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Pi Network: delay in launch could prevent 100% increase in the token
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The token of Pi Network (PI) registered a meteoric appreciation, having a increase of 830% in the last 30 days. However, the price is almost 50% away from maximum which the token registered in November, when it was worth more than US$80.
With this fall, many traders started to see that the $100 price target has become highly illusory. This decline is mainly due to the bearish market scenariobut also to problems inherent to Pi. For example, the delays developers had in launching the mainnet.
Previous statements show that the Pi mainnet launch likely to be delayed again. And delays in launches can impact the price of tokens – in this case, delaying 100% gains in the price of PI.
The reason for such optimism is that the price of the PI token actually rose to almost $100 on November 23rd, when it reached a high of US$88. This appreciation made investors believe that the token would reach the US$100 barrier and then a strong upward trend would begin.
New launch delay?
But that didn’t happen and the price of PI fell to US$47 on November 28th. It had a sudden drop of almost 90% on December 5th, but recovered and returned to current levels. At the time of finalizing this text, a PI is worth US$48.93, a drop of 1.4% in the last 24 hours.
Each of these declines occurred because of delays in the so-called “grace period” for the mainnet launch. The first postponement occurred from November to December, and a new postponement in December caused the sharp drop on the 5th.
In the latter case, the team postponed the verification period again to January 31 this year. Now, they noted that their goal was to launch mainnet in the first quarter of this year, without specifying a month.
The developers argued that it is necessary more time to ensure that at least 10 million users moved their tokens to mainnet.
However, there is a risk that the mainnet launch could be postponed againas developers have done repeatedly in recent years. Developers said the open network could launch as soon as possible in the first quarter. This condition brought more uncertainty to the market.
Pi Network developers have a lot to do before the mainnet launch, such as check millions of users who will then migrate their tokens to mainnet and create partnerships with tier 1 exchanges.
Pi Network: delay in launch could prevent 100% increase in the token
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Pi Network: delay in launch could prevent 100% increase in the token
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Pi Network: delay in launch could prevent 100% increase in the token
