NOIDA (CoinChapter.com) — Although there was, in fact, no Pi Day mainnet launch, the Pi Network team celebrated Pi Day (March 14) yesterday with a video showcasing all its achievements over the past year. However, in the midst of all this, the developers forgot to give a date for the mainnet launch.
The mainnet launch has been one of the platform’s biggest failures, with multiple delays eroding users’ trust in the platform.
Despite this, social media remained rife with posts ranging from some random PI coin user, aka a ‘Pioneer,‘ using the platform’s token for trade and going to the usual speculation of PI coin’s price target once mainnet launches.
Pi Network Mainnet Launch “Later This Year“
A key takeaway from the Pi Network’s Pi Day celebration video is a statement by the project’s founder, Dr. Nicolas Kokkalis, which sparked rumors of further delays in the mainnet launch.
Earlier, a joke post by an X account with the name ‘Pi News‘ had led users to believe the team would launch the mainnet on Pi Day. Needless to say, that did not happen. No, sir, no launch today.
Instead, what users got was a slightly deep fake-looking Kokkalis, who talked about how many miners the platform has (55 million, per the team’s claims), how many of these miners completed their KYC (9 million), and some other details.
The only mention of the mainnet launch was Kokkalis stating that the team planned the launch for “later this year.“
Earlier in Feb. 2024, the Pi Network team had announced June 2024 as the mainnet launch date. Now, here is where it gets interesting.
June is, technically, later this year. However, many users, including the X account ‘Pi News,’ which describes itself as “Times News for Pi,” interpreted the statement to mean a Dec. 2024 Mainnet launch.
Now, it remains to see if the developers clarify the launch date, or if, as always, users wait until June before getting an update.
PI Coin Price Corrects… HARD
Rumors of a mainnet launch on Pi Day saw PI coin price rally to reach $122 on March 13. It was a near-certainty that when the launch did not happen, the token would correct sharply. And that is exactly what happened. PI coin price dropped 66% from March 13’s $122 to reach a daily low near $41.6 on March 15 before bulls recovered some of the losses.
Rumors of further delays in the mainnet launch could result in the PI coin price continuing its downtrend and testing the 50-day EMA (purple wave) support near $39.5. Breaching the immediate support could see the token’s price falling to the support near $30.
Conversely, a rally from here could see PI coin price facing resistance near $54. Breaking and consolidating above the immediate resistance could help the Pi Network token target the resistance near $63 before correcting.
The RSI for PI remained neutral, with a score of 51.38 on the daily charts.
CoinChapter tried reaching out to Dr. Kokkalis via social media, but no response had yet been received at the time of writing.
