Pi Network Price Prediction 2024: More than 11 Million Signed Up to PI, Still No Launch

Key Takeaways

• Despite having been launched in March 2019, the Pi Network’s PI coin is yet to be available on the open market.
• No date for the platform’s mainnet launch has yet been announced, although 11 million people have passed their Know Your Customer checks. 
• PI is mined by pressing a button on a mobile phone app.

More than five years after it was first announced, the much-touted Pi Network cryptocurrency is still unavailable on the open market. Despite that, though, the coin is still one of the most hotly discussed cryptos out there.

This is no mean feat for something that does not have any kind of actual market value. While this year has seen a hackathon and the launch of an online social space, there is still no indication as to whether people will be able to buy, sell, and trade the PI coin.

In late 2023, Pi hinted that it might launch its open mainnet in 2024, providing certain conditions were met. Meanwhile, on February 9 2024, it reached  its three-millionth Twitter follower. By the end of May, more than 11 million people had passed the platform’s Know Your Customer (KYC) checks.

Pi Network did not immediately respond to a request for comment.

But what is Pi Network (PI)? How does the Pi Network work? Let’s take a look and see what we can find out and also examine some of the Pi Network price predictions that were being made as of June 10 2024. 

Pi Network (PI) Explained

In the world of cryptocurrency, one of the most common ways to make money is through mining crypto. In the case of such coins as Bitcoin (BTC), involves solving an increasingly complex set of mathematical equations. There is, however, one problem with this. As more people get involved with mining, the difficulty level rises. This not only puts individuals off mining, it also causes a significant power demand, thus damaging the environment. 

Pi Network  is a crypto platform that aims to make mining crypto simple. Rather than go through the rigmarole of solving equations, people simply tap a button on a mobile phone app to mine the system’s native token, known as PI. 

American academics Nicolas Kokkalis and Chengdiao Fan of Stanford University founded the Pi Network in 2018. It officially launched on 14 March – the so-called Pi Day – the following year. 

Within the Pi Network, there are four types of users. Pioneers mine the coin, contributors give the network a list of trusted users, ambassadors bring new users onto the network using a referral code, and nodes supply computing power using their home computers.

Pi undergoes periodic “halving” to ensure its scarcity. Halving refers to the reduction of the number of coins a miner receives for processing new transactions by half. This typically occurs when it reaches a specific milestone. 

The mining rate for PI initially halved from 1.6 π to 0.8 π per hour when the user count reached 100,000. It halved again to 0.4 π per hour at the 1 million user mark, and again to 0.2 π per hour when there were 10 million users. These rewards will continue to halve, ultimately reaching zero when the network hits one billion users.

Latest PI Network News 

As of March 2023, there were more than 30 million people signed up to the platform. That month, the people behind the system operated a hackathon. In late May, PI launched the Fireside Forum “a true Web3 social platform that fosters authenticity, constructive conversations, and healthier online social interactions by integrating tokenomics into the core of social interactions”.

By September, the platform had launched  a Developer Ambassador Program in a bid to get more people building decentralized applications (DApps) on the system.

In late October, the platform rolled out an update  designed to show which third-party apps had been verified and approved. The news came after the launch  of Staked DMs, a program that lets network members send messages by staking PI.

In December, Pi launched its latest e-commerce event, PiFest .

There was, however, still no sign of any proper launch date for a Pi Network mainnet, although the platform’s roadmap suggests it might happen this year. This will, however, depend on its Open Network preparations being complete, it reaching a particular, unspecified, level of Know Your Customer (KYC) verification of users and favorable macroeconomic conditions. It is worth noting that CoinMarketCap  had a theoretical PI price of around $39.10, based on the value of IOUs, on June 10. 

This meant that there was no official PI price. PI should not be confused with the Pi Network DeFi token. This crypto is based on the Binance blockchain and trades on the PancakeSwap (CAKE) decentralized exchange.

PI Network Price Predictions 

With that all said and done, let’s look at some of the Pi Network price predictions being made on June 10 2024. Since PI is not yet on the open market, you should realize these forecasts will, by definition, be even more speculative than usual. Most price predictions end up being wrong, anyway. It is also worth noting that many longer-term crypto price predictions are made using an algorithm, which means they can change at any time. 

Short-term Pi Network price prediction 

Firstly, CoinCodex  made a hypothetical short-term Pi Network price prediction for 2024 which saw the still-unreleased coin trade at $50.50 on June 14 before reaching $127.28 on July 9. Despite that, the site’s technical analysis was bearish, with 19 indicators sending discouraging signals and nine making bullish ones.

Longer-term Pi Network price predictions 

Next, DigitalCoinPrice  went so far as to give an actual Pi Network price of $39.08. It is unclear where it got this information from how it came about it, or whether it had confused PI with the Pi Network DeFi Token. Anyway, the site’s PI price prediction was pretty optimistic, suggesting that it would be worth $80.99 this year, $94.07 next year and $135.89 the year after that. By 2027, the site said, PI could trade at $168.04 before closing the decade at $202.80. The site then made a Pi Coin price prediction for 2030 of $283.04 and went on to say it would reach $750.73 in 2033. 

Meanwhile, PricePrediction.net  was also highly bullish in terms of its Pi Network price prediction. The site said that the crypto would be worth $50.64 this year. It had a PI Network price prediction for 2025 of $73.57. Moving on, it said PI would hit $104.85 in 2027 and would stand at $223.49 in 2028. By 2029, the prediction was for the coin to trade at $337.60. The site said it would start the new decade at $485.74. It then made a long-term Pi Network Price Prediction that said it would stand at $28,349 in 2040 and $38,211 in 2050. 

Finally, WalletInvestor  made a fairly optimistic Pi Network crypto price prediction. Coming up with a hypothetical current price – or possibly mixing it up with the Pi Network DeFi Token – of $38.97, it said PI could reach $48.38 in 2025 and $88.23 in five years’ time. 

Is Pi Network a Good Investment?

It is hard to say PI is a good investment, simply because you can’t invest in something which one cannot buy, sell, or trade. A cynic might argue that, five years on from the launch of the app, that might never happen. If you want to take a more tolerant view, a lot will depend on market conditions if and when the mainnet is launched. PI has certainly got the world of crypto talking. If it ever does make its way onto the open market, it will be a big event. The problem is, no one knows right now when that might be. 

Will Pi Network go up or down?

This is another question no one knows the precise answer to. Even the regular price prediction sites are making a hypothetical evaluation of a hypothetical price. One thing we can say, though, is that crypto prices can, and do, go down as well as up. Make sure to do your research. 

Should I invest in PI Network?

Again, at the…