Pi Network Launches Open Mainnet, But PI Coin Price Takes a Beating on Day 1

Pi Network has finally launched its open mainnet, and the excitement is real! After years of being in a closed system where users couldn’t trade

Pi Network has finally opened the floodgates to its highly anticipated open mainnet. After being confined to a closed system where users couldn’t freely trade their PI tokens, the network has finally expanded. This allows Pi holders, also known as “pioneers,” to finally utilize their tokens beyond the Pi network. Developers have also been hard at work, having already built over 100 applications on the network, covering everything from decentralized finance (DeFi) to gaming.

Unlike Bitcoin, which requires powerful computers to mine, Pi Network allows people to mine tokens directly from their mobile phones. This easy access has made it one of the most widely adopted crypto projects, with millions of users signing up even before the open mainnet launch. But its day 1 prices were not as impressive. Here’s how the market reacted to this mega launch.

Pi listed on OKX:

1 PI = 2$

What's your thoughts, pioneers? pic.twitter.com/cd75VhQCzL

As soon as Pi hit the market, its price went on a wild roller coaster ride. Within the first hour of trading, it surged by 36.8%, reaching $1.97, but then quickly began dropping. On OKX, it fell to $1.80, while on Bitget, it touched $1.78. Things got even crazier on Bitget, where Pi briefly spiked to $3.40 before crashing, and on Bybit, the price fell below $1 in no time. At present, the token is trading at $1.33, closer to its launch price, having recorded a 24% drop in the last hour.

On the top, IOU trading (a kind of speculative market where people trade without actually holding the token) had Pi valued between $61 and $70. Now, with actual trading in place, the price is far lower, proving that speculation was way off the mark.

Who’s Listing PI and Who’s Holding Back?

With the open mainnet finally here, several top crypto exchanges rushed to list PI, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget. However, Binance—the world’s biggest exchange—is still on the fence. Instead of listing PI immediately, Binance started a poll asking users if they wanted the token added. The poll runs until Feb. 27, but even if users vote “yes,” there’s no guarantee that Binance will move forward with the listing. Meanwhile, other exchanges like Coinbase, Kraken, and Upbit haven’t made any announcements regarding PI.

What’s Next for Pi?

While Pi Network’s launch is a big step forward, the token’s price remains highly unpredictable. Many early miners have been holding onto their Pi for years, and if they start selling in large numbers, the price could drop further. On the flip side, if Binance and other major exchanges decide to list Pi, the demand could push prices higher.

Right now, Pi is riding the hype wave, but whether it stabilizes or remains a volatile asset is something only time will tell.