Unofficial Listing: Pi Network token price failed to recover from its downtrend

Even when reports of a forthcoming update circulated on Twitter, the price of Pi Network Coin kept falling. Additionally, there is now more interest in the blockchain technology due to rumors about the potential debut date of the Pi Network open mainnet.

Despite the robust cryptocurrency market rebound in 2023, the price of the Pi Network token was unable to reverse its downward trajectory. Due to this, on February 11 the price of PI coin reached a daily low of $51, an 80% YTD decline.

The introduction of the Pi Network open mainnet appears to be eagerly anticipated by token supporters. Additionally, a number of Pi token holders and influential cryptocurrency figures have revealed their predictions for the rollout of the open mainnet.

However, the Pi Network emphasized improved KYC compliance to ensure the “true humanness of the network.”

Additionally, KYC compliance would help the platform with “Anti-Money Laundering (AML) and anti-terrorism regulations.“

Additionally, Pi developers might hold off on launching the open mainnet until the enclosed mainnet has fully developed.

“Depending on the maturity of the Enclosed Network ecosystem and the progress of the KYC, this period may begin on Pi Day (March 14, 2022), Pi2 Day (June 28, 2022), or later.” according to the whitepaper.

The Pi Network’s ongoing hackathon will assist the platform have a number of applications prepared to go live on the open mainnet. Since the team hasn’t provided any updates regarding the launch of the Pi open mainnet, the launch date is still unknown.

What is Pi Network?

Pi Network is a novel cryptocurrency and developer platform that allows mobile users to mine Pi coins without draining the device’s battery. Pi’s blockchain secures economic transactions via a mobile meritocracy system and a full Web3 experience where community developers can build decentralized applications (dApps) for millions of users.