Pi Coin Surges 45% After Mainnet Launch, Eyeing $300

The Pi Network, a highly anticipated cryptocurrency project, has seen its native token, Pi Coin, surge in value following the successful launch of its mainnet. The Pi Network price has risen by a staggering 45% from its launch price of $1.24, standing out amidst the choppy moves in the broader crypto market. As of today, Pi Coin value stands at $1.57, with a daily high of $1.97. On the OKX exchange, Pi Coin surged to an all-time high of $2.2, with trading volumes hitting $101M in less than two hours of trading.

The Pi Network Token has faced high volatility since its launch, with the price fluctuating between $1.24 and $2.20. These sharp fluctuations are common with new token launches and may persist until the market establishes a stable value for Pi Coin. However, a parabolic rally to $300 lies ahead due to the potential listing of Pi Coin on other centralized exchanges such as Binance. Exchange listings tend to bode well for new tokens, and could lead to PI forming fresh all-time highs.

The project's tokenomics seem strong, with a circulating supply of 9.7 billion tokens. Pi Coin's maximum supply stands at 100 billion tokens, indicating that only 9% of the available supply is available in the market. The framework used to release the rest of this supply could influence the long-term performance of Pi Network price. The adoption of the blockchain by decentralized applications (dApps) will also have an impact on the price.

The recent 45% surge in Pi Coin value stems from the hype around the Pi Network mainnet launch. Similar gains were also seen with projects such as Hamster Kombat and Berachain that posted parabolic gains after their token launches. However, to sustain these gains and avoid a crash, the Pi Network needs to develop strong use cases and gain adoption from dApps. The upcoming listing of Pi Coin on exchanges such as Binance could also bode well for the long-term performance of the token.