- Pi coin price dropped by more than 60% today.
- The Pi open network finally went live on Feb 20 as per the previous intimation.
The Pi open network finally launched yesterday as per the previous intimation by the team. Even though the initial plan was to launch the mainnet on Jan 31, the team extended the grace period and rescheduled it to Feb 20. However, the much-awaited mainnet launch couldn’t lift up the Pi coin price.
Pi Coin is trading at $0.6519 at the time of reporting with more than 60% price drop. It started trading at an opening price of $1.4821 and reached a peak of $1.9922 within less than an hour. However, it didn’t take long for the price to fall and go on a continuous downtrend. Despite the price drop, the 24-hour trading volume increased by a whopping 3,650%.
The Pi network announced its grace period extension to Feb 28, on Jan 31 to allow more users to complete their KYC and migration to mainnet. However, they also clarified that the grace period extension will not impact open network launch.
Early adopters of this project have been mining Pi coins from before the Pandemic with its energy-efficient and simple mining process. All of them were impatiently waiting for the mainnet launch. Finally, the Pi open network launched yesterday bringing renewed hope into the Pi network community.
The mainnet launch allows early adopters to engage in transactions outside the Pi ecosystem and access centralized exchanges. An explanatory video from the Pi Network founder right on the Pi mining app home screen is also helpful for the users.
As the early pioneers have been holding all of their mined Pi coins for several years, most of them started selling their tokens making profits. This is the major reason behind the present Pi coin crash. Furthermore, several top crypto exchanges such as Gate.io, Bitget, and OKX are supporting Pi coin trading after completing KYB verification.
Nonetheless, the grace period is still open for this week. This allows users to complete their KYC and migration of their coins from testnet to mainnet. All the pioneers and early users are required to complete this process to ensure they don’t lose their Pi coins.