Pi Network Mainnet: The Crypto Platform That Could… But Probably Won’t

NOIDA (CoinChapter.com)—The much-shilled and hopcaine-peddling Pi Network has become the crypto world’s equivalent of waiting for a surprise party that never happens. The platform’s followers were expecting an open mainnet launch on June 28, but it mysteriously vanished.

Fans had geared up for a grand Mainnet launch on Pi 2 day, only to be left holding a bag of digital confetti and no party in sight. Talk about being stood up after getting all dressed up and reaching the bar an hour earlier.

Pi Network: The Case Of The Missing Mainnet

Pi Network’s journey is starting to feel like a never-ending episode of a long-forgotten TV series. Remember when the users were promised a Mainnet launch? Yeah, neither does the team, apparently.

The Pi team keeps dangling the carrot of groundbreaking developments, only to yank it away at the last minute. It’s like watching a magician who keeps pulling out empty hats.

Ever tried getting a straight answer out of a politician? Welcome to the Pi Network experience. Greece did invent democracy, which makes Greek computer entrepreneur and Pi Network founder Dr. Nikolas Kokkalis an honorary politician.

The team talks a big game about building a secure and scalable blockchain, but good luck finding any real details. It’s all smoke, mirrors, and a whole lot of “coming soon.”

Millions are mining Pi, but for what? At this rate, Pi Coin’s utility is as real as a three-horned unicorn. Will it be the next big thing? “Reply hazy, try again later” seems to be the team’s mantra. Until there’s a clear use case, the project remains just another shiny object.

Pi Network preaches decentralization but runs like an old-school monarchy. Decisions seem to come from on high with little input from the plebs, er, community. For a project claiming to revolutionize finance, it’s looking more like a medieval fiefdom, with a whole bunch crazed fans shilling the project.

And then there’s the wild card of regulatory compliance. Global regulators are circling crypto like sharks at a beach party. Pi Network needs to play nice or risk getting tossed out of the pool altogether. It’s a high-stakes game of regulatory roulette with no guarantees.

PI Coin Price Action Remains Dead

The Pi Network token’s price action is nearly as alive as the Joker at the end of the ‘Batman: Arkham City‘ game. The missing open mainnet launch on June 28 should have resulted in a dump, but it seems like PI coin traders have become dead inside.

The Pi Network open mainnet remains remains a bone of contention for its imaginary token’s price action. Without the mainnet, PI coins currently trade as IOUs. But even the IOU price action remained decidedly stagnant despite team’s failure to launch open mainnet.

Following the absence of Pi 2 day mainnet launch, the price of PI coin IOU dropped by nearly 14% on June 29, reaching a daily low near $37. On July 1, PI coin price dropped 5.3% from the day’s high near $39.7.

An uptrend from here would see PI coin price face resistance near $41.2 and $44.8 before corrections pare gains.

On the other hand, a downtrend would result in the Pi Network token price dropping to support near $36.7. Moreover, breaching the immediate support level might result in the PI coin price testing support near $34.

For a price action so stagnant, the RSI is, unsurprisingly, neutral, with a score of 48.25 on the daily chart.