Pi Network Price Prediction | What is the Future of PI Coin? (2024)

There is still no indication when – orif –the 35 million so-called “pioneers”who mine on the Pi Network (PI)are ever going to benefit from their coins. As of 7 December 2022, there are still no coins being traded,there have been no transactions and no fiat rewards. Thismakesit difficult to establish the worth of PI coin.

It is important to distinguish Pi Network’s coin from the Pi Network DeFi token, which runs on the Binance (BNB) blockchain and is available for trading on the PancakeSwap (CAKE) decentralised exchange (DEX).

What is Pi Network and how does it work? For those considering Pi Network as a potential investment, what follows isan overview of what the Pi Network aims to achieve and how PIprice expectations have emerged before a single coin has been traded.

What is Pi Network?

Pi Network is a digital currency project that aims to keep cryptocurrency mining accessible, as the centralisation of first-generation currencies like bitcoin (BTC) has put mining them beyond the reach of many everyday users.

The Pi Network, developed by a team of Stanford University graduates, enables users to mine PI cryptocurrency coins using desktop and mobile phone apps, validating transactions on a distributed record.

Unlike nodes on networks such as Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach a consensus on the order of new transactions that the ledger records.

Under SCP, Pi nodes form security circles, or groups, of three to five trusted people known to each of the network’s users. Security circles build a global trust network that prevents fraudulent transactions, as transactions can only be validated on the shared ledger if the trusted nodes approve them.

The PI mining app acts as a cryptocurrency wallet, linked to a user’s mobile phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold PI coins and submit transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.

With branding based on the mathematical constantπ, Phase 1 of the project launchedon Pi Day, 14 March 2019, with a free PI mining app. By June, the network had more than 100,000 active users.A year later, when Phase 2 launched, there were more than 3.5 million users.

The app started running advertisem*nts in May 2020 to provide a source of financing for the project.

On 15 March 2022, the Pi Network announced its user base had climbed to 33 million, more than doublethe 14 million users in March 2021.

As with other cryptos such as bitcoin, Piwas designed to undergo regular ‘halving’to protect its scarcity. Halving is when the number of coins a miner receives for processing new transactions is reducedby half. This usually occurs when a certain milestone is reached.

PI’s mining rate halved from 1.6 π to 0.8πan hour when it reached 100,000 users, halvedagain to 0.4 π an hour when it reached 1 million and halved again to 0.2 π when it reached 10 million users. The rewardswill continue to halve, reaching zero when the networkreaches 1billion users.

In November 2021, the development team started releasing tech and product updates. These included its pilot Know Your Customer (KYC) app and Block Explorer.

The KYC app pilot, having been tested with community moderators, was deployed “on a limited basis” to start the process of verifying pioneers and to improve the app’s usability and machine automation. The Pi Block Explorer, which helps pioneers see the transaction history and explore transaction data such as sender, receiverand amount, was also deployed.

The Pi wallet was also updated, enabling the developers to create push notifications to alert pioneers when they receive a payment on the blockchain, and fixing a bug for Android users who could not see their wallet passphrase.

Pi Network launched an “enclosed mainnet”on 28 December 2021 to continue testing ahead of its full launch. It also introduced a new mining mechanism and “infrastructure to provide pioneers a simulation of the upcoming mining formula”.

The KYC app was initially launched to a few thousand pilot participants for testing, with 100 pioneers permitted per country or region.

According to the project’s blog:

“The Enclosed Network period means that the Mainnet is live but with a firewall that prevents any unwanted external connectivity. Pioneers will be able to take time to KYC and migrate their Pi to the live Mainnet blockchain. Any balance migrated to the Mainnet can be used, by the choice of the Pioneer, to purchase goods and services in Pi apps, transfer to other Pioneers, or get locked up for a duration of time for a higher mining rate.”

On Pi Day this year (14 March 2022), the development team announced two more updates, the rollout of a mass KYC solution, and a new PI mining mechanism that allows more diverse mining rewards. These actions could potentially enhance the value to advertisers.

