Notcoin price has dropped significantly in the past few weeks, erasing over $1 billion in market value. The NOT token slipped to a low of $0.0091 on Friday, marking its lowest level since May 29th and a decline of over 64% from its highest point on record.

Notcoin Price Loses Momentum

Notcoin and Pi Network are distinct assets within the blockchain industry. Notcoin is a Telegram mini-application that allows users to earn tokens by simply tapping a button. Anyone with Telegram can use the app to accumulate tokens.

In contrast, Pi Network serves as a Bitcoin alternative, functioning similarly to other proof-of-work tokens. Unlike Bitcoin, Pi Network allows anyone with a smartphone to install the app and begin mining. Another key difference is that Notcoin launched its airdrop in June, just a few months after its inception, while Pi Network has remained in an enclosed mainnet since December 2021.

Despite their differences, Notcoin and Pi Network share two similarities. First, users press a button on the app to mine Notcoin and Pi Coins. Second, miners aim to eventually convert their mined tokens into fiat currencies. In Notcoin’s case, many miners have either sold their tokens or held them as assets.

Pi Network Path to Mainnet Launch

Pi Network is anticipated to launch its mainnet either in 2024 or 2025. The developers are focusing on ensuring that most pioneers are identified through the KYC process. In a recent statement, Pi Network mentioned that it had already conducted the KYC process on 12 million people, leaving just 3 million users to verify to reach its 15 million target. This process is expected to take a few months.

The developers also aim to have at least 100 Pi applications to provide utility. Finally, they plan to launch the mainnet if market conditions are favorable.

The first takeaway for Pi Network is the potential for the Pi Coin to drop in value after the mainnet launch as many pioneers sell their tokens. This price action has been observed in other tokens. For instance, move-to-earn tokens like Sweatcoin (SWEAT) and StepN (GMT) initially surged but then retreated, dropping by over 90% from their all-time highs.

Additionally, there is a possibility that the Pi Coin will have a close correlation with Bitcoin and other altcoins. Notcoin’s token rose to a record high of $0.030 on June 2nd as Bitcoin was rallying to a monthly high of $72,000. It started dropping as Bitcoin lost momentum and fell below $55,000 on Friday. Therefore, Pi Coin might also exhibit a long-term correlation with Bitcoin and other altcoins.

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