The mainnet of Pi Network is likely to be launched on June 28, 2024, but before the network mainnet goes live, there is a surge in the price of its Pi Coin. According to the information, Pi Coin is trading near its IOU price of $47 on major charting platforms. However, at present Pi Coin has no value because its mainnet has not been launched yet. In such a situation, this coin cannot be sold. The team associated with Pi Network has also announced that as soon as the network reaches 15 million KYC users, the mainnet of the network will go live.
Currently, Pi Network has crossed the milestone of 10 million users KYC. Since then there has been a lot of enthusiasm in the Pi community. However, in the meantime, a race has started among the users holding large amounts of Pi Coin to find ways to sell this coin. Scammers have got the opportunity to take advantage of this hustle and bustle and they are targeting users holding Pi Coin.
The most important process for the network's open mainnet to go live is to complete the KYC process for its 15 million users. Pi Coin has yet to cross the figure of about 5 million users because KYC of 10 million users has been done on the network. But still, the question arises how has the price of Pi reached $47?
So, here’s the answer to the question. When the mainnet goes live, nothing like Pi Coin can be considered, that is, the mined Pi Network token has no value at present. But the Pi Network is currently testnet. Hence, there are Pi Coin IOUs traded on crypto exchanges like HTX and BitMart as traders exchange promissory notes in place of real tokens. In such a situation, the entire Pi Coin market is currently based only on speculation.
There is a lot of buzz on social media about Pi Coin, but its users who have become holders of this coin by mining it through the app, are now looking for ways to sell this token. Pi holders are also searching on social media to sell their tokens. Scammers are taking advantage of this activity of Pi holders and there has also been an increase in fraudulent activities by creating fake websites and fake accounts with Pi Coin holders on social media platforms. In such a situation, it is essential to be cautious while buying Pi Coin. Pi holders should take special care that this Pi Coin cannot be traded until the Pi network mainnet is launched. In such a situation, do not fall into any trap related to buying Pi Coin.
Also Read: Pi Day Celebration and Emerging Pi Network Popularity
