With almost six years in the making and a reported 70 million users onboarded, Pi Network will open its main network on 20 February 2025.
It’s a paradigm shift for the ecosystem, marking the first time that users can connect external wallets and that $PI can be listed on exchanges. But what does this mean for the $PI price? Find out in this Pi Network coin price prediction.
$PI IOU Loses 55% in 24 Hours
Since its initial development in 2019, Pi Network has operated in testnet and closed main network environments. Thursday, 20 February, will be the first time it becomes interoperable with other blockchains and holders can cash out their $PI.
However, some exchanges have offered speculative trading through IOUs, where traders bet on Pi coin’s future value.
The Pi coin IOU currently trades at $29, down 55% today, as traders exit ahead of what could be a major sell event.
Pi Network has offered users a unique opportunity to mine Pi coins from their mobile without requiring specialist hardware.
However, it appears that speculative traders are spooked by the upcoming transition to open mainnet, as it’ll be the first time these users can sell their Pi coins.
On the flip side, the transition allows Pi coin to be listed on major centralized exchanges, which could provide some relief as new buyers invest in the coin.
But circling back to the potential risks, Cointelegraph reports “Inflated user numbers and weak activity.” This could deter new investors from purchasing Pi coin once it hits exchanges.
Furthermore, Pi coin does not have a known capped supply, and data shows its circulating supply has doubled in the last year. This threatens its long-term value and adds to the cons for prospective buyers.
Analyst Says “Don’t Sell Your Pi Coins”
A popular Pi coin community member with 130K YouTube subscribers urged “Pioneers” not to sell their coins immediately upon the exchange listings.
He said, “This is one of the most unique launches to ever happen in crypto” because no centralized entities are involved except the Pi Network team.
The analyst also pointed to the vibrant Pi Network community, which was reflected in significant engagement in Binance X’s post about potentially listing the project.
In a best-case scenario, the analyst says the Pi coin could become one of the top 10 cryptocurrencies by market cap. He also mentioned price targets between $300 and $1,000 per coin.
However, the analyst underlines that this requires the community to move in coordination and not sell – but history tells us that rarely happens.
Last year, two Play-to-Earn projects with tens of millions of users, Notcoin and Hamster Kombat, launched highly anticipated airdrops.
After an initial hype-fueled spike, both coins crashed significantly. Notcoin is now 71% below its launch price, and Hamster Kombat is 81% below its.
If the Pi coin follows this path, it could trade as low as $6 by the end of the year.
Just like Notcoin and Hamster Kombat, there’s certainly room for $PI to see a price spike immediately after listing on exchanges. But with an uncapped supply and tons of likely selling pressure, it appears its long-term price action will be bearish.
Could This New Solana L2 Cryptocurrency Outperform Pi Coin?
A new project is developing the first-ever layer 2 blockchain for Solana, with the goal of advancing the most vibrant ecosystem in crypto.
Solana is already a top 10 crypto by market cap, with an $80 billion valuation. But right now, investors can buy the Solana layer 2 Solaxy from the ground floor via its ongoing presale.
Solaxy isn’t available on exchanges yet, but people can buy directly from its website or using the Best Wallet app. Unlike Pi coin, $SOLX holders invest in their positions, which provides a safety-net floor price and increases the likelihood of long-term holding, as compared to a holder base who all earned their tokens for free.
The new Solaxy layer 2 aims to change how users interact with Solana. It will leverage off-chain computation and transaction bundling technology to make transactions cheaper, faster, and more reliable. This will eradicate the congestion issue that Solana has faced for years.
Analysts are significantly bullish, with ClayBro recently calling it “the next crypto to explode in the bull market.”
The Solaxy presale has raised over $22 million so far, showing massive community support.
The current $SOLX presale price is $0.00164, but this will rise throughout the ICO.
