NEW DELHI (CoinChapter.com) — Pi Network (PI) is a mobile-based crypto-mining platform with a very shaky 2023. Some controversies and launch delays in 2023 could force traders to think twice before deciding to buy PI coins in 2024.
The blockchain project claims to become the next Bitcoin (BTC), offering its users the ease of mining crypto assets without the need for costly mining equipment. However, the mined tokens are currently almost useless, with the PI coins only trading on exchanges as IOUs.
The IOU system means that participating exchanges would trade future PI coins at the current IOU value. Despite several claims of users accepting PI coins as a currency, real-world usage for the Pi Network token remains limited.
Pi Network has continuously delayed the launch of its open mainnet. However, the blockchain promised users that it would launch the open mainnet in 2024, but on certain conditions.
The conditions are achieving KYC and migration goals, development and deployment of Pi apps, and the absence of any unfavorable external environment conditions.
As such, there is no guarantee that the mainnet will launch in 2024 since it heavily depends on the collective efforts of the Pi Network core team, community developers, and Pi network users.
Further delays would seriously impact users’ trust in the project and might result in traders not buying Pi Network tokens.
Moreover, Pi Network also faced an investigation for fraud in Vietnam. A project that has been tainted by such allegations would find it difficult to onboard new users, especially after the FTX and Terra Luna debacles.
Yet, the mainnet launch would be the most vital cue for PI coin’s future in 2024. At the moment, buying Pi Network tokens makes no sense since they technically don’t exist, which hinders their adoption across verticals and makes ecosystem expansion difficult.
PI coin has been trading on exchanges as IOUs. However, PI coin’s price action has been disappointing since it started trading as an IOU in late Dec. 2022.
The token has been in a downtrend after spiking to an ATH of $345 on Dec. 30, 2022. As the wider market showed signs of recovery in Q4 2023, PI coin price recovered slightly before continuing its horizontal movement near $30.
The price action could be evidence of users getting disillusioned with the project. In addition, the muted PI coin price action might be an indicator of miners hoarding the Pi Network token in the hope of striking it rich when the mainnet launches.
Either way, traders must do their own research before buying PI coins in 2024
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