Bitcoin

<p>Over four years since its initial announcement, the highly anticipated <a href="https://minepi.com/" rel="noopener noreferrer nofollow">Pi Network</a> cryptocurrency remains off the open market. Yet, it continues to generate significant buzz within the crypto community. Achieving such widespread discussion without an established market value is remarkable. Despite hosting a hackathon and introducing an online social platform this year, the future of the PI coin’s tradability remains uncertain. By the end of 2023, there were hints from Pi about a potential launch of its open mainnet in 2024, dependent on specific criteria being fulfilled. Pi coin serves as the decentralized digital currency fueling the Pi Network, designed to facilitate peer-to-peer transactions and allow individuals to mine cryptocurrency directly from their smartphones. This approach presents a significantly more user-friendly option compared to traditional Bitcoin mining, attracting over 47 million participants to date. Consequently, this surge in user engagement has led numerous investors to view Pi coin as a potentially groundbreaking cryptocurrency in the market. Launched in 2018 by Nicolas Kokkalis and Chengdiao Fan, the Pi Network emerged as a rival to <a href="https://blockchainreporter.net/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin</a> and other transaction-oriented cryptocurrencies, aiming to democratize the mining process by making it accessible via smartphone mining. This initiative stands in contrast to Bitcoin and several other Proof-of-Work blockchains that require specialized, high-cost hardware, such as ASIC chips, for mining operations. The mining process within the Pi Network is divided into three stages: the pre-Mainnet, the closed Mainnet, and the open Mainnet phases. Presently, it is in the closed Mainnet stage. In this article, we’ll explore Pi network’s future market potential and short-term price targets from our <a href="https://blockchainreporter.net/price-prediction/pi-network-price-prediction/" rel="noopener noreferrer nofollow">Pi network price prediction</a>.</p><p><img src="https://cdn-images-1.medium.com/max/1600/0*85Hrov1Zv09MBvzT.png" /></p><h3 id="pi-network-a-quick-introduction">Pi Network: A Quick Introduction</h3><p>In the crypto market, a prevalent method for earning profits is through the mining of cryptocurrencies. For cryptocurrencies like Bitcoin (BTC), this process entails deciphering a series of increasingly complicated mathematical problems. However, this approach encounters a significant challenge: as the problems become more complex, they demand greater computing power. Over time, this trend makes mining inaccessible to the average individual and poses environmental concerns.</p><p>The Pi Network emerges as a solution aiming to simplify the cryptocurrency mining process. Instead of the complex task of solving mathematical problems, individuals can mine the network’s native token, PI, by simply pressing a button on a mobile app.</p><p>The Pi Network was established by Nicolas Kokkalis and Chengdiao Fan, scholars from Stanford University, in 2018 and officially launched on March 14, 2019, coinciding with Pi Day.</p><p>Within the Pi Network ecosystem, users are categorized into four roles: Pioneers, who mine the coin; Contributors, who provide a list of trustworthy users to the network; Ambassadors, who expand the network by recruiting new users with a referral code; and Nodes, who contribute computing power from their personal computers.</p><p>To maintain its rarity, the Pi Network undergoes periodic “halving” events. Halving diminishes the reward for mining new transactions by fifty percent once a certain threshold is reached.</p><p><img src="https://cdn-images-1.medium.com/max/1600/0*PDCnqTFRyBljnqhn.png" /></p><p>Initially, the mining rate of PI was halved from 1.6 π to 0.8 π per hour upon reaching 100,000 users. It was further reduced to 0.4 π per hour at the milestone of 1 million users, and to 0.2 π per hour when the network expanded to 10 million users. This halving process will persist, with rewards decreasing to zero as the network approaches one billion users.</p><h3 id="pi-bitcoin-s-upcoming-rival">Pi: Bitcoin’s Upcoming Rival</h3><p>In contrast to the proof-of-work (PoW) protocol used by Bitcoin and similar networks, Pi nodes operate on an algorithm derived from the Stellar Consensus Protocol (SCP). These nodes are responsible for verifying transactions within a distributed ledger and agreeing on the sequence of newly recorded transactions.