Pi Network’s long-awaited mainnet launch on February 20, 2025, marked a milestone moment in the cryptocurrency ecosystem. Within less than an hour of going live, Pi Coin surged over 35%, reflecting strong market enthusiasm and anticipation surrounding the project.
The Pi Network, a “tap-to-earn” blockchain project, has been in development for over six years and previously operated on a closed mainnet since 2021. With the open mainnet now active, Pi’s vast community—referred to as “Pioneers”—can finally trade their Pi Coins, while developers showcase over 100 decentralized applications (dApps) spanning DeFi, gaming, and other sectors.
Pi Network’s Unique Approach and Community Growth
Unlike traditional proof-of-work cryptocurrencies, Pi Network utilizes a mobile-based mining model, fostering widespread adoption. This approach has propelled its user base to significant growth, with more than 3.8 million followers on X, surpassing Ethereum Foundation and Solana. At its peak, Pi Network recorded over 50 million registered users, making it one of the largest blockchain communities to date.
Exchange Listings and Market Volatility
Pi Coin’s listing was swiftly supported by multiple centralized exchanges (CEXs), including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget. However, Binance has taken a cautious stance, conducting a poll to gauge community interest before potentially listing Pi Coin. The poll is set to close on February 27, 2025, while other major exchanges, such as Coinbase, Kraken, and Upbit, have yet to announce their stance.
Following its listing, Pi Coin exhibited significant volatility. According to CoinGecko data, it surged 36.8% within the first hour, reaching a peak of $1.97 before retracing to $1.80 on OKX and $1.78 on Bitget. These fluctuations starkly contrasted with pre-launch IOU price speculation, which ranged from $61 to $70. The token later spiked to $3.40 on Bitget before experiencing another pullback, and at one point, it dipped below $1 on Bybit.
Future Outlook and Potential Sell-Off Risks
Despite its strong debut, Pi Coin’s price remains subject to market forces, particularly from early adopters who have mined Pi for years. A potential sell-off could impact the token’s price, as many long-time miners may seek to cash out their holdings. Historically, newly listed tokens often experience sharp corrections before stabilizing at a sustainable price range.
Market speculation regarding Pi Coin’s potential listing on major exchanges like Binance, Coinbase, and Kraken continues to drive interest. If more exchanges confirm support, the token could experience further buying pressure and price movements.
For Pi Network, the mainnet launch is more than just a price rally—it represents a pivotal step toward establishing itself as a utility-driven cryptocurrency with a global user base. Whether Pi Coin stabilizes or continues its volatile trajectory depends on how well the project sustains its momentum and adoption in the coming weeks.
