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Pi Network IOU price is frozen as traders await more details on the mainnet
Pi Network’s IoU price remained in a tight range on Tuesday as other altcoins recovered. The coin traded at $38.80, roughly the level it has been stuck at since May. This happened like Bitcoin rose to $62,000, while smaller tokens such as Farcana, Popcat, taker kurlson and Ben the Dog increased by more than 40% in the last 24 hours.
Pi Network is continuing preparations for main network launch for the pioneers complained of continued delay. The developers have mentioned three priorities as they work towards launch. First, they spent a lot of time on KYC verification for Pi Coin holders. In a recent update, the developers noted that they have already verified and moved over 5 million to the attached mainnet.
Secondly, the hope is that the network will have more applications to provide the token’s utility to when it launches. They do this through their regular hackathons, where developers present their projects and get support.
Ultimately, developers hope that market conditions will be favorable when the other two conditions are met.
In a recent update, Pi Network developers highlighted the work they are doing to ensure their nodes are ready. They noted that the platform had already amassed 20,000 computer nodes waiting to move to the main network. These nodes have over 1 million CPUs, making Pi one of the most decentralized networks in the cryptocurrency industry.
As part of the mainnet transition, developers will enable switching between the testnet and the mainnet blockchain. To help with testing, they have introduced a new clean Testnet blockchain to ensure the final product is ready for the mainnet.
The price of Pi Coin is stalling
Pi Network IoU is a cryptocurrency that was launched in 2022 while the mainnet launch delay continued. It was launched by the community and immediately disavowed by the Pi Network team.
As a result, the Pi coin has had little popularity and is only listed on a handful of low-level exchanges. It has regularly recorded low volumes in these trades.
Earlier this year the token rose to $121 as most coins jumped. It then collapsed below $40, where it has remained ever since. Tuesday was also left behind by most altcoins as their prices recovered.
It is unclear how Pi Coin IoU will trade in the future, especially when the main token is listed on exchanges like Binance and OKX.