BREAKING: The Price of Pi Coin Drops Massively Below $1 After Failure to Launch Open Mainnet

As a pioneer, you have witnessed firsthand the precipitous drop in the price of Pi Coin following the failure of the Pi Core Team to launch the open Mainnet as planned. The current live price of Pi today is $0.538492 USD, down a staggering 98.61% in just the last 24 hours alone, with a 24-hour trading volume of only $438,009 USD. While we aim to provide real-time Pi to USD price updates, the grim truth remains that Pi is currently ranked #3081 on CoinMarketCap, with a essentially non-existent market cap and circulating supply. This catastrophic collapse serves as a sobering reminder that despite the initial hype and promise, the future of Pi Network is now in serious jeopardy due to the incompetence of its development team. As pioneers who believed in this project, we all must now make difficult decisions regarding our involvement going forward.

Price of Pi Coin Plummets on Exchanges After Mainnet Delay

The price of Pi Coin has dropped massively following the failure of the Pi Core Team to launch the open Mainnet. Lack of Official Approval

Pi Network is aware of reports that several unauthorized third party exchanges, and potential unknown third parties, are seeking to list Pi or tokens purporting to be Pi, or some purported derivative of Pi, without the consent, authority or involvement of Pi Network.

Pi is currently in the Enclosed Network period of Mainnet and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network is not involved with any purported postings or listings. No Initial Coin Offering

The Network is NOT having any ICOs or any type of crowdfunding, and any sales of Pi are unauthorized and have no affiliation with Pi Network.

Warning to Users

Currently, Pi Network recommends to all Pioneers and potential Pi users not to engage with any of these exchanges or third party actors as their actions are not affiliated with Pi Network, and could result in substantial loss or damage to Pi users. Pi Network is also requesting these posts and exchange listings removed, and evaluating additional actions with respect to the third parties and exchanges.

In the interim, it is important to reiterate that the transaction of Pi through an exchange is explicitly prohibited during the Enclosed Mainnet period, and doing so would be a violation of Pi’s policies. The precipitous drop in Pi’s price highlights the risks of engaging in unauthorized trading before the Pi Network provides official approval and launches an open Mainnet.

Why the Failure to Launch the Open Mainnet Caused the Price Drop

The Pi Core Team’s failure to launch the open Mainnet as scheduled has shattered investor and community confidence, causing the price of Pi to plummet nearly 99% in the last day. Lack of Communication

The team did not provide any prior warning or explanation for the delay, leaving investors scrambling to understand the situation. This lack of communication and transparency has severely damaged trust in the project and team. Unmet Expectations

The open Mainnet launch was highly anticipated, with many expecting the release to drive major adoption and price gains. The unmet expectations and hype have now turned into feelings of frustration, disappointment and resentment. Questionable Ability to Execute

The team’s inability to deliver a scheduled milestone brings their technical capabilities and management competency into serious doubt. If they cannot accomplish something as fundamental as a mainnet launch, it calls into question their ability to achieve the project’s lofty ambitions and vision.

Damaged Reputation and Credibility

The price collapse and failed launch have been a major blow to Pi’s reputation and credibility. They will now have to work to rebuild trust and confidence, both of which are foundational to the success of any cryptocurrency project. The coming days and weeks will be crucial in determining whether Pi can recover from this stumble, right the ship, and reestablish themselves as a competent team that can deliver on their promises. Investor and community support have taken a major hit, and the future remains highly uncertain for this troubled project.

The Risks of Trading Pi Before the Official Mainnet Launch

Volatility and Price Manipulation

Until Pi officially launches on exchanges, the price of Pi is extremely volatile and subject to manipulation. Unregulated exchanges can artificially inflate or deflate the price of Pi to take advantage of eager buyers and sellers. There is also no way to verify the authenticity or value of Pi on these exchanges. You may end up paying an exorbitant price for worthless tokens.

Scams and Fraud

Unauthorized sellers and exchanges pose a high risk of fraud. They may claim to be affiliated with Pi Network to appear legitimate but in reality are scamming buyers. They could take payment for Pi and never deliver the tokens. Or they may sell counterfeit Pi that has no actual value or usage. These scams are prevalent in the early stages of cryptocurrencies before official launches and listings on major exchanges.

