Pi Network Announces Grace Period for Mainnet Launch Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— The Pi Network, the blockchain platform known for its bold claims and strong (read delulu or hopium-addicted) community, continues to delay its much-awaited mainnet launch amid ongoing migration issues.
Recent data reveals that out of over 3.85 billion migrated PI coins, only 683 million PI tokens are in circulation, with a staggering 2.63 billion Pi Network tokens locked up.
The lockup feature, designed to reduce circulating supply and increase scarcity, raises critical questions about the network’s liquidity and the true accessibility of its tokens for everyday transactions.
Grace Period and Migration Challenges
The Pi Network recently announced a six-month grace period starting July 1, essential for preparing for the Open Network. During this period, pioneers are required to complete their KYC and mainnet migration.
Tweet about Pi Network’s Grace Period announcement.
This extension ostensibly provides flexibility to accommodate those facing system blocks. However, it also raises suspicions about whether the network is waiting for more users to lock up their tokens to bolster the locked supply further.
The grace period’s success hinges on whether the network can meet its KYC and migration goals. Failure to do so could lead to further delays and erode user trust. It is likely that the network might extend the grace period again, citing technical or user-related issues, if it does not meet the targets. This will further delay the mainnet launch.
Alternatively, the network could proceed with a partial launch, allowing only a subset of users who have completed their migration to participate, which might lead to fragmentation and dissatisfaction within the community.
Furthermore, to address liquidity concerns, the network might offer more incentives for users to lock tokens. This could temporarily stabilize the supply but might not be sustainable long-term.
The situation poses a critical test for the Pi Network. The project must navigate these challenges effectively to maintain credibility. It must deliver on its promises of creating a decentralized and widely accessible digital currency.
The network’s current state, with its high locked token count and persistent migration issues, suggests that significant hurdles remain before it can achieve its ambitious goals.
Pi Network Coin Price Faces Rebuttal From Channel Resistance
On July 14, PI coin’s IOU price on HTX dropped over 6%, bringing it down to around $40.7 after a recent spike to $49 on July 9. The price action saw a strong rebuttal at the top of the descending channel, indicating that the surge driven by the anticipation of an open mainnet launch has lost momentum.
PIUSDT IOU daily price chart with RSI. Source: Tradingview
In the unlikely event that the uptrend continues, the PI coin price rally would face resistance near $44 and $49. Although breaking through these levels could lead to further upward movement, the bearish indicators suggest otherwise.
On the downside, a continuation of the downtrend could force the Pi Network token’s IOU price to test the support level near $39. Moreover, breaching this immediate support could see PI Network coin price drop to the support near $36 before any significant recovery occurs.
Additionally, the descending channel resistance’s rebuttal suggests the token could drop to the channel’s support line near $34, which could signify a 15% tumble in prices.
The RSI for PI coin is currently at 56.03 on the daily charts. The relatively neutral stance suggests no immediate bullish or bearish momentum, but the overall chart pattern leans towards a bearish outlook.
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