- The Pi Network token has surged to $91 as anticipation builds for the November 30 KYC deadline.
- Besides, the current bull run, this surge can also be attributed to the upcoming November 30 deadline for the ongoing Know Your Customer (KYC) verification process.
With the current bull run, Pi network has staged a strong comeback. Combined with the current bullish market condition, the digital asset matched all the way to $91, its highest level since October 26. Notably, earlier today, the Pi Coin token was trading at $75, marking a 145% increase from its July low.
At the time of writing, PI is swapping hands with $69.26 marking a 12.74% and 82.26% in the past week and month respectively. Additionally, this surge has pushed its market cap to $4.54B with a $492.75K 24 hour trading volume.
Besides, the current bull run, this surge can also be attributed to the upcoming November 30 deadline for the ongoing Know Your Customer (KYC) verification process.
November 30 is of great importance in the project’s journey. Notably, the Pi Network KYC process will be a step closer towards its long awaited mainnet. Scheduled to conclude on November 30, this phase ensures that the platform eliminates bots and confirms the identities of its pioneers.
Only those who complete KYC verification will be eligible to claim their accumulated Pi coins, marking a crucial step towards a more secure and legitimate ecosystem.
As the KYC process nears completion, two significant steps before the mainnet launch. Firstly, establishing an active ecosystem and achieving favorable market conditions which developers believe both criterias are on track.
To begin with, the Pi network has made significant strides in building a sustainablke ecosystem. Its website reports over 27,000 active sellers from 160 countries are ready to participate once the mainnet launches. Furthermore, the network’s expanding ecosystem driven by developer interest showcasing strong potential utility for the Pi coin.
The development team intends to synchronize the mainnet launch with a flourishing application ecosystem to bolster the long-term value proposition of the Pi coin. Market forecasts suggest that, if successful, the coin’s value could appreciate by 67% to reach $122.
Will the Pi Coin Price Sustain Its Momentum?
Despite the current optimism, questions remain about the Pi coin’s performance post-mainnet launch. Historically, similar tokens in the “to earn” category have struggled after their initial hype. Tokens like Sweat Economy, StepN’s GMT, and Axie Infinity have all faced significant price declines following their peak popularity.
Market experts predict that Pi coin’s price could face a sharp correction as early adopters begin selling their holdings. Uncertainty around the coin’s initial listing price and the exchanges that will support it further complicates predictions. However, given the project’s scale and popularity, major exchanges such as Binance and OKX may soon list the token, potentially mitigating price volatility.
