Key Takeaways:
- Pi Network adjusted its monthly base mining rate.
- PI coin price continued its downtrend, falling to $30.
- The platform continued its shilling campaign.
NEW DELHI (CoinChapter.com) — The Pi Network fans platform continued their shilling campaign for the PI token, highlighting that businesses in regions like Vietnam continue accepting PI tokens as payment.
Additionally, X accounts associated with PI coin users highlighted that the Stanford University Computer Science Department listed Pi Network as one of its members. Other prominent firms on the list include a16z, Apple, Bloomberg, Google, etc.
Furthermore, the X user noted that Stanford University included the Pi Network on the list despite the project remaining in development.
Additionally, another user noted that an Indian PI coin user bought a “sofa” (Couch) using the Pi Network token. It seems the transaction was a P2P one. Moreover, since the PI token is yet to launch due to mainnet launch delays, the token only trades as IOUs.
The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Interestingly, the India-based PI coin users agreed upon a price of $314,159 rate for 1 PI token. The value of PI inspires the price level to 5 decimal places.
Several users are excited that the Pi Network token might reach the highly unlikely price level once the mainnet launches.
In addition, a Pi Network chat moderator stated that the network’s roadmap would be released by 2023 end. Earlier, the Pi Network team planned to release the roadmap in Sept. before shifting the date to somewhere in Q4 2023.
With user complaints rising, the delays would likely not sit well with PI coin users. ‘Pioneers‘ have started calling the project a scam and uninstalling their PI mining apps in droves.
Pi Network Adjusts Base Mining Rate
Meanwhile, Pi Network adjusted its base mining rate in Oct., making it more difficult for users to mine the platform’s native token, PI.
Pi Network announced a reduction of 5.6% to its mining rate, resulting in a mining rate of $0.0095 PI tokens per hour. The platform adjusts its base mining rate every month.
Reducing the mining rate increases the PI token’s scarcity, which might provide deflationary pressure for the token.
Pi Network introduced monthly base rate changes in March 2022. Earlier, developers adjusted the mining rates on a longer timeframe.
The Pi Network team uses a variable rate, called the ‘exponential function,’ to determine the mining rate.
PI Coin Price Falls To $30
PI coin price spent the last ten days of September 2023 crabbing near the $34 price level.
However, the Pi Network token’s price dropped to $30 in October, extending its losses to 40% from September’s high of $50.2. The project’s delay in launching in its mainnet might be catching up to the token’s price action.
Additionally, the token has dropped over 10% from October 2023’s high of $33.6, highlighting the bearish pressure against the Pi Network token. PI coin price is now crabbing near $30.
