NOIDA (CoinChapter.com)— Pi Network, the mobile-based crypyto mining platform, has yet to launch its open mainnet (yep, still only rumors for now). However, every so often, rumors of the mainnet launch surface on social media, promising a launch on this date or that date.
Recently, the Pi Network coin price dropped more than 98% from its IOU price, which was nearly $40, to reach $0.6 on April 4.
The downtrend did not end there, with PI coin price dropping to a low near $0.18 on April 5 before stabilizing near $0.2. An uptrend helped the Pi Network token price rally to $0.78 on April 15.
Interestingly, the drop in PI coin price happened only on a few exchanges and on CoinMarketCap, leading to speculation that the price drop might be a fluke.
Pi supporters continue to shout from their rooftops that the IOUs trading across exchanges are fake PI tokens and shouldn’t be trusted, which kind of makes sense since there is no PI coin until the open mainnet drops.
As such, users lap up speculations of a mainnet launch like a guy stuck in the desert for days does about seeing water.
Open Mainnet Launch In June?
There’s a flurry of Pi Network-themed accounts on the social media platform X. One of them, an account with the name “Pi π UNIVERSE” claimed that the countdown for the Pi Network open mainnet launch has begun.
Pi Network fanatics have a weird fixation for all things related to the values of Pi. The community fervently celebrates dates like March 14 (3/14) as Pi day, or June 28 (6/28) as Pi-Two Day.
In March, rumors of the team launching the open mainnet on Pi Day sent the PI coin price (the IOU one) rocketing to $121.
However, the rumour turned out to be a miscommunication from the official Pi Network news handle. The news handle jokingly shared that Pi Network would launch the open mainnet in March instead of the previously announced date of June 2024.
Another news outlet, Hokanews, picked up the announcement and shared it as a true story instead of a joke. As a result, traders flocked to the market, propping up the token’s rally and helping it break out of a multi-month consolidation phase.
The Pi Network team’s failure to launch the open mainnet on Pi Day resulted in PI coin price dropped 66% from March 13’s $122 to reach a daily low near $41.6 on March 15.
Scams Plague The Pi Network Community
Meanwhile, instances of scams among the Pi network community in Vietnam are on the rise. The token’s community is the largest in the Asian country. These scams take various forms, from deceptive sales tactics to fraudulent investment schemes, preying on the growing enthusiasm for Pi currency.
Several factors contributed to the proliferation of Pi currency scams. Scammers exploit the desire for quick wealth by offering unrealistic returns in minimal time. Additionally, some participants overlook the inherent risks associated with digital currency transactions, failing to conduct due diligence.
Another reason for the scams being successful could be the failure of the developers to launch the Pi Network open mainnet. Users with bucket loads of PI coins have nowhere to go with their holdings, and end up falling prey to scammers promising to buy the token off their hands.
Furthermore, scams can erode public confidence in Pi currency, hindering its wider adoption. Victims suffer significant financial losses, often struggling to recover.
