Pi Network, the social cryptocurrency that allows users to mine coins with a single tap on their phones, has been making waves in the crypto world since its launch in 2019. However, the value of Pi coin remains a major concern for the community as the exact launch date for its public network is yet to be announced. In this article, we’ll explore what to expect from Pi coin price prediction.
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What Is Pi Network and Pi Coin?
Pi Network is a blockchain-based social cryptocurrency project founded by Stanford academics Nicolas Kokkalis and Chengdiao Fan in 2018. The project aims to create a user-friendly and accessible cryptocurrency that can be easily mined on mobile devices. Pi Network uses a unique consensus algorithm known as the Stellar Consensus Protocol (SCP), which allows for fast and secure transactions.
Pi coin is the native cryptocurrency of the Pi Network ecosystem. It is designed to be a utility token used for transactions within the Pi Network app and for accessing Pi Network services. Pi coin can be mined by users who download the Pi Network app and join the network. Users can mine Pi coin by verifying their identity and clicking a button every 24 hours to confirm that they are still active on the network.
Current Pi Network Value
The current value of Pi coin is difficult to determine as the project is still in its enclosed mainnet phase, which means that the real coins are not yet launched. The balance in users’ apps is just a number on the screen and currently has no value. The team is yet to announce an exact launch date for its public network. Additionally, the exact supply of Pi coin is still not known, which makes it hard to predict the future value of the cryptocurrency.
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Pi Coin Price on Exchanges
Several exchanges have listed Pi/USD pairs, but these pairs do not represent the real Pi coins and are just a tool for speculating on the future Pi coin price. These trading pairs belong to an asset class known as derivatives and are not backed by real coins. Therefore, it is critical to note that the current Pi coin price on exchanges is not a reliable indicator of the future value of the cryptocurrency.
Pi Coin Price Prediction
Given the current state of the Pi Network project, it is challenging to predict the future value of Pi coin. However, it is safe to say that the value of Pi coin will be heavily influenced by its adoption rate and the demand for Pi Network services. If Pi Network succeeds in building a strong user base and develops useful services, the demand for Pi coin could increase, leading to a rise in its value.
Additionally, the scarcity of Pi coin could also impact its value. If the supply of Pi coin is limited, the value of each coin could increase. However, if the supply of Pi coin is not limited, the value of each coin could decrease.
Conclusion
Pi Network is a promising project that aims to make cryptocurrency accessible to everyone. The value of Pi coin remains uncertain, but it is likely to be heavily influenced by the adoption rate and demand for Pi Network services. As with any investment, it is important to do your own research and not rely solely on price predictions.
READ ALSO: Pi Network Expected to Reach $10 Billion Net Worth in 2023
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