Key Takeaways:
Pi Network recently announced the winner of its July hackathon event.
PI coin price dropped over 26% in Sept. 2023
A user bought a painting using PI coins in South Korea.
Pi Coin Price Hitting Over $314K A Far-Fetched Dream Read CoinChapter.com on Google News
NEW DELHI (CoinChapter.com) — Pi Network users continue their wait for the Pi mainnet launch, but that has not dissuaded PI coin fans from shilling the token.
The Pi Network open mainnet launch has been a bone of contention for users, who have been waiting with bated breath for its launch. However, delays have caused users to question the Pi Network team’s intentions.
Furthermore, the mobile-based crypto-mining platform’s recent announcement to delay its roadmap’s release rubbed users the wrong way. However, PI coin fans remained convinced that the Pi Network would likely become the next Bitcoin.
PI coin fans continued to shill the token on social media platforms.
PI coin users on X (formerly Twitter) shared posts speculating whether the Pi Network token price would reach $314,159 (inspired by the value of pi to 5 decimal places). However, the target number seems a bit far-fetched.
Considering only the pre-mainnet mining rewards of 20 billion PI tokens, a price tag of $314,159 would make the tokens worth $6.28 quadrillion, a price tag over 681,000% more than the current total crypto market cap.
Slightly detached from reality, it seems.
PI Coin Being Used For Payments
Despite the mainnet launch delay, Pi Network continues to grow. A Pi Network user with the X handle ‘Pi Network Web3‘ shared that Pi stores, where users can buy products using PI coins, were now available in ten countries, with Vietnam leading the list.
However, another X user claimed that the information was incorrect, stating that there was no “Pi store in Nigeria.”
It remains unclear Pi Network Web3 was talking about physical stores that accept PI coins or apps like the Pi Chain Mall.
Meanwhile, Pi Network developers shared that one of its community members in South Korea bought a piece of art using PI coins. Since PI tokens are not yet tradable on exchanges, the token’s value is usually denominated in an IOU.
The IOU system means that participating exchanges would trade future PI coins at the current IOU value.
Additionally, Pi Network announced StreamVault as the winner of its July hackathon. The developers stated that the subscription-based video streaming platform would become “a promising new addition to the Pi Ecosystem.”
PI Coin Price Down 30% in September
However, despite the shilling, updates, and ecosystem expansion, the PI coin’s price continued to be downtrend.
PI coin prices dropped in Sept. Source: CoinMarketCap
The Pi Network token’s price dropped over 26% since Sept 1 to $37.6 on Sept 19. It seems that the Pi mainnet launch delay continues to weigh heavily on the token’s price action. However, the launch of the Pi Network roadmap could add some bullish tailwinds to the PI coin’s sails.
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