The much-anticipated Pi Network mainnet launch is progressing steadily, while Bitcoin shows a rare death cross pattern.

Pi Network Mainnet Launch Progress

Pi Network developers have been diligently working to transition from the enclosed mainnet to the public mainnet phase. A recent update highlighted significant progress with the Know Your Customer (KYC) verification process. Over 13 million pioneers have successfully passed KYC, and 6 million have already migrated to the mainnet.

The network has reached over 13 million Pioneers who have passed KYC and over 6 million Pioneers who have migrated to Mainnet! Through our collective efforts, we’re progressing towards the Open Network goals. Keep in mind that the progress is not linear and has been accelerating…

Additionally, developers have initiated a six-month grace period for pioneers to complete the verification process. KYC is a crucial step in Pi Network’s journey to mainnet as it aims to eliminate potential bots. It is also one of the three key milestones that must be achieved before the mainnet launch, enabling users to sell their Pi coins. The other two milestones are the development of its ecosystem and a favorable market environment.

Developing the Pi Network Ecosystem

Regarding the ecosystem, Pi Network aims to have at least 100 decentralized applications (dApps) to create utility for the token. Currently, there are about 27 dApps in areas such as commerce, games, NFTs, and utilities, indicating that more development is needed to reach the 100 dApp goal.

Bitcoin’s Death Cross Pattern

Bitcoin has recently formed a death cross pattern as the 50-day and 200-day Simple Moving Averages made a bearish crossover. Historically, this pattern is often followed by a significant decline. In 2022, Bitcoin dropped by over 60% after forming a death cross.

Listing a cryptocurrency in a bear market can be risky. For instance, newly launched tokens like Notcoin, Pixelverse (PIXFI), and Wormhole have seen double-digit declines from their all-time highs. The recent bearish trend in Bitcoin and other cryptocurrencies suggests a cautious approach for new listings.

Pi coin’s price action might mirror that of other tap-to-earn coins, which have experienced declines post-listing. Publicly traded tap-to-earn tokens like Notcoin and PIXFI have already retreated, and Hamster Kombat’s futures have hit record lows. Therefore, there is a possibility that Pi coin will slump after its listing as pioneers liquidate their tokens, especially since many have held onto them for years.

Stay updated with the latest developments in the cryptocurrency world by exploring more news on Global Crypto News.

Post Views: 3