PI Network Launch Causing a short-lived rally for the token before the price knocks over 50%

The long-awaited launch of open Mainnet’s PI networks launched sharp prices for its gender token, PI (PI), 20. February, as early enthusiasm, has gave way to a quick sale.

PI Network that allows users to minine cropto via mobile application without energy intensive hardware, transition from closed beta system on the open block, allowing transactions outside its ecosystem.

The movement is expected to expand the real use of tokens and increase accessibility on external platforms. The Development Team Pi Network said in the statement:

“Switching to Open network will enable Pi to connect to external networks on the Majnjski Block, allowing users to implement transactions outside PI ecosystems.”

The upgrade also states the path for potential exchange and integration with decentralized applications. However, the journey remains full of challenges due to uncertainty about the legality of the project.

Drop after the attack

After the announcement, PI rose 45% within an hour, while its scope of trading spread over 1,700% as a launch of launching encouraged helpless purchases.

However, the rally was short-lived. In a few hours, Pi slammed more than 52% to $ 1.01, delete gains from an earlier day. The market capitalization of tokens fell to $ 7.02 billion, raising concerns due to long-term price stability.

With a total offer of 9.7 billion tokens, PIs fully diluted estimate (FDV) currently represents approximately 83.07 billion dollars.

Analysts warned that future token editions could introduce additional pressure down if the demand fails to stay up with the offer.

Uncertainty remains

Since its founding in 2019. year, PI Network attracted tens of millions of users, positioning as an alternative to mobile communication traditional cryptures. Supports believe that open network boot indicates a big step towards wider adoption allowing the real world transactions.

Despite optimism, uncertainty remains. Critics indicate vague tokenomy, potential regulatory obstacles and the absence of confirmed listing lists as challenges that could limit the long-term sustainability of PIs.

Meanwhile, its history of legal and regulatory troubles also collected concern in the industry, and several major exchange negates its application for entry. Binance eventually let the community vote on the issue, resulting in 85% favorable outcome for PI.

However, community support does not alleviate the uncertainty about the project, which marks overcome from 2023. Years.