and broader adoption.
Long-Term Price Prediction (2030)
Looking further into the future, the long-term projections for Pi Network are equally optimistic. By 2030, the price of Pi Coin could range between $95.97 and $155.61. Achieving the upper limit would signify a 314.17% increase from today’s price.
Technical Analysis of Pi Coin (PI/USDT) as of June 2024
The recent chart for Pi Coin (PI/USDT) highlights a significant peak earlier in the year, followed by a consolidation phase where the price stabilizes. The trading volume remains relatively consistent with occasional spikes that align with notable price changes. Such patterns suggest active trading during price shifts, hinting at strong market reactions to underlying developments or broader economic conditions.
The 50-day Simple Moving Average (SMA) currently stands above the price at $40.15, suggesting a bearish outlook in the short term as prices might be considered overvalued at these levels. Conversely, the 200-day SMA lies below the recent trading price at $37.32, providing a bullish signal for long-term trends. This discrepancy between the SMA indicators can often point to a potential phase of volatility as shorter-term traders and long-term investors might have conflicting views on the asset’s value.
Key resistance levels identified at $41.43, $44.51, and $51.27 (R1, R2, R3) highlight important price barriers where Pi has previously encountered selling pressure. Support levels are equally critical to monitor for potential rebounds or further declines. The placement of these levels helps traders identify possible points of price reversal or continuation.
An RSI near 39.40 places Pi in a neutral market territory, suggesting that the buying and selling pressures are balanced. This neutrality indicates uncertainty in market direction, prompting traders to look for additional signals before committing to significant positions.
The current technical setup for Pi Coin, with mixed signals from moving averages and a neutral RSI, suggests that traders may adopt a wait-and-see approach. Market participants might be cautious, likely due to external economic factors or pending developments within the Pi Network. Traders should consider these technical indicators in conjunction with upcoming news and broader market sentiment to strategize effectively.
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