Pi Network is aiming to conclude its move towards having the Open Network. It has, therefore, taken a step to forge partnerships with crypto services and general businesses before the launch of the Open Network. This certainly works well for Pi Network, also boosting exposure for partners who gain access to over 60 million pioneers while becoming a part of its native We3 ecosystem.
Members of the community have responded positively to Pi Network’s announcement, with many hoping that it has a partner from their respective regions.
The Decline of Smartphone Mining Projects: A Look at Fading Competitors
The number of smartphone mining projects has fallen dramatically. Despite the deep penetration of smartphones and Internet services, the decline comes as a shocker to many. It essentially pertains to tap-to-earn projects, which were once thriving worldwide. The decline of Hamster Kombat (HMSTR) and its token value clearly demonstrates this. A surge in trading volume has failed to compensate for it.
According to data from CoinMarketCap, the token was down by 30.06% in the last 24 hours at press time. HMSTR is exchanging hands at $0.006833, and trading volume has held steady during the same time frame.
Pi Network: The Last Standing Giant
Pi Network is now emerging as the only, or at least one of the few, contestants to carry forward the legacy of smartphone mining projects. It has carved a legacy over the last six years with an engaging user base and consistent technological updates. Suffice it to say that its ecosystem is expanding and growing thoroughly amid the ongoing changes in the sphere.
The tag comes days after the network celebrated 2000 days of operating since its launch on March 14, 2019. The Pi Network has made strides toward achieving an inclusive world in terms of the P2P ecosystem and online experience. The goal is now to host an Open Network to shape the future.
Pi Network’s Recent Development and Delays: Grace Period and Migration Challenges
Recent delays in Pi Network have sparked a series of doubts over achieving the target of December 31, 2024, for the launch of the mainnet. Originally set for September 30, 2024, users now have a grace period until November 30, 2024. They are tasked with submitting KYC, following which migration will initiate. Per recent reports, 6 million users have been migrated to the mainnet, and 4 million users are in the queue. Almost 2 million users are yet to complete their KYC.
Pi Network has revised or optimized the new process to enhance the speed of executing requests. Community members are divided over the final deadline of December end, with some speculating that technical hiccups could potentially further delay the launch. The behavior of users is also being scrutinized, as they will be making a move ahead of the holiday season, which may be prone to laziness.
Technical Optimism: Will Pi’s Mainnet Migration Success by Year-End?
Needless to say, the team is confident about concluding the migration process right on time, thus taking the mainnet live before changing the calendar. They have optimized the experience to ensure that the KYC and migration processes are faster and smoother. They are processing at least 4 million KYC applications, and expect many more to join the list as they begin submitting their KYC.
The first realistic challenge is to move the remaining 4 million users to the other side, where 6 million users have already made space for themselves. Another realistic challenge is to avoid technical glitches, which have a higher chance of happening as more users come on board.
Pi Coin’s Price Struggles: Analysis of Recent Price Movements
Pi has gained 1% in the last 24 hours, at the time of writing this article. The token value is $31.87 to draw a support level of $32. It further reflects a rise of 1.53% in the last 7 days, and a surge of 33.76% in the 24-hour trading volume.
Market sentiment is bearish based on the 50-day SMA, which is $34.19. This demonstrates the underperformance of PI, similar to the 200-day SMA, which is $37.94. PI coin price prediction estimates PI will grow by 223.54% in the next 30 days, reaching a value of $103.60.
Conclusion
Community members are hoping that Pi Network succeeds in defying the odds by concluding the migration and a move to the mainnet by the end of December this year. Despite facing challenges, a robust near-term projection supports PI. Ongoing partnerships would expand the ecosystem, as well as the network. This will ultimately increase the value of the token. Although there is a possibility that Pi has the potential to become a dominant player in the crypto ecosystem, it is prudent to exercise caution when dealing with PI and Pi Network, or any other player in the market.