Policy Violations

Any transaction of Pi before the official open Mainnet period would be a violation of Pi Network’s policies. Pi Network has explicitly prohibited the buying, selling, trading or transferring of Pi during the Enclosed Mainnet phase. Those who violate this policy may face penalties including loss of Pi tokens or banning from the network. It is in the best interest of all Pioneers to follow Pi Network’s guidelines and policies regarding Pi to ensure the integrity of the project.

In summary, attempting to trade or buy Pi on unauthorized exchanges or from third parties poses serious risks with little potential reward. The price and supply of Pi cannot currently be verified, leaving buyers vulnerable to volatility, manipulation, fraud, and policy violations. The safest approach is to avoid any unauthorized transactions of Pi until the official open Mainnet and exchange listings. This will help create a fair, regulated market for Pi and allow you to trade with confidence in the value and legitimacy of your tokens.

What This Means for the Future Price of Pi

This failure to launch the Open Mainnet as scheduled has significantly impacted investor confidence in Pi Coin and the Pi Network project. The price of Pi has dropped nearly 99% following the announcement, demonstrating a massive loss of faith in the viability and competence of the Pi Core Team.

Such a substantial price drop signals that investors believe the Pi Network team has failed to meet key promises and milestones.The team had touted the Open Mainnet as a crucial next step in the project’s development, so its delay or cancelation altogether has undermined perceptions of the team’s ability to execute their vision. The precipitous decline in price reflects a belief that the project may not succeed or achieve mainstream adoption.

For the price of Pi to recover and the project to regain credibility, the Pi Network team must take quick action. They need to issue a transparent explanation of what caused the failure to launch the Open Mainnet, provide a revised roadmap and timeline, and take concrete steps to rebuild trust in their capabilities. A sincere apology and a realistic plan to make progress would demonstrate the team’s commitment to the project and could help win back investors and community members.

However, the damage to the reputation and price of Pi may be lasting. Once confidence has been lost, it is difficult to rebuild. The Pi Network team faces an uphill battle to revive belief in their project and vision. Ultimately, the future price of Pi depends on whether the team can reestablish their credibility and deliver on key milestones to advance the network. Without meaningful progress and transparency, the price may languish at its current low levels and interest in the project could continue to wane. The coming months will be crucial in determining whether Pi can recover from this stumble or whether it has suffered a possibly fatal blow.

FAQs on the Price of Pi Coin and the Mainnet Launch

The failure to launch the open Mainnet in March has understandably led to questions from Pioneers regarding the Pi Network and Pi Coins. This section addresses some of the most frequently asked questions.

Why did the Pi Core Team fail to launch the open Mainnet?

The Pi Core Team encountered gave certain conditions which includes meager utilities and fewer number of KYC’ed Pioneers. The team is working to resolve these issues to ensure the security and stability of the network prior to launch. No firm revised date for the open Mainnet launch has been announced as of yet.

How has this affected the price of Pi Coins?

As Pi Coins are not currently listed on any public exchanges, there is no official market price for the coins. However, some unauthorized third-party exchanges have been attempting to list Pi Coins, leading to reports of plummeting prices. Pioneers are strongly advised to avoid engaging with these unauthorized exchanges, as any transactions could result in loss of funds or Pi Coins. Official guidance from the Pi Network continues to prohibit the trading or transacting of Pi Coins during the Enclosed Mainnet period.

What does this mean for Pioneers and the future of the Pi Network?

The Pi Core Team remains committed to launching an open, secure and stable Mainnet. While the delay is disappointing, it reinforces the team’s dedication to protecting the network and its users. Pioneers are encouraged to remain patient and continue engaging with the app as normal. The Pi Network continues to make progress in developing the platform, and the open Mainnet launch will proceed once all technical issues have been fully resolved.

The temporary setback does not signify any long-term issues with the viability or mission of the Pi Network. The project continues to gain new Pioneers daily, strengthening the network and building value. Pi aims to become a global digital currency and platform for innovation, and the team is working diligently to make that vision a reality.

Conclusion

Though the failure to launch the open Mainnet has caused the price of Pi Coin to plummet, the future remains hopeful. As Pioneers, we must stay patient and keep mining Pi faithfully. The Pi Core Team has our best interests in mind. Trust in their vision, stay engaged with the Network, and continue being an active part of this innovative community. Together we will overcome this obstacle on the path to cryptocurrency adoption. Our efforts will be rewarded if we remain committed. Read Similar Story