Pi Network’s IoU price remained in a tight range on Tuesday as other altcoins bounced back. The coin was trading at $38.80, approximately where it has been stuck at since May. This happened as Bitcoin rose to $62,000 while smaller tokens like Farcana, Popcat, tooker kurlson, and Ben the Dog have jumped by over 40% in the past 24 hours.
Pi Network is continuing its preparations for the mainnet launch as pioneers complained about the continued delay. The developers have mentioned three priorities as they work towards the launch. First, they have dedicated a lot of time to the KYC verification for the Pi Coin holders. In a recent update, the developers noted that they had already verified and moved over 5 million to the enclosed mainnet.
Second, the hope is that the network will have more applications to give the token utility when it eventually launches. They are doing this through their regular hackathons, where developers pitch their projects and win support.
Finally, the developers hope that the market conditions will be supportive when the two other conditions are met.
In a recent update, the Pi Network developers highlighted the work they are doing to ensure that their nodes are ready. They noted that the platform had already accumulated 20,000 computer nodes waiting for transition to the mainnet. These nodes have over 1 million CPUs, making Pi one of the most decentralized networks in the crypto industry.
As part of the mainnet transition, the developers will enable switching between the testnet and the mainnet blockchains. To help with the testing, they have introduced a new clean Testnet blockchain to ensure that the final product will be ready for the mainnet.
Pi Coin price has stalled
The Pi Network IoU is a cryptocurrency launched in 2022 as the mainnet launch delay continued. It was launched by the community and immediately disavowed by Pi Network’s team.
As a result, the Pi coin has seen little traction and is only listed in just a handful of low-tier exchanges. It has regularly experienced low volume in these exchanges.
The token rallied to $121 earlier this year as most coins jumped. It then crashed to below $40, where it has remained since then. It was also left behind by most altcoins on Tuesday as their prices bounced back.
It is unclear how Pi Coin IoU will trade in the future, especially when the main token is listed by exchanges like Binance and OKX.
