Pi Network's KYC Deadline Looms: Mainnet Launch Hopes Soar

The Pi Network, a decentralized digital currency, is poised for significant price movements this week as the Know Your Customer (KYC) verification grace period comes to an end. The KYC deadline for pioneers is set for January 31, and verified pioneers eagerly await confirmation that the mainnet launch will occur this quarter.

The Pi Network (PI) coin, currently trading at $43.22, has been hovering around the double-bottom point at $38. The KYC verification process is a crucial step towards the mainnet launch, as it is one of the three conditions that must be met. The other two conditions include having at least 100 mainnet-ready applications and a favorable external environment, which has already been achieved.

As of the latest update, there are approximately 80 mainnet-ready applications, leaving 20 more to be developed before the mainnet launch can take place. The KYC verification process is expected to conclude if at least 10 million members have transferred their coins to the mainnet. The developers have previously extended the deadline twice, with over 13 million pioneers verified, but only 8 million having transferred their coins to the mainnet.

The mainnet launch is eagerly anticipated by pioneers who have been mining the coin for over six years, as it will allow them to sell their holdings for fiat currency. In preparation for the Open Network in Q1 2025, Pi Network has made Mainnet Pi apps accessible through the Ecosystem Interface on the Pi Browser, with an initial 20 apps available for pioneers to explore.

Historically, tap-to-earn tokens have often experienced a decline in value following their airdrops. For instance, coins like Hamster Kombat (HMSTR), Catizen (CATI), and DOGS have all witnessed double-digit crashes after their airdrops. However, the Pi Network's IoU token, which serves as a proxy for the main project, has the potential for significant gains if the mainnet launch is confirmed this quarter.

The daily chart of the Pi coin price shows a plunge to the key support level at $38 last week, which coincides with the lowest level in October 2023. This pattern suggests the formation of a double-bottom, a highly bullish reversal signal with a neckline at $91.50. If