Pi Network, one of the biggest and most popular players in the cryptocurrency industry, has remained in its enclosed mainnet this year as Bitcoin and other altcoins surged. As a result, Pi Coin holders, popularly known as pioneers, have missed another opportunity to cash out of their assets.
The second crypto bull run is here
Bitcoin jumped to over $68,000 on Tuesday morning and is on track to hit its all-time high of $69,000. Ethereum, on the other hand, has surged to over $3,600, and most analysts believe that it will move to over $4,000 soon.
This performance has triggered a major bull run in the altcoin industry with most of these assets reaching their all-time high. Some of the top performers are meme coins like Coq Inu, Memecoin (MEME), and dogwifhat.
Pi Network’s pioneers have missed an opportunity to make strong returns for the second time. They initially missed an opportunity in the last crypto bull run that happened in 2021 when Bitcoin surged to over $69,000.
Most altcoins reached their all-time highs at the time as the total market cap reached over $3 trillion. As such, there is a possibility that Pi coin would be doing well had it been publicly traded.
Pi Network’s developers have hinted that it will move from the enclosed mainnet this year. This will happen when the network accomplishes three key things, which reduces the possibility that Pi Coin will start being traded this year.
Pi Network mainnet launch will take time
First, the developers are working to implement KYC among the members. This is a tough task considering that Pi Coin has millions of users globally.
Second, the listing will happen when there is a strong utility for the Pi Coin. As a result, the developers are encouraging creators to embrace the network and start building. Last week, they announced winners of the last Pi hackathon.
Country of Pi, a platform that enables the sharing of media and content, was the winner of this hackathon. The developers won about 10,000 Pi, which they will only convert into fiat when the mainnet launch happens.
Finally, it will happen if the external environment in the crypto industry is strong. Now would have been a great time to move from the enclosed mainnet now that most coins have surged by double-digits this year.
As I have written before, I have doubts about whether Pi Network’s mainnet launch will happen this year. Besides, carrying out the KYC verification of millions of users is not easy.
Pi Network’s developers have previously said that they were not in a hurry to list the Pi coin. Instead, they want to ensure that the network is ready before taking it public. Most Pi pioneers, on the other hand, claim that it has taken too long since the network was started in 2018.
Therefore, the reality is that the window of opportunity for the Pi Coin listing is closing quickly. Besides, in the past, crypto bull runs are usually followed with a winter period where they retreat. This pullback could happen in the second half of the year.
Contributors
