Pi Network token IoU jumps as mainnet launch hopes rise

The recent surge in the Pi Network’s IoU token, now trading at $46.93, reflects growing optimism surrounding its upcoming mainnet launch. This uptick aligns with the broader recovery seen across the cryptocurrency market, with Bitcoin nearing $63,000 and meme coins like Mog Coin and Dogwifhat also experiencing notable gains.

The anticipation for the mainnet launch, expected in the first quarter of next year, is bolstered by the ongoing KYC (Know Your Customer) verification process for Pi Network users, which is crucial for the transition from an enclosed to an open mainnet. This step is vital for enabling users to convert their Pi coins into fiat and facilitating broader interactions within the ecosystem.

Partnerships being formed by the Pi Network’s developers with various companies in the crypto space and beyond further underscore the project’s growth strategy, leveraging its large user base of over 60 million members. Additionally, the expansion of their global influencer program is aimed at enhancing visibility and engagement ahead of the mainnet launch.

As the deadline for KYC verification approaches on December 31, the market is closely watching these developments, which could significantly impact the token’s utility and adoption. Overall, the combination of positive market sentiment and strategic planning by the Pi Network team is contributing to the current momentum of the Pi Coin.

As part of the road to mainnet launch, the developers hope to have an active ecosystem of applications that will give the token utility. They will only launch the mainnet only when the crypto industry is doing well.

Pi Network IoU rises to a key resistance

The Pi Network IoU token’s recent rise to $46.93, following the formation of a double-bottom pattern at $29.34, signals a potentially bullish outlook as it approaches key resistance levels. Typically, a double bottom indicates a reversal in trend, and breaking above the neckline suggests continued upward momentum. The fact that Pi Coin has also moved above its 50-day moving average reinforces this positive sentiment.

If the token maintains its trajectory, traders will be watching for significant levels at $50 and $61.8, which corresponds to its highest swing in August 2023. However, caution is warranted due to the historical performance of similar tap-to-earn tokens, many of which have experienced significant declines shortly after launch. The low trading volume and limited exchange availability of Pi Coin could also impact its price stability, making it essential for investors to monitor these factors closely as the mainnet launch approaches. Overall, while the technical indicators are bullish, the inherent risks in the market should not be overlooked.