Pi Network's Wild Ride: Mainnet Launch Sparks Price Rollercoaster

The Pi Network, a novel cryptocurrency project, has finally launched its open mainnet, sparking wild price swings and leaving investors wondering whether to sell or hold onto their PI tokens. The network, which allows users to mine tokens directly from their mobile phones, has gained significant traction, with millions of users signing up even before the open mainnet launch.

Upon hitting the market, Pi's price experienced a rollercoaster ride. Within the first hour of trading, it surged by 36.8% to $1.97, but quickly began to decline. On OKX, the price fell to $1.80, while on Bitget, it touched $1.78. On the same exchange, Pi briefly spiked to $3.40 before crashing, and on Bybit, the price fell below $1 in no time. At present, the token is trading at $1.33, recording a 24% drop in the last hour.

Prior to the open mainnet launch, IOU trading had Pi valued between $61 and $70. However, with actual trading now in place, the price is far lower, indicating that speculation was significantly off the mark.

Several major crypto exchanges, such as OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, have rushed to list PI. However, Binance, the world's largest exchange, is still undecided. Instead of immediate listing, Binance has started a poll asking users if they want the token added. The poll runs until Feb. 27, but even if users vote "yes," there's no guarantee that Binance will move forward with the listing. Meanwhile, other exchanges like Coinbase, Kraken, and Upbit have not made any announcements regarding PI.

The future of Pi's price remains uncertain. Many early miners have been holding onto their Pi for years, and if they start selling in large numbers, the price could drop further. Conversely, if Binance and other major exchanges decide to list Pi, the demand could push prices higher. For now, Pi is riding the hype wave, but whether it stabilizes or remains a volatile asset is something only time will tell.