</p><p>The SCP framework enables Pi nodes to establish security circles, essentially groups of three to five trusted individuals known to each user. These circles create a global network of trust, safeguarding against fraudulent transactions by ensuring that only transactions approved by trusted nodes are validated on the ledger.</p><p>The PI mining application functions as a crypto wallet, tethered to the user’s mobile phone number or Facebook account. Similar to other public blockchain technologies, the Pi blockchain is designed to support external wallets that can store PI coins and initiate transactions directly with the blockchain. However, the Pi blockchain distinguishes itself from others as its developers have yet to make its source code public.</p><h3 id="updates">Updates</h3><p>In November 2021, the development team began rolling out technical and product enhancements. Key updates included the launch of a pilot Know Your Customer (KYC) application and the introduction of a Block Explorer.</p><p>The pilot phase of the KYC application was initially trialed with community moderators before being made available on a restricted basis. This step initiated the verification of pioneers and aimed to refine the application’s user experience and automation capabilities. Alongside, the Pi Block Explorer was introduced to allow pioneers to review transaction histories and delve into details such as the sender, receiver, and transaction amounts.</p><p>Additionally, updates were made to the Pi wallet, incorporating push notifications to inform pioneers of incoming payments on the blockchain. It also addressed a glitch affecting Android users, who were previously unable to view their wallet passphrase.</p><p>In September 2023, the platform initiated a Developer Ambassador Program to encourage more development of decentralized applications (DApps) on its system.</p><p>An update was rolled out in late October to highlight verified and approved third-party apps, following the introduction of Staked DMs, a feature allowing network users to send messages by staking PI.</p><p>In December, Pi announced PiFest, its latest e-commerce event. However, there was still no definitive launch date for the Pi Network mainnet, though the platform’s <a href="https://minepi.com/roadmap/" rel="noopener noreferrer nofollow">roadmap</a> hinted at a possible launch within the year, contingent on completing Open Network preparations, achieving a certain level of user KYC verification, and favorable macroeconomic conditions. It’s important to clarify that PI differs from the Pi Network DeFi token, which is based on the Binance blockchain and available on the PancakeSwap (CAKE) decentralized exchange.</p><h3 id="pi-network-price-prediction-price-history">Pi Network Price Prediction: Price History</h3><p>Founded in 2018 by Nicolas Kokkalis and Chengdiao Fan, the Pi Network emerged as a challenger to Bitcoin and other cryptocurrencies designed for payments, offering a more inclusive approach by allowing users to mine on smartphones, unlike Bitcoin’s and similar networks’ reliance on specialized, costly equipment like ASIC chips for mining.</p><p>The Pi Network’s development journey includes three distinct phases: the pre-Mainnet phase, the closed Mainnet phase, and the eventual open Mainnet phase. Presently, it’s in the closed Mainnet phase.</p><p>The journey began in 2019 with the pre-Mainnet phase, where participants could earn PI by simply pressing a button on the mobile app daily, signaling their active involvement in the network.</p><p>According to CoinMarketCap, records of Pi coin’s price history started in December 2022, but it cautioned that the coin remains non-tradeable, with exchanges that list PI offering “IOUs” rather than genuine coin ownership.</p><p>Despite its non-tradeable status, PI hit a peak price of $244 on 1 January, 2023. Since then, the price of Pi continued to decline and it underwent a significant sell-off, dropping to lows of $19.7 by July 14, 2023. Though the price showed some recovery in August toward $50, it failed to hold its bullish momentum and continued to trade within a bearish zone around $30 for the next few months.