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

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

Pi Network mainnet released, users sigh
Pi Network continues to create unnecessary mystery around its open mainnet launch. On June 1, Pi Network’s official account X claimed that the number of users migrating to the mainnet has reached more than 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 its mainnet launch.

Interestingly, one of the conditions is that there are no adverse conditions, which could be anything from the founders getting a nasty stomach bug to nuclear war. Therefore, it seems that a June mainnet launch is unlikely.

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

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

Frequent mainnet launch delays could reduce the number of traders in India and other regions seeking to buy Pi coins.

The release of the Pi Network mainnet appears to be a bullish signal for PI coins on paper. However, once the mainnet is released, miners who hold tokens for a long time will face huge selling pressure.

This massive selling pressure could drive the Pi coin price close to zero, or at least cut a chunk off its price tag. On the other hand, further delays would cause more disillusioned miners to abandon the Pi Network, which could ultimately kill the project.

PI coin IOU price stagnates
Pi coin price action may be the only thing flatter than the famous German autobahn. Since the end of April 2024, the IOU price of Pi Network tokens on HTX has remained stable at just under $42.

If sentiment turns around and PI price starts to rise, the coin may face resistance at the 0.618 FIB level near $ 41. A breakout and consolidation above the immediate resistance may help PI price rise to resistance near $ 43.5 before cutting gains.

On the contrary, despite the stagnation in PI price action, once the trend turns down, the coin will test the support levels near $37 and $35.

Picoin’s RSI remains (surprise, surprise) neutral, scoring 44.19 on the daily chart.