The Pi Network IoU token has experienced a significant surge in value as optimism grows around its mainnet launch. On October 7, 2024, Pi Coin (PI) reached $46.93, marking its highest price since July and a 60% increase from its lowest point this year. This rebound coincides with a general rise in the cryptocurrency market, including Bitcoin, which climbed to $63,000.

Hopes for Mainnet Launch in Early 2025

The excitement around Pi Coin is partly fueled by increasing hopes that the Pi Network will launch its mainnet in the first quarter of 2025. In September, the developers announced a grace period for users to complete their Know Your Customer (KYC) verification, which is crucial for the network’s transition from its closed environment to a fully operational mainnet. This verification process is set to end on December 31, 2024.

Once the mainnet is operational, users will be able to convert their Pi coins into fiat currencies and interact with a wider ecosystem beyond the initial pioneers.

Partnerships and Ecosystem Growth

As the launch approaches, the Pi Network team is actively pursuing partnerships with companies in the crypto space and beyond. These partnerships aim to connect with the network’s growing user base of over 60 million members. Additionally, the developers are enhancing their global influencer program to further expand their reach and impact leading up to the launch.

The Pi Network IoU token, launched in 2022, is often regarded as a barometer for how the actual Pi Coin will perform once the mainnet goes live, despite having been disowned by its original developers. Recently, it formed a bullish double-bottom pattern, indicating potential for further price increases. Having surpassed its 50-day moving average, the token may aim for new price targets, with $50 and $61.8 as significant levels to watch.

Risks and Considerations

While the optimism surrounding the Pi Network is palpable, potential investors should be cautious. Many tokens in the tap-to-earn category, such as Hamster Kombat and Notcoin, have seen steep declines after their initial launches. Therefore, while the future looks promising for Pi Coin, it’s essential to remain aware of the inherent risks in the cryptocurrency market.