Market
Pi Network Performance Underwhelms After Mainnet Launch
Following Pi Network’s much-anticipated Mainnet launch on February 20, cryptocurrency analyst Kim Wong has expressed disappointment in the project’s trading performance.
Despite the significant attention and high expectations surrounding the Mainnet launch, PI’s trading activity has failed to live up to the hype.
Pi Network Performance Falls Short of Expectations
Wong took to X (formerly Twitter) to voice his dissatisfaction.
“Trading in Pi is disappointing as pioneers keep selling and buy orders are small,” he said.
Wong highlighted a lack of significant capital inflows. He noted that while the highest trade volume observed was around 1,000 PI, the average was only a few hundred PI per trade.
Nevertheless, the analyst pointed out a potential silver lining. He explained that as sellers deplete their holdings, the market could see a shift where demand outweighs supply. This could potentially drive the price higher.
“Price will go up when big capital jumps in,” he stated.
Wong also called attention to Pi Network’s Mainnet launch as a significant milestone that sets the stage for future growth. He had previously defended the Pi Network against critics, highlighting its real-world application and scalability.
Nonetheless, Wong’s comments triggered a mixed reaction among Pioneers. Some early adopters emphasized that long-term holders had already locked their supply for years.
“Don’t say pioneers. I’m a first 50 miner to PI. Thank the newbies who came in the last year and bought supply off of others,” a user replied.
Others expressed ongoing skepticism, questioning the fairness of the project’s token distribution.
“The founders had 20 billion coins set aside for themselves correct? They are billionaires and you are what? The only winners are the founders. Just like everyday life nothing changes at the top,” another user posted.
Pi Coin Price Drops Post-Launch
Meanwhile, the lackluster trading performance has impacted the price of Pi Coin (PI), which was already struggling ahead of the launch. Despite the Mainnet launch’s high-profile nature, PI listed on OKX at a floor price of $2. This sparked frustration among users who had hoped for a higher valuation.
“It is obvious that every Pioneer is disappointed with the listing price and not happy at all! What is the point of mining or even having the app if any random person can get 3,000 Pi coins for $3,000 from the CEX!?” wrote Dr. Picoin, a vocal supporter of the project.
He stressed the need for the Pi Core Team to reevaluate the listing price’s consequences and impact on the Pi community. However, he remained hopeful about the project’s long-term prospects.
“I still see massive potential in this project. I have been closely studying the Pi Blockchain, and it functions exceptionally well with great promise,” he noted.
While the Pi community maintains optimism about the project’s potential, the market’s reaction has been less than favorable.
The price has dropped 46% over the past 24 hours. At the time of writing, PI traded at $0.68. In comparison, similar Smart Contract Platform cryptocurrencies have risen by 1.30%, which highlights PI’s underperformance in the market.
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