NOIDA (CoinChapter.com) — Although there was no actual Pi Day mainnet launch, the Pi Network team celebrated Pi Day (March 14) yesterday with a video showcasing all of their achievements over the past year. But amidst all this, the developers forgot to give a mainnet launch date.
The mainnet launch was one of the platform’s biggest failures, with multiple delays eroding users’ trust in the platform.
Nonetheless, social media was flooded with posts from random PI Coin users (aka ”).pioneer,‘Use the platform’s tokens for trading and move on to general speculation on the target price of PI Coin once the mainnet is launched.
Pi Network Mainnet Launch “later this year“
A highlight of Pi Network’s Pi Day celebration video was a statement from project founder Dr. Nicolas Kokkalis, which sparked rumors that the mainnet launch would be delayed further.
Previously, a joking post was posted by an X account named ‘.pie news‘ led users to believe that the team would launch the mainnet on Pi Day. Needless to say, that didn’t happen. No, there is no launch today.
What users got instead was a slightly deeper fake looking fake that talked about how many miners there are on the platform (55 million as the team claims), how many of these miners have completed KYC (9 million) and other details. It was Kokkalis. .
The only mention of a mainnet launch is Kokkalis saying the team will “Later this year.“
In early February 2024, the Pi Network team announced June 2024 as the mainnet launch date. Now comes the interesting part.
Strictly speaking, June is the end of this year. However, many users, including the X account ‘Pi News’, which describes itself as ‘Times News for Pi’, interpreted this statement to mean a mainnet launch in December 2024.
Now it remains to be seen if the developers clarify the release date or, as always, users will wait until June before receiving the update.
PI coin price modification… HARD
According to rumors of a mainnet launch on Pi Day, the PI coin price reached $122 on March 13th. It was almost certain that the token would undergo a drastic adjustment if the launch did not occur. And that’s exactly what happened. The PI Coin price fell 66% from $122 on March 13, reaching a daily low near $41.6 on March 15 before bulls recovered some of their losses.
Rumors of a further delay in the mainnet launch could result in the PI Coin price continuing to decline and the 50-day EMA (purple wave) support being tested near $39.5. A violation of the immediate support line could cause the token price to fall to support near $30.
Conversely, if there is an uptick from here, PI Coin price may face resistance near $54. A break above the immediate resistance and consolidation could help Pi Network token target the resistance near $63 before a correction.
PI’s RSI remained neutral at 51.38 points on the daily chart.
CoinChapter attempted to contact Dr. Kokkalis via social media, but had not yet received a response at the time of writing.