The much awaited Pi network coin went live on 20th February and was an investor favorite instantly. Soon after the token went live, its price skyrocketed nearly 35%
At the press time, it is trading at $1.57, up nearly 23% with a $13.5 billion valuation.
Why is The Pi Token Unique?
The Pi network coin’s hype stems from the fact that it can be mined on mobile phones, making it easily accessible to a wide variety of traders.
By enabling consumers to mine currencies on their cellphones without using a lot of energy, Pi Network hopes to increase the accessibility of bitcoin to a wider audience.
Unlike conventional Proof of Work or Proof of Stake systems, the network is based on a consensus mechanism that places an emphasis on user interaction and security.
The centralization of the Pi Network and the true usefulness of its token, however, have been under scrutiny since its introduction.
Notwithstanding these reservations, Pi Network may become well-known as a result of the impending coin launch, particularly if it can demonstrate its feasibility in the cutthroat cryptocurrency market.
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Why is The Pi Network Token Getting Hyped?
The Pi Network coin’s creative strategy and enormous user base are creating a lot of market excitement. Since Pi Network enables users to mine coins straight from their cellphones, it is far more accessible to a worldwide audience than traditional cryptocurrencies.
The idea of “mining without high energy consumption” appeals to people who care about the environment. Crypto aficionados are also intrigued by Pi Network’s promise of a decentralized, user-driven ecosystem.
Interest is being fueled by conjecture on the network’s possible worth and prospective applications as it gets ready for its official debut and token listing.
But how well it moves from testnet to mainnet and demonstrates its long-term usefulness will determine its actual success.
Can The Token Rise in Future?
Due to the project’s present state as a testnet coin with no active market listing, the short-term price projection for Pi Network coin is still tentative.
The price of Pi Network will mostly depend on its move to the mainnet and listing on exchanges, even though the company’s expanding user base and the potential of mobile mining have generated a lot of interest.
There may be a brief spike in value if the coin launches successfully and is accepted. However, the price is expected to stay unstable and unknown in the near future in the absence of concrete use cases, transactions, or evidence of practical usefulness.
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