Pi Coin, the native cryptocurrency of the Pi Network, has officially transitioned to an open mainnet, allowing investors to trade it on major exchanges. The Pi Network, founded by Stanford graduates Nicolas Kokkalis and Dr. Chengdiao Fan, aims to simplify crypto mining by enabling users to mine Pi coins through a mobile app without excessive energy consumption.
Unlike Bitcoin, which requires high-powered computational systems for mining, Pi Coin can be easily mined via smartphones without draining battery life. This approach has attracted a large user base, but its transition to an open market has led to significant price fluctuations.
How to Trade Pi Coin on Exchanges
To trade Pi Coin, investors must first complete the Know Your Customer (KYC) process and migrate their holdings from the closed mainnet to the open mainnet. Once migrated, users can choose an exchange listing Pi Coin, transfer their tokens from the Pi Network app to the exchange wallet, and execute buy or sell orders accordingly.
Price Drop After Open Mainnet Launch
Following the mainnet launch on Thursday, Pi Coin debuted on exchanges at $2.20 but soon plummeted by approximately 55%, trading around $1. This sharp decline contrasts with the inflated prices seen in Pi Coin IOUs before the launch, which reached as high as $200 on BitMart. Many investors, driven by speculative IOU pricing, had unrealistic expectations, contributing to the rapid sell-off.
Additionally, early adopters and miners may have offloaded their holdings in large quantities, further pressuring prices downward. Concerns over Pi Coin’s long-term viability have also made investors cautious, affecting overall market sentiment.
Use Cases and Future Prospects
Despite the price drop, Pi Coin offers practical use cases. It enables peer-to-peer transactions without traditional banking, supports decentralized finance (DeFi), and can be used in gaming and app-based transactions. However, investor sentiment remains uncertain as the project navigates post-mainnet challenges.
Also Read: Pi Network Goes Open: Founders, Pi Coin’s Journey, and Future Prospects
As Pi Coin integrates into the broader crypto ecosystem, its success will depend on adoption, regulatory clarity, and investor confidence in its long-term sustainability.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
