The launch of the grace period for Pi Network on July 1 was an important milestone for the project, but it did not help secure price growth for Pi Coin.
Token Migration to Mainnet
Since the launch of the grace period, millions of Pi tokens have been successfully migrated to the mainnet. Community participation has been significant, with over $37 million worth of tokens moved.
Factors Affecting Price
Despite community engagement, Pi Coin's price continues to remain low. Analysts attribute this to a sharp increase in circulating supply driven by mobile mining rewards and upcoming token unlocks.
Prospects and Risks
July alone is expected to introduce over 200 million new tokens into the market, raising concerns about oversupply. Even with high user engagement and Bitcoin rallying, Pi's market performance remains weak.
Despite the successes in token migration, Pi Coin faces significant challenges, and without measures to manage supply or increase demand, the token may continue to lag behind the market.
