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Pi Network IOU Price Stagnant as Traders Wait for More Mainnet Details
Pi Network IoU price remained in a tight range on Tuesday as other altcoins rallied. The coin was trading at $38.80, roughly where it has been sitting since May. This happened as Bitcoin rose to $62,000, while smaller tokens like Farcana, Popcat, Takeer Kurlson, and Ben the Dog jumped more than 40% in the last 24 hours.
Pi Network continues its preparations for the mainnet launch while the pioneers complained of continued delay. The developers mentioned three priorities as they work towards the release. First, they spent a lot of time on KYC verification for Pi Coin holders. In a recent update, the developers noted that they had already verified and moved over 5 million to the included mainnet.
Second, the hope is that the network will have more applications to provide utility for the token when it launches. They are doing this through regular hackathons where developers present their projects and gain support.
Finally, promoters expect market conditions to be favorable when the other two conditions are met.
In a recent update, Pi Network developers highlighted the work they are doing to ensure their nodes are ready. They noted that the platform had already accumulated 20,000 computer nodes waiting for the transition to mainnet. These nodes have over 1 million CPUs, making Pi one of the most decentralized networks in the cryptocurrency industry.
As part of the mainnet transition, developers will enable switching between testnet and mainnet blockchains. To help with testing, they have introduced a new clean Testnet blockchain to ensure the final product will be mainnet ready.
Pi Coin price has stagnated
Pi Network IoU is a cryptocurrency launched in 2022 while the delay in the mainnet launch continued. It was released by the community and immediately disapproved by the Pi Network team.
As a result, Pi coin has seen little traction and is only listed on a few lower-tier exchanges. It has regularly experienced low volume on these exchanges.
The token rose to $121 earlier this year as most coins rose. It then fell below $40, where it has remained ever since. It was also left behind by most altcoins on Tuesday as their prices recovered.
It is unclear how Pi Coin IoU will trade in the future, especially once the flagship token is listed by exchanges like Binance and OKX.