Pi Network token price has remained in a consolidation phase since March as investors wait for the promised main net launch
The IOU token has been stuck at $40 in a low-volume environment.
Pi Network main net launch ahead
There are signs that Pi Network developers are gearing towards the much anticipated main net launch.
Earlier this year, the team listed three conditions that must be met for this to happen.
The first condition is that at least 15 million pioneers must be verified, a process that will remove bots from the ecosystem. In a recent note, the developers noted that over 11
million pioneers had passed the verification stage.
Another important step is the six-month grace period, which started earlier this month. During this period, all pioneers are required to complete the verification process. Therefore, if the other two conditions are met, Pi may move to the Open Network by either December or January.
As announced on Pi2Day, the Month Grace Period, essential for preparing Pi for Open Network, began on July 1. Pioneers must complete their KYC and Mainnet migration within specific deadlines defined by the Grace Period, which includes flexibility to
The other condition is that the developers hope that the network will have at least 100 dApps, a move that will create utility for the token. It is unclear how many dApps are in the current enclosed main net period.
Finally, Pi Network hopes to launch its ‘airdrop’ when the market is supportive, i.e., when cryptocurrencies are rising.
Pi Coin IOU has consolidated
The Pi Network IoU is a cryptocurrency launched in 2022 and is available in just a few exchanges. It initially jumped to $343 after launch and then plummeted as the Pi Network developers disowned it.
Since then, the token’s biggest jump happened in March, as Bitcoin reached a record high. At the time, it rose to $120 and then retreated to $40, where it has remained since March.