The recently launched cryptocurrency Pi Network (PI) is gaining prominence in the crypto asset market, attracting the attention of investors and enthusiasts. In the last 24 hours, the native token of the network recorded an impressive volume of $3.29 billion in transactions. This performance places the PI, which was launched less than a week ago, in sixth position in terms of trading volume, directly competing with industry giants such as Bitcoin, Ethereum, and Solana. According to data from CoinMarketCap, the token of Pi Network is among the most traded in the crypto market currently. In the last 24 hours, only traditional Bitcoin, Ethereum, and Solana, along with new entries like the AI Kaito and the memecoin Mystery, surpassed the PI in the volume of resources moved.
Mobile mining: an innovative approach Despite the recent success, the story of Pi Network dates back to 2019 when the protocol was conceived at Stanford University. Concerned about the environmental impact and the high energy consumption associated with traditional cryptocurrency mining, researchers decided to develop a blockchain network that was more sustainable and accessible. Unlike cryptocurrencies like Bitcoin, which require specialized hardware and significant energy consumption, Pi Network allows users to mine directly from their smartphones. To make this possible, the team created a consensus algorithm called Stellar Consensus Protocol (SCP), which is more energy-efficient and eliminates the need for intensive mining.
Mining on Pi Network is simplified: users only need to open an app and press a button daily to confirm their participation in the network. This approach democratizes access to mining, allowing anyone with a smartphone to participate in the process without the need to invest in expensive equipment or have advanced technical knowledge.
Development and launch of the mainnet After more than six years of development, the Pi Network team has completed the testing phase and launched the mainnet, officially making the network available to the public. This long development period allowed the team to enhance the technology, fix bugs, and integrate thousands of users, who today represent the largest asset of the project. Pi Network plans to distribute a total of 100 billion PI tokens, of which just over 10 billion are already in circulation. This means that 90% of the total supply remains to be mined, making the project especially attractive to new users, particularly younger ones, who did not have the opportunity to participate in the early days of Bitcoin.
The influencer Zoe, known as the Crypto Queen, compared the PI to Bitcoin in 2010, highlighting the cryptocurrency's growth potential. This analogy emphasizes the idea that Pi Network may be in an early stage, with plenty of room for expansion and appreciation in the future.
Appreciation potential Cryptocurrency trader Jacob Crypto Bury expressed optimism regarding the Pi token. On his X (formerly Twitter) account, he noted that the current performance of the PI is "quite interesting to see." Additionally, he shared a technical analysis indicating that the market may be in a "bear trap," suggesting that there is significant potential for the token's price to rise. According to the chart shared by Bury, the PI still has a lot of room to grow and could appreciate by up to 400% when the market reaches a state of "euphoria."
Conclusion
Pi Network represents an innovation in the world of cryptocurrencies, combining blockchain technology with a sustainable and accessible approach to mining. With an impressive transaction volume at its launch and a significant supply of tokens yet to be mined, the project attracts both experienced investors and new enthusiasts in the crypto market. The comparison with Bitcoin in its early years and the optimistic projections from traders like Jacob Crypto Bury suggest that the PI could be one of the most promising cryptocurrencies for the coming years. It remains to be seen how it develops and whether it will establish itself as a viable and sustainable alternative in the competitive crypto asset market.