The developers said that they were rolling out KYC “on a large scale” to eligible users on 16 March.

On 19 May, Pi Network claimed to have reached 35 million engaged pioneers.

In August, Pi Network ranaTwitterpollwhich revealed that 61% of pioneers (Pi Network members)werereferred to the project by afriend. Family members came in second with 17% and co-workers at 4%, while 18% of the 54,722 polledchose “other”.

On 15 November 2022, Pi Network’s Twitter accountpassed two million followers.

PI remains in pre-release mode

At the time of writing, there is still no way toaddthe PI coin toyour portfolio.Users who have mined the PI cryptocurrency will only be able to withdraw or exchange their coins when the mainnet blockchain is opened fully. PI cannot be transferred during the testing phase.

According to the project’s website,this isto prevent fake accounts from accumulating coins. Wallet balances are expected to be honoured when PI shifts from development mode to become a fully live network.

As a result, the coin is not yet available to trade on any cryptocurrency exchange or trading platform.

What is the future of PI coin?

Currently, debate continues as to whether Pi Network is a well-intentioned initiative or a scam.If it is a scam, it is not a traditional one in the fashion of a Ponzi scheme, asusers are not investing their money, they are investing time on their mobile phones.

The organisation has been criticised for allegedly exploiting its community by selling advertising to reach these 35 million users. That figure comes from an announcement the platform made on Twitter on 19 May. There have been no updates regarding the total numberof “pioneers”since.

However, early adopters are accumulating the PI crypto in anticipation that the price will rise sharply after the network goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.

The project’s developers claim that security on the Pi Network is enhanced by these personal networks, encouraging users to bring in friends and family, which hasfuelledscepticism that it could be a multi-level marketing (MLM) or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks, and not from their connections’ networks, as with an MLM scheme.

Pi Network has continued to insist it is not running an initial coin offering (ICO) or crowdfunding sale, and coins that can be mined on the enclosed mainnet currently stay in the ecosystem.

On 11 March, the developers said that the Enclosed Network period wouldgive pioneers time to pass KYC verification, tweak the mainnet and add more apps. They did not say when the network will become open, only that “the Enclosed Network period is in line with Pi’s vision of a utility-based ecosystem and its iterative philosophy”.

While the price of PI has yet to be established, some cryptocurrency observers and algorithm-based websiteshave already attempted to makePI crypto price predictions.

Let’s take a look at what the PI price could be when it does start trading, based on information from crypto forecast and monitoring websites.

PI coin price prediction 2022 to 2025

The cryptocurrency data provider CoinMarketCap previously listed the value of the coin at $0.007077. As of 7December 2022, the websiteliststhe coin as “untracked”,with no price attached.

The website also provides the following disclaimer when attempting to view PI coin’s value:

“Pi Network has faced its fair share of controversy recently. Please do your own research before investing.”

The algorithm-based forecasting sites Wallet Investor and DigitalCoinPrice have also previously listed an estimatedprice of $0.007077 for PIcoin.

Last year, DigitalCoinPrice gave a PiNetwork price prediction for 2022that saw the coin tradingat an average of $0.0127 throughout the year.The website’s PiNetwork price prediction for 2025 last indicated a potential price of$0.0212, indicating possible growth throughout 2023 and 2024. It then predicted the token could cost $0.0319 in 2028.

However, neither website is currently giving a PI price prediction, though both havelistings for the PiNetwork DeFi coin.In fact, no algorithm-based forecast website is currently giving out a PI cryptocurrency value prediction.

As such, any Pi Network price prediction for 2023 and onwards, up toPi Network price predictions for 2030, would be highly speculative.The PIcoin value in 2030 could depend on when the cryptocurrency goes live for trading and how well it performs after the launch. Estimates from some users on social media range from $1 to hundreds of dollars.

It is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates, such as for the PI cryptocurrency value in 2025. As such, analysts can and doget their predictions wrong.

We recommend that you always do your own researchand consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Never invest more than you can afford to lose.

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