- Pi Coin holders are a disappointed lot during this crypto bull run.
- The Pi Network has been in an enclosed mainnet for two years.
- It is unclear when the Pi Coin will be listed in exchanges.
Pi Network, the giant crypto project, thrived in 2023 as the developers launched numerous products to boost the network. For example, they launched the FireSide Forum, a social media network for community members. It also unveiled its unique decentralized moderation tools.
Most recently, Pi Network went through the PiFest, a global event with millions of participants. It had users in over 155 countries and was constantly trending in social media platforms like X and Instagram’s Threads. PiFest aimed to showcase how the Pi Network was being used in the commerce industry. The developers also launched PiOS in July this year.
Despite all this, Pi Coin holders are a disappointed lot as another year ends without a mainnet launch. This has been a big issue since Pi Network was unveiled in 2018, meaning that many miners have held their coins for 5 years.
Without a mainnet launch, there is nothing that these miners or pioneers can do with their Pi coins since they cannot exchange them for fiat. This is also notable since Pi Network entered the enclosed mainnet in December 2021 - 2 years ago.
Pi Network’s developers always cite the need for verification and conducting KYC for the pioneers before they launch the mainnet. This, however, is not encouraging to users who have been in the ecosystem for years.
The challenge is that Pi Coin holders have missed out on the ongoing crypto bull run that has pushed the total market cap of all digital coins to over $1.6 trillion. Some useless coins like Bonk, Meme Coin (MEME), and Pepe have accumulated a market cap of over $1.6 billion.
This is a sign that if the Pi Network moved to the mainnet this year, the Pi Coin price would have gone parabolic because of its strong awareness globally.
This is a situation that happens also in the stock market, where companies prefer launching their IPO during a bull run. Unfortunately, it is unclear whether Pi Network will go online in 2024 since the developers have remained muted about this.
In my opinion, I believe that the developers want this enclosed mainnet to last for a few more years. When this happens, they can easily make money selling advertisements in the ecosystem. I reached out to the team for comments and had not responded by press time.
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