</p><p>In recent weeks, as the market has rebounded from its support lines, there has been a surge in buying activity for the Pi coin, sending its price over $50.</p><h3 id="pi-network-price-prediction-technical-analysis">Pi Network Price Prediction: Technical Analysis</h3><p>Bears are attempting to interrupt Pi coin’s upward movement as it approaches the $70 mark, yet the resilience of the bulls, who have conceded little territory, is a positive indicator. This resilience suggests that bulls are actively buying at each small pullback. As of writing, Pi coin price trades at $52.4, surging over 0.58% from yesterday’s rate.</p><p>The bulls aim to reignite the upward trend by pushing the price over $70. Achieving this could accelerate the PI/USDT pair’s momentum, potentially driving it towards $90. Although this level might present a slight obstacle, surpassing it could extend the rally to $102.</p><p>For the bears to regain control, they need to aggressively sell and force the price below the 20-day exponential moving average ($47), which could trigger stop-loss orders from numerous short-term investors and lead to a more significant correction towards $37.</p><p>The upward trends of both moving averages and the relative strength index (RSI) positioned in the bullish zone on the 4-hour chart underscore the bulls’ dominance. The consistent support above the 20-EMA reflects the bulls’ strategy of purchasing during minor dips. A close over $70 could signal the commencement of another upward phase.</p><h3 id="pi-network-price-prediction-by-blockchain-reporter">Pi Network Price Prediction By Blockchain Reporter</h3><p><img src="https://cdn-images-1.medium.com/max/1600/0*BbnB6jxvIOy94UOL" /></p><h4>Pi Network Price Prediction 2024</h4><p>As per the forecast and technical analysis, in 2024, the price of Pi Network is expected to reach a minimum price value of $31. The Pi price can reach a maximum price value of $67 with an average value of $45.</p><h4>Pi Network Price Prediction 2025</h4><p>The price of Pi Network is expected to reach a minimum level of $49 in 2025. The Pi price can reach a maximum level of $89 with the average price of $63 throughout 2025.</p><h4>Pi Network Price Prediction 2026</h4><p>As per the forecast price and technical analysis, in 2026, the price of Pi Network is predicted to reach at a minimum level of $67. The Pi price can reach a maximum level of $111 with the average trading price of $81.</p><h4>Pi Network Price Prediction 2027</h4><p>The price of Pi Network is projected to reach a minimum price value of $85 in 2027. The Pi price may reach a maximum price value of $133 with the average price expected to be around $99 during 2027.</p><h4>Pi Network Price Prediction 2028</h4><p>In 2028, Pi Network is anticipated to hit a minimum price level of $103. It could achieve a maximum price level of $155 with the average price throughout the year expected to be $117.</p><h4>Pi Network Price Prediction 2029</h4><p>Forecasting ahead to 2029, the Pi Network’s price is expected to reach a minimum of $121. The price of Pi could climb to a maximum of $177 with an average yearly price of $135.</p><h4>Pi Network Price Prediction 2030</h4><p>For the year 2030, the Pi Network is expected to achieve a minimum price of $139. It is anticipated that Pi could reach a maximum price of $199 with the average price around $153 throughout the year.</p><h4>Pi Network Price Prediction 2031</h4><p>The price of Pi Network is predicted to reach at least $157 in 2031. With an upward trend, the maximum price could hit $221, while the average price for the year is expected to settle at $171.</p><h4>Pi Network Price Prediction 2032</h4><p>In 2032, the Pi Network is forecasted to have a minimum price of $175. The maximum price is expected to reach around $243, with the average trading price throughout the year at $189.</p><h4>Pi Network Price Prediction 2033</h4><p>Looking forward to 2033, Pi Network is expected to maintain its upward trajectory, reaching a minimum price of $193. The maximum price for Pi is projected to be $265, with an average price of $207 throughout the year.