Innovative features are launched first, ushering in a new era of miner rewards?
Pi Network announced as early as July 6 this year that it would launch a "token locking mechanism." According to a detailed official statement released by the Pi core team, users who have migrated Pi tokens to the mainnet can now use this innovative feature directly on the blockchain. The core advantage of this feature is that it allows users to securely lock migrated Pi tokens and significantly improve miners' mining efficiency based on locking rewards. This integration strategy was outlined in the 2021 white paper and is now being launched during the highly anticipated Altseason.
Image source: X Pi Network recently posted a video tutorial on 'Token Locking'
Users can easily operate this feature: just enter the 'Locking' area in the Pi wallet, select 'Create New Locking' to complete the setup. Once set, the locking will remain unchanged until the selected period ends. This design not only enhances the security of token management but also provides users with a more stable investment strategy. Users can lock up to 200% of the currently migrated Pi tokens, and this mechanism not only significantly increases individual rewards but, more importantly, supports the steady development of the Pi Network towards an open network phase. By participating in this locking feature, miners can not only gain substantial benefits but also make a positive contribution to the stability and growth of the entire Pi Network ecosystem.
Market dynamics and investor expectations, IOU token price fluctuations draw attention
Against the backdrop of continuous fluctuations in the cryptocurrency market, Pi Network's IOU tokens have also risen and fallen. It is worth elaborating that the Pi tokens traded on exchanges are actually IOU tokens and have no direct relation to the original Pi Network project, which is crucial for investors.
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In the recently concluded month of October, the IOU token briefly reached a high of $100, followed by a rapid pullback to $44.95. This volatility fully reflects the high level of uncertainty in the cryptocurrency market. According to data shared by netizen crispus9 on TradingView, technical indicators show a golden cross between the 200-day and 50-day moving averages, providing a potential bullish signal for the market. This technical pattern suggests that there may be sustained upward momentum. Recent developments in the Pi Network ecosystem further support this optimistic expectation.
As of now, over 27,000 merchants have successfully registered on the Map of Pi, a decentralized application aimed at allowing merchants to accept Pi token payments. This development is a milestone for establishing the practical utility of the Pi token and is one of the key conditions for the official launch of the mainnet.
It is worth noting that the KYC identity verification process, expected to be completed by November 30, will be an important milestone in determining the launch of the mainnet. This strict identity verification mechanism can not only enhance the platform's security but also lay a solid foundation for the future development of Pi Network. Although the current trading of IOU tokens is somewhat decoupled from the actual Pi project, the market remains highly attentive and expectant of its development prospects.
Technical analysis and future outlook, will the coin price break through $100 become the focus?
From a more professional technical analysis perspective, if the IOU token can successfully break through the key resistance level of $56.25, it will open an important channel towards $100 or even the highest point of $122.05 this year. Analysts generally believe that this breakthrough will depend on multiple market factors, including the overall trend of the cryptocurrency market, investor confidence, and the actual development process of the Pi Network ecosystem.
On the contrary, if the current momentum cannot be maintained, IOU tokens may fall back to the support level of $45, which will test investors' confidence and the market's capacity. Despite many uncertainties, most Pi coin investors remain cautiously optimistic about the long-term development prospects of Pi Network. They believe that as technology continues to mature and the ecosystem continues to improve, Pi Network is expected to find a unique position and development space in the cryptocurrency market.
Further Reading
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[Disclaimer] The market has risks, and investment should be cautious. This article does not constitute investment advice, and users should consider whether any opinions, viewpoints, or conclusions in this article fit their specific circumstances. Invest at your own risk.
‘Industry Pioneer? Pi coin is promoting ‘Token Locking’ before it even goes live on the mainnet, netizens say: looking at $100!’ This article was first published in ‘Crypto City’
