- Decline in Pi Network IOU Value
- Reasons for the Delay in Pi Network Mainnet Launch
- Comparison with Popular Tap-to-Earn Tokens
The value of the Pi Network IOU token has significantly decreased amid an overall decline in interest in the crypto industry.
Decline in Pi Network IOU Value
Pi Coin (PI) was trading at $33.90 on Monday, Sep. 2, down by over 5% in the last 30 days and by over 72% from its highest level this year. The IOU token was launched in 2022 and has no affiliation with the main project. It is listed on just a handful of exchanges and trades with low volume, making its price an unreliable indicator for the main token.
Reasons for the Delay in Pi Network Mainnet Launch
The decline in the value of Pi Network IOU is linked to the delay in the mainnet launch. In December of last year, developers stated that the network would transition to the mainnet later this year. This will require achieving three key milestones: completing KYC verification for most users, increasing the number of decentralized applications (dApps) to 100, and favorable market conditions.
Comparison with Popular Tap-to-Earn Tokens
Despite its popularity, the Pi Network IOU token may not perform well when it starts trading. An example of this is the Hamster Kombat token, whose price dropped by over 80% from its all-time high ahead of the official airdrop. Similar trends are observed with the Notcoin (NOT) token, which has fallen by 71%, and Pixelverse, which has crashed to a record low. Pi Network shares similarities with Telegram’s tap-to-earn platforms, where users earn tokens by clicking a button in the app. However, Pi has a dedicated standalone application, and developers are focused on building an ecosystem before launching the mainnet.
The decline in the value of the Pi Network IOU token reflects overall trends in the cryptocurrency market and underscores the importance of achieving key milestones for a successful mainnet launch.
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