Pi Network (PI) Mainnet Launch Grace Period: Progress and The Noise Surrounding It Read CoinChapter.com on Google News
NOIDA (CoinChapter.com)— As the Pi Network inches closer to its long-awaited Mainnet launch, the project is now in a critical phase. With the Grace Period underway, the Pi Core Team is emphasizing the importance of completing the Know Your Customer (KYC) process, which has been a significant hurdle for many users.
The Grace Period, which started on July 1, 2024, gives users a limited window to finalize their KYC applications and migrate to the Mainnet. The urgency surrounding this process is clear, as the team has communicated that failing to meet these deadlines could result in the loss of Pi tokens.
However, while these developments are vital to the project’s future, they are not the only narratives catching the community’s attention.
Updates and Distractions: The Diverging Narratives of Pi Network
In recent updates, the Pi Network team shared some of its milestones in the ongoing KYC process. According to their latest announcements, over 13 million Pioneers have successfully passed KYC, with more than 6 million already migrating to the Mainnet.
Pi Network post about KYC progress.
These numbers show tangible progress and signal a positive trajectory for a project often criticized for its slow pace. Furthermore, the progress likely builds some of the trust lost due to the delays in the mainnet launch.
However, not all communications surrounding Pi Network are as grounded in reality. Various Twitter handles claiming to deliver Pi Network news appear more focused on hype than substance.
For instance, posts from some of these accounts speculate on whether Pi will become a “dark horse” in 2025 or boldly predict that Pioneers will soon be “the world’s new millionaires and billionaires.”
How are these posts news? No one knows.
While these claims might excite the community, they do little to inform or educate the audience about the real, tangible updates affecting their participation in the network. For instance, the recent spate of several spam haunting Pi Network users
This marketing-heavy approach raises concerns about the clarity and credibility of the information that these handles share. It contrasts sharply with the more practical, albeit irregular, few and far betwee.n, communications from the Pi Core Team regarding the KYC process and the potential consequences of missing deadlines.
While hype can generate interest and maintain engagement, it also risks overshadowing the critical updates that Pioneers need to effectively navigate the current phase of the project.
PI Coin Price Action Is Like Light
… Because it seems to be traveling in a straight line. The token spiked nearly 4% on Aug. 9, but the PI Coin’s IOU price remains range-bound.
Pi is a mathematical constant, and the Pi Network token’s price is on the path to becoming one itself. The PI to USD conversion rate remains range-bound and near constant.
Moreover, despite so many traders assuming weirdly wild prices for the Pi Network token, the token’s price action has remained steadfastly boring. Even trading pairs with other currencies, like the PI INR pair, have remained flat.
PIUSDT daily price chart with RSI. Source: Tradingview
If the Pi Network token price starts a rally, the PI USD pair will face resistance near $38.3 and $41.
Conversely, a downtrend could result in the PI coin price testing support near $35 and $32.9 before recovering.
The RSI for PI coin remained neutral, with a score of 46.88 on the daily charts.
The post Pi Network (PI) Mainnet Launch Grace Period: Progress and The Noise Surrounding It appeared first on CoinChapter.