</p><h4>Pi Network Price Prediction: By Experts</h4><p>According to the latest Pi Network price prediction from Coincodex, the price of Pi Network is expected to increase by 27.25% and hit $62.16 by March 14, 2024. Coincodex’s technical indicators reflect a bullish current sentiment, while the Fear &amp; Greed Index indicates Extreme Greed with a score of 84. Over the past 30 days, Pi Network has seen 53% of the days being green, with a price volatility of 5.00%. Based on these forecasts, Coincodex suggests that now is an opportune time to invest in Pi Network. Looking ahead, the lowest projected price for Pi Network in 2025 is $48.85, according to historical data and BTC halving cycles analysis by Coincodex. Furthermore, they predict the Pi Network’s price could soar to as high as $213.09 in the following year.</p><p>DigitalCoinPrice provided a specific Pi Network price prediction, setting it at $33.31, though the basis for this figure remains unclear. It’s not evident how DigitalCoinPrice derived this price, nor is it clear if there was a mix-up between PI and the Pi Network DeFi Token. Regardless, their forecast for PI was notably optimistic.</p><p>They projected it would reach $69.20 within the year, escalate to $84.57 the following year, and then to $110.54 the year after. According to DigitalCoinPrice, by 2027, PI’s value could climb to $148.66 and further increase to $170.68 as the decade ends. The platform also extended its prediction to 2030, anticipating a Pi Coin price of $239.42, and further projected a significant rise to $643.78 by 2033.</p><h3 id="is-pi-coin-a-good-investment-when-to-buy">Is Pi Coin A Good Investment? When To Buy?</h3><p>Pi coin is an innovative and highly experimental endeavor, gaining popularity as a method to acquire free cryptocurrency. Yet, it’s important to note that investors are unable to purchase Pi directly; instead, they can only acquire IOUs on certain exchanges. The Pi development team has cautioned against buying these IOUs due to the high likelihood of a price drop when the open Mainnet launches.</p><p>Given these considerations, it is not advisable to invest in Pi coin at this time. Nonetheless, Pi coin may present long-term possibilities once its market price achieves stability in the future. However, one can buy this crypto at an average price of $35 for a profitable return in the long term.</p><h3 id="conclusion">Conclusion</h3><p>Like all cryptocurrencies, the price of Pi coin is primarily influenced by supply and demand dynamics. Currently, Pi Coin is characterized by a large supply with relatively few factors driving demand.</p><p>With an impressive user base exceeding 47 million, many of whom are unable to sell their Pi, there’s a significant backlog of holders eager to realize some profits. It is anticipated that a considerable amount of this sell-off pressure will manifest shortly after the launch of the open Mainnet, possibly leading to a substantial decrease in price.</p><p>Conversely, the development of the ecosystem or additional benefits for long-term investors could mitigate some of the anticipated selling pressure. Despite Pi coin not being directly purchasable or sellable — except through IOUs on certain exchanges — a notable transaction in South Korea involved a painting being sold for $37.59 per Pi, demonstrating the coin’s potential as a medium of value transfer and possibly enhancing its demand. However, given that the fully diluted market cap of Pi (based on the price of its IOUs) far exceeds the total market cap of the global cryptocurrency market, it’s highly unlikely that any surge in demand will be sufficient to counterbalance the expected sell pressure.</p><p>Moreover, regulatory scrutiny presents another challenge for the Pi coin. The Pi Network recently came under investigation by the Vietnamese government, accused of operating as a multi-level marketing scheme. The resolution of this investigation is pending, but it underscores the regulatory risks associated with Pi coin, especially given its referral-based system.</p>

Pi Network Price Prediction: How Will Pi Coin Price React In 2024?

Table of Contents

BlockchainReporter

Other articles published on Mar 13, 2024

Thailand approves personal income tax exemption for token earnings

ETH Price Set for $5000 After Ethereum Dencun Upgrade: Derivatives Data

Bitcoin’s ‘up only’ rally creating around 1.5K crypto millionaires daily — Data

Solana Poised to Break $150, Bonk Slides as Alternatives Gain Traction

Milei Moneda Presale Moves With Conviction as XRP Holders Struggle With Slow Momentum

White House Secretly Bullish On Bitcoin? Crypto Analyst Makes Bold Claim Based On 2025 Budget But...

Join our free newsletter for daily crypto updates!