The Pi Network IOU token (PI) has also been on a downward trend in the past few weeks due to the prevailing bearish market. At the time of writing, Pi Coin (PI) was valued at $34.53, which is 2.46% less than the previous month and 73% less than the highest recorded this year.
The Pi’s IOU token was launched in 2022 and is unrelated to the main Pi Network; it is currently listed on only a few exchanges with low trading volumes. As a result, its price does not indicate the direction of the primary Pi token.
A decrease in the IOU price of Pi is similar to the fluctuations in the rest of the crypto market. Bitcoin is down by over 20% from its peak in the year while Ethereum is down by more than 38%.
This broad market weakness has occurred simultaneously with a decline in the crypto fear and greed index, which has dropped from an “extreme greed” score of 90 in March which is considered neutral at 42.5
Trading volumes for cryptocurrencies on both centralized and decentralized exchanges dropped significantly in August. The Pi Network IOU’s decline is compounded by delays in the Pi Network’s mainnet launch.
Developers had planned to move the mainnet from its enclosed phase later this year, but they still need to finish KYC verification, add at least 100 dApps, and ensure market conditions are favorable.
In addition, other tap-to-earn tokens, like Hamster Kombat and Notcoin, have also seen significant price drops, reflecting the challenging environment for similar projects.
Despite its innovative approach, Pi Network’s IOU token faces considerable hurdles before it can gain traction.