Pi Network Mainnet Launch: What Went Wrong?

Pi Network recently launched its mainnet, sparking excitement across the community. Many believed this would be a game-changing moment, with some predicting

Pi Network, a mobile-based blockchain project, has finally launched its mainnet. After years of anticipation, community members hoped for a grand unveiling that would send PI's price soaring. However, reality had other plans. Instead of skyrocketing, PI's price took a nosedive, crashing 49.8% in just the last 24 hours.

As you might expect, this sharp price drop sparked a wave of disappointment throughout the community. Before the mainnet launch, IOU prices for PI reached a high of $183.49, and some members truly believed it could climb even higher to $300. But as we've seen, those hopes have not played out in reality.

So, what went wrong? Was the hype too big, or is this just the usual market turbulence? Let's break it down and see if we can make sense of this dramatic price drop.

Why Has the Pi Price Dropped After the Mainnet Lunch?

Whenever a new mainnet launches, especially for a project that has been highly anticipated like Pi Network, it's normal for the token to go through some drastic price swings in the early days.

As you might recall, before the launch, PI's IOU price hit a high of $183.49, and some within the community truly believed it would climb even higher to $300. But as we've seen, those hopes have not played out in reality.

Now, let's take a closer look at some of the key factors that may have contributed to this significant price drop:

Those who participated in the Pi Network project for the past three years without selling their tokens were finally able to trade their PI. As soon as the mainnet went live, many people rushed to sell their tokens, which caused a massive sell pressure on the market. This sell-off, in turn, drove down the price of PI quite substantially.

As we mentioned earlier, before the mainnet launch, IOU prices for PI reached a high of $183.49. Now, let's be honest - that's a pretty lofty price for a token that's yet to hit the mainnet. Many new traders, enticed by the low prices, bought IOUs in the hopes of making a quick profit once PI officially launched.

However, as we've seen, the token's price upon launch fell far short of their expectations. This led to widespread panic selling, which further drove down the price of PI.

As you might expect, a project like Pi Network, which has been around for a while and boasts a large community, tends to attract a diverse range of people. Among them are those who are genuinely interested in the technology and the project's long-term vision.

However, there are also others who are primarily motivated by the potential for financial gain. They may not be as concerned about the fundamentals or the community aspects as they are about making a quick buck.

Now, when the token's price doesn'的部分文本缺失