The PI coin increased by more than 35% after one hour of its much awaited mennet lived live.
PI Network, closely tap-to-Kamai Cryptocurrency Network launched its open mannet today, on February 20 at 8 am on UTC. The launch was an important milestone for the project, which has been in development for more than six years and has been operated in an attached mennet since 2021.
With the Mennet launch, PI community members are referred to as pioneers, trading their PI coins, while developers on the network are able to show their work on a global user basis. Developers have already made more than 100 applications for various fields, including decentralized finance and gaming.
Unlike the traditional proof-off-work network, PI enables users to minimize the PI through a mobile application, making participation to a global audience accessible.
This accessibility has conducted mass adoption, in which millions of users are already connected to the network before their official launch. The PI network currently has more than 3.8 million followers on X, more than Ethereum Foundation, Solana and other major networks. At its peak, the project boasted more than 50 million users.
The PI Network Mennet launch was highly anticipated due to its scale. As the PI Mennet live was live, several centralized crypto exchanges, including OKX, HTX, Bibit, MXC, Getio, Bitmart and Bittet, Listed PI Coin (PI).
Meanwhile, the world’s largest Crypto Exchange, Benance, has held a voting, taking a different view on whether it should list the pie. The pole will run till 27 February, and the result is unlikely to change.
Other major exchanges, such as coinbase, cracks and upbits, have not confirmed if they will lie the PI network coins.
PI sees major instability after coin listing
After its listing on Crypto exchanges, significant instability in the price of PI Coin was observed. Per data from coingecko, PI is 36.8% within the first hour after acquiring multiple listings, which kills a high level of $ 1.97.
At the time time, the PI coin was trading at $ 1.8 on OKX and $ 1.78 on Bitutegate, marking a steep decline from $ 61 to $ 70 speculative IU prices a day before the Mennet launch.
Shortly after the listing, Altcoin briefly rose to $ 3.4 on the bitgate before the Altcoin retreated quickly. Meanwhile, on Bybit, the price of PI fell below the $ 1 mark soon after the trading started.
Nevertheless, the PI coin can look forward to further benefits as its large community basis and new people continue to deposit tokens in search of cash. Promotion and more pressure around potential listings on major exchanges such as binance, coinbase, and KRAKEN can purchase more pressure as investors keep themselves in position in anticipation of a price rally.
However, these benefits can be short -lived. If early miners, who have been depositing PIs for years, start cashing them. Hype-operated rallies often face sharp pulses, and history suggests that the new listed tokens experience heavy sales-off before finding a stable price range.
In addition, since these tier -1 listing can come or even after weeks, the current propaganda can be cooled until then reduces the impact on price action.
Disclosure: This article does not represent investment advice. The materials and materials painted on this page are only for educational purposes.
