Amid the scam, speculation is rampant about a public mainnet launch for the Pi network.
NOIDA (CoinChapter.com)— Pi Network, a mobile-based cryptocurrency mining platform, has yet to launch an open mainnet (yes, it's still just a rumor). However, rumors of a mainnet launch often appear on social media, promising that it will launch on this or that date.
Recently, the Pi Network coin price fell by more than 98% from the IOU price, which was close to $40, and reached $0.6 on April 4.
The downward trend did not end there, with the PI Coin price falling to a low near $0.18 on April 5 before stabilizing around $0.2. The upward trend helped the Pi Network token price rise to $0.78 on April 15.
Interestingly, the PI Coin price drop occurred only on a few exchanges and CoinMarketCap, leading to speculation that the price drop may have been a coincidence.
Pi supporters continue to shout from the rooftops that IOUs traded through exchanges are fake PI tokens and should not be trusted. This makes sense since there will be no PI coins until the open mainnet is launched.
Therefore, users are speculating about the mainnet launch as if they were stuck in the desert for several days and looking for water.
Mainnet launch in June?
Social media platform X is flooded with Pi network-themed accounts. One of them is an account named '.pi π universe” It was claimed that the countdown to the launch of the Pi Network open mainnet has begun.
Pi network enthusiasts have a strange obsession with anything related to the value of Pi. The community celebrates March 14 (3/14) as Pi Day and June 28 (6/28) as Pi-Two Day.
Last March, the price of PI coins (one IOU) soared to $121 as rumors circulated that the team would launch an open mainnet on Pi Day.
However, this rumor turned out to be a miscommunication by the official Pi Network news handle. The news is treated as a jokesharedPi Network plans to launch its open mainnet in March, rather than the previously announced June 2024 date.
Hoka News, another media outlet, captured this news and reported it as a true story, not a joke. As a result, traders flocked to the market, supporting the token's rally and helping it break out of a months-long consolidation phase.
As a result of the Pi Network team's failure to launch an open mainnet on Pi Day, the PI coin price fell 66% from $122 on March 13, reaching a daily low near $41.6 on March 15.
Scam Epidemic Pi Network Community
Meanwhile, cases of fraud are increasing in the Vietnamese Pi network community. The token's community is largest in Asian countries. These scams take many forms, from deceptive sales tactics to fraudulent investment schemes, preying on the growing enthusiasm for the Pi currency.
Several factors contributed to the spread of Pi currency scams. Scammers take advantage of the desire to get rich quick by offering unrealistic returns in minimal time. Additionally, some participants do not perform due diligence, overlooking the inherent risks associated with digital currency trading.
Another reason the scam was successful could be because the developers failed to launch the Pi Network open mainnet. Users with a lot of PI coins in their buckets have nowhere to go with their holdings and end up falling prey to scammers promising to buy tokens.
Additionally, fraud could undermine public trust in the Pi currency, hindering its widespread adoption. Victims often suffer significant financial losses and struggle to recover.
The post Open Mainnet Launch Speculation on Pi Network Runs Wild Amid Scam appeared first on CoinChapter.