Pi Network mainnet launch continues to be a story of delays and disappointment

NOIDA (CoinChapter.com) – Pi Network, a mobile-based crypto mining platform, may not be able to launch its open mainnet in June as previously promised.

Users feel regretful when Pi Network mainnet launches

Pi Network continues to create unnecessary mystery around its open mainnet launch. On June 1, Pi Network’s official X account announced that the number of users migrating to the mainnet has exceeded 5.58 million.

PI Network may not be able to launch its open mainnet in June.

While this is an impressive number, it still lags far behind the platform’s goal of 10 million migrated users, one of the key conditions set by the team for the mainnet launch.

Interestingly, one of the conditions is that no adverse conditions occur, which could be the founders getting sick with a nasty stomach ailment or nuclear war. Therefore, it seems that a mainnet launch in June is unlikely.

This has caused Pi Network miners like Akshay Dingoriya to question the project. Dingoriya told CoinChapter that he joined the Pi Network crowd during India’s COVID-19 lockdown.

A data analyst and guitar teacher, Noida-based Dingoriya admits that he did not waste much time mining Pi coins and therefore did not have a large amount of Pi coins. However, the constant delays caused Akshay to lose confidence in the project and he has given up mining Pi coins.

Frequent mainnet delays are likely to reduce the number of traders seeking to buy Pi coins, both in India and elsewhere.

On paper, the launch of the Pi Network mainnet appears to be a positive factor for PI coins. However, once the mainnet is launched, miners who have been hoarding tokens will face huge selling pressure.

This huge selling pressure is likely to force the price of Pi coins close to zero, or at least wipe out a large part of its price tag. On the other hand, further delays will cause more miners who are disappointed with the Pi network to give up, which may eventually lead to the failure of the project.

PI coin IOU price stagnates

Perhaps the most lackluster Pi coin price action is the famous German autobahn. Since the end of April 2024, the Pi Network token’s IOU price on HTX has been firmly below $42.

If sentiment breaks out and the PI coin price starts to rise, the coin is likely to encounter resistance at the 0.618 FIB level around $41. A breakout and consolidation of the immediate resistance could help the PI coin price rise to the resistance position around $43.5 before retrieving gains.

Conversely, while Pi price action is stagnant, a downtrend is equally unlikely and will see the coin testing support levels around $37 and $35.

PI coin’s RSI remains neutral with a score of 44.19 on the daily chart.