Pi Network's highly anticipated mainnet launch on February 20, 2025, marked a historic moment for the cryptocurrency ecosystem. Within less than an hour of going live, Pi Coin surged more than 35%, reflecting the excitement and growing market interest surrounding the project.
The Pi Network, a "tap-to-earn" blockchain project, has spent over six years in development and operated on a closed mainnet since 2021. With its open mainnet now launched, Pi's community—referred to as "Pioneers"—can finally trade their Pi Coins. Developers on the platform are also now able to showcase over 100 decentralized applications (dApps) created for various sectors, such as decentralized finance (DeFi) and gaming.
What sets Pi Network apart from traditional proof-of-work cryptocurrencies is its mobile-based mining model. This unique approach has enabled widespread adoption, with millions of users engaging with the network even before its official public launch. Pi Network's user base has continued to grow significantly, currently boasting more than 3.8 million followers on X, surpassing the Ethereum Foundation, Solana, and other major blockchain networks. At its peak, Pi had over 50 million registered users.
As the mainnet went live, the token’s listing was immediately supported by multiple centralized exchanges (CEXs), including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget. However, Binance, the world’s largest crypto exchange, has taken a different approach by conducting a poll to determine whether to list Pi Coin. The poll is set to close on February 27, 2025, but the outcome is expected to be consistent with the current sentiment. Other major exchanges, including Coinbase, Kraken, and Upbit, have yet to announce their decision regarding Pi Coin’s listing.
Pi Coin Price Action and Market Volatility
Pi Coin saw significant volatility shortly after its listing. According to CoinGecko data, Pi Coin surged 36.8% within the first hour, peaking at $1.97. However, its price quickly retraced, falling to $1.80 on OKX and $1.78 on Bitget. This marked a sharp decline from the previously speculated IOU prices of $61 to $70 that had been circulating just a day before the mainnet launch.
The price fluctuations didn’t stop there. After its initial listing, Pi briefly spiked to $3.40 on Bitget before retracing again. On Bybit, Pi Coin’s price even dipped below the $1 mark shortly after trading began. Despite these sharp price corrections, the token has maintained strong buying pressure, and some speculate it could see further upward movement as more listings and potential hype-driven interest continues to build.
Pi’s large community base, along with new investors eager to capitalize on the buzz surrounding the mainnet launch, could drive more buying activity. Market speculation around the upcoming potential listings on major exchanges like Binance, Coinbase, and Kraken is expected to keep the momentum going, contributing to further price volatility.
The Risk of Sell-offs and Future Price Stability
However, Pi Coin's price action may be short-lived. Many of the network’s early miners, who have accumulated Pi Coins over the years, may begin to sell off their holdings in the coming weeks, which could lead to a price pullback. Historically, newly listed tokens often experience sharp sell-offs following their debut on exchanges before finding a more stable price range. The hype surrounding Pi Coin’s listings might also subside as major exchanges make their final decisions in the coming days or weeks.
For Pi Network, this launch signifies more than just a price rally. It is a critical step in achieving its goal of becoming an accessible, utility-driven cryptocurrency with a global user base. Whether the coin’s price will stabilize or continue to see volatile fluctuations depends on the network’s ability to keep its momentum and sustain interest from both early adopters and new users alike.
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