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Pi Network Coin, which is the latest cryptocurrency to hit the market, jumps by 36.77 per cent in the past 24 hours to $2.58.
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment.
Pi Network Coin, which is the latest cryptocurrency to hit the market, on Thursday jumped by 36.77 per cent in the past 24 hours to $2.58. The sharp jumps at a time when the world’s largest cryptocurrency Bitcoin is down below $85,000, which is 20 per cent lower than its January peak of $109,350.
As of 12:58 pm on Thursday, the 24-hour trading volume was up 169.8 per cent to $3.34 billion, with a circulating supply of 10.154 billion, according to coingecko.com.
Since its Open Mainnet launch on February 20, the Pi Coin has gained nearly 300 per cent.
What’s Fuelling This Rally?
Several factors have contributed to the surge in the price of Pi Coin, including Open Mainnet Launch, limited token supply, exchange listings, and strong community support.
The Pi Network Coin is the first cryptocurrency to be mined on smartphones. After its Open Mainnet went live last week, it can now be transferred outside its network. It is now listed on major exchanges like Binance, CoinDCX, OKX, and Bitget, thus making it accessible among traders for buying and selling.
Pi Coin has over 60 million users. Pi Network has surpassed 110 million installations, with an average of 110,000 new downloads per day. On February 17, more than 540,000 new users joined the network.
A significant portion of Pi Coins remain locked. With demand surging and available supply limited, prices have risen sharply.
What Is Pi Network?
Pi Network is a Web3 blockchain project that allows users to mine the cryptocurrency on mobile phones, unlike Bitcoin that requires expensive mining equipment. The Pi Coins can be earned by just opening the app once daily.
It was started in 2019 by Stanford graduates.
According to Pi Network’s website, “Pi Network is a community of tens of millions of humans mining Pi cryptocurrency to use and build the Web3 app ecosystem.”
The Pi Network uses its energy-light mining method with its crowd-scaled KYC solution to provide access and identity verification for Web3. It is free to mine on mobile, putting power into the hands of people for a fairer, more distributed crypto.
The network is immutable, non-counterfeitable and uses interoperable digital money. The app does not drain the mobile battery.
According to reports, around one crore users were already part of the Pi Network who were waiting to migrate their mined Pi Coins from the testnet to the mainnet, which finally comes after a delay of two years.
How To Buy?
The Pi Network Coin is now listed on major exchanges like CoinDCX, OKX, and Bitget. Users need to install any of the app, complete KYC, and add money to the app’s wallet to buy the crypto.
Pi Network Price Prediction Mainnet Launch
According to Fortune India, if Pi Network evolves into a widely accepted digital currency with real-world use cases, its price could exceed $500 by 2030.