Pi Network Mainnet Launch Remains A Story Of Delays And Disappointment
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NOIDA (CoinChapter.com)— Pi Network, the mobile-based crypto-mining platform, might not be able to launch its open mainnet in June, as it had earlier promised.
When Pi Network Mainnet Launch, Rue Users
Pi Network continues to create unnecessary mystery around its open mainnet launch. On June 1, Pi Network’s official X handle claimed that the number of users migrating to the mainnet has reached over 5.58 million.
While an impressive number, it still remains far from the platform’s target of 10 million migrated users, one of the key conditions that the team set for its mainnet launch.
Interestingly, one of the conditions is the absence of any unfavorable conditions, which can amount to anything from the founder contracting a nasty stomach bug to a nuclear holocaust. As such, it seems that the mainnet launch in June is unlikely.
That leaves Pi Network miners like Akshay Dingoriya questioning the project. Talking to CoinChapter, Dingoriya said he joined the Pi Network bandwagon during the COVID-19 lockdown in India.
A data analyst and a guitar instructor, Noida-based Dingoriya confessed he did not waste a lot of time mining PI coins and, hence, does not have a massive bag of PI coins. Yet, the constant delays have resulted in Akshay losing faith in the project, and he has abandoned mining PI coins.
The frequent mainnet launch delays are likely to diminish the number of traders looking to buy PI coins in India and other regions.
The Pi Network mainnet launch seems a bullish cue for the PI coin on paper. However, once the mainnet launches, the project will face immense selling pressure from miners who have been hoarding the tokens for years.
Such massive selling pressure will likely force PI coin price close to zero, or at least swipe a massive chunk from its price label. On the other hand, further delays would result in more disillusioned miners abandoning the Pi network, which could ultimately kill the project.
PI Coin IOU Price Stagnant
The only thing flatter than PI coin price action is likely the famous German Autobahn. The Pi Network token’s IOU price on HTX has remained steadfastly below $42 since late April 2024.
Should the mood strike and the PI coin price start rallying, the token would likely face resistance from the 0.618 FIB level near $41. Breaking and consolidating above the immediate resistance might help the PI coin price rally to the resistance near $43.5 before paring gains.
Conversely, a downtrend, though equally unlikely given the stagnant nature of the PI coin’s price action, would see the token test the support levels near $37 and $35.
The RSI for PI coin remained (surprise, surprise) neutral, with a score of 44.19 on the daily charts.
The post Pi Network Mainnet Launch Remains A Story Of Delays And Disappointment appeared first on CoinChapter.
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