Pi Network, a well-known cryptocurrency, is progressing towards its mainnet launch and token listing, six years after its inception. This news has been positively received by pioneers who have been mining the tokens for years.

KYC Verification Continues

The developers of Pi Network have announced that over 11.1 million pioneers have been verified. Out of these, 5.8 million users have transitioned to the mainnet and are now awaiting the token listing. Furthermore, the developers have introduced a mainnet checklist to facilitate a smoother KYC process completion.

The Mainnet Checklist has been optimized: all Pioneer-dependent steps have been clustered earlier in the list, allowing for smoother completion and reduced drop-offs! Pioneers can now complete all action steps before KYC approval.

Pi Network still has steps to complete before pioneers can convert their tokens to fiat currency. In a recent update, the developers outlined three conditions that need to be met before listing the token:

  • Completion of KYC verification for the majority of pioneers, a process currently gaining speed.
  • Ensuring the Pi Coin has sufficient utility through a robust ecosystem of dApps, with initiatives like hackathons producing applications such as the Pi Browser and the Pi Ad Network.
  • Timing the token listing in a conducive market environment to promote the coin’s success in its initial phase.

Analysts are hopeful that most cryptocurrencies will perform well this year, particularly if the Federal Reserve reduces interest rates.

Pi Network Overview

For those new to Pi Network, it is one of the most popular cryptocurrencies globally, boasting over 50 million users. Launched in 2018, it aims to address the challenge of mining difficulty in the crypto industry. The platform enables users to mine Pi Coin using their smartphones.

A significant challenge for miners has been the inability to convert these tokens into fiat currency. This will only be possible once Pi transitions from the enclosed mainnet to a public mainnet.

Pi Network Price Forecast

Currently, it is not possible to trade Pi Coin officially as it has not been launched. However, some users trade the Pi IoU listed by several exchanges.

On the daily chart, the Pi token has been moving sideways for the past few months, trading at $40, down from the year-to-date high of $120. Its trading volume has been limited, and the Average True Range (ATR) has dropped to its lowest level since February this year.

Technically, Pi Coin is oscillating around the 50-day and 25-day Exponential Moving Averages (EMA). According to the Wyckoff Method, this could indicate that the token is in the accumulation phase, which is followed by the mark-up phase. If this occurs, the token could rebound to over $50 in the coming weeks.

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