Pi Network mainnet launch drives Pi coin up 35%, major market activity follows

 Pi Network mainnet launch drives Pi coin up 35%, major market activity follows:

The highly anticipated mainnet launch of Pi Network on February 20, 2025, marked a pivotal moment in the cryptocurrency world. Within an hour of its launch, Pi Coin surged by over 35%, highlighting the enthusiasm and increasing market interest surrounding the project.

Pi Network, a blockchain initiative based on a "tap-to-earn" model, has been in development for over six years, operating on a closed mainnet since 2021. With the introduction of its open mainnet, Pi’s community—known as "Pioneers"—can now trade Pi Coins. Developers are also unveiling more than 100 decentralized applications (dApps) across sectors like decentralized finance (DeFi) and gaming.

What sets Pi Network apart from traditional proof-of-work cryptocurrencies is its mobile-based mining system. This innovation has led to widespread adoption, with millions of users engaging with the platform even before its public launch. Pi’s user base has continued to grow and now boasts over 3.8 million followers on X, surpassing major blockchain networks such as the Ethereum Foundation and Solana. At its peak, Pi Network had over 50 million registered users.

As the mainnet launched, multiple centralized exchanges (CEXs), including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, quickly listed Pi Coin. Binance, however, has taken a different route, conducting a poll to decide whether to list Pi Coin. The poll is scheduled to close on February 27, 2025, but the result is expected to align with the current sentiment. Major exchanges like Coinbase, Kraken, and Upbit have yet to announce their stance on Pi Coin’s listing.

Pi Coin Price Action and Market Volatility

Following its listing, Pi Coin saw considerable volatility. According to CoinGecko data, the coin spiked 36.8% in the first hour, reaching a peak of $1.97. However, it quickly retraced, falling to $1.80 on OKX and $1.78 on Bitget. This marked a sharp decline from the previously speculated IOU prices of $61 to $70, which had circulated just a day before the mainnet’s launch.

The volatility continued as Pi Coin briefly surged to $3.40 on Bitget before retracting. On Bybit, Pi’s price even dipped below the $1 threshold shortly after trading began. Despite these rapid price corrections, Pi Coin has seen sustained buying interest, with some speculating that it could rise further as more listings and hype-driven interest grow.

The large Pi community, along with new investors eager to capitalize on the buzz surrounding the mainnet, could drive further buying activity. Speculation regarding potential listings on major exchanges like Binance, Coinbase, and Kraken is expected to maintain momentum and contribute to additional price fluctuations.

The Risk of Sell-offs and Future Price Stability

Despite the initial excitement, Pi Coin's price action might not be sustainable in the long run. Many of the network's early miners, who accumulated Pi Coins over the years, may begin selling off their holdings in the coming weeks, potentially causing a price decline. Historically, newly listed tokens often face sharp sell-offs post-launch before finding a more stable price range. Additionally, as major exchanges finalize their decisions about listing Pi Coin, the initial excitement might diminish.

For Pi Network, this launch is more than just a price rally. It marks a critical step toward becoming a widely accessible and utility-driven cryptocurrency with a global user base. Whether Pi Coin’s price stabilizes or continues to fluctuate will depend on the network’s ability to maintain its momentum and sustain interest from both early adopters and new users.