Pi Network IOU Price Remains Stagnant as Traders Await Mainnet Details

The price of Pi Network's IOU remained steady within a narrow range on Tuesday, even as other altcoins experienced a rebound. Trading at $38.80, Pi Network IOU has been stuck at this level since May. This stability comes as Bitcoin surged to $62,000, while smaller tokens such as Farcana, Popcat, Tooker Kurlson, and Ben the Dog saw gains of over 40% in the past 24 hours.

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Pi Network is advancing its preparations for the mainnet launch amidst growing frustration from pioneers regarding ongoing delays. The developers have outlined three key priorities as they work towards the launch. First, significant efforts have been directed towards the KYC (Know Your Customer) verification for Pi Coin holders. In a recent update, the developers reported that over 5 million Pi Coins have been verified and transitioned to the enclosed mainnet.

Second, there is anticipation for the network to host more applications that will provide utility to the token once it is launched. This is being pursued through regular hackathons, where developers present their projects and gain support.

Finally, the developers hope for favorable market conditions when these two conditions are met.

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In a recent update, Pi Network developers highlighted their efforts to ensure the readiness of their nodes. They revealed that the platform has amassed 20,000 computer nodes in preparation for the transition to the mainnet. These nodes, which collectively possess over 1 million CPUs, position Pi Network as one of the most decentralized networks in the cryptocurrency industry.

As part of the mainnet transition, the developers will facilitate switching between the testnet and mainnet blockchains. To aid in testing, they have introduced a new, clean Testnet blockchain to ensure that the final product will be ready for the mainnet launch.

Pi Coin Price Remains Stalled

Pi Network IOU, a cryptocurrency launched in 2022 amid the ongoing mainnet launch delays, was introduced by the community and subsequently disavowed by the Pi Network team.

As a result, Pi Coin has struggled to gain traction and is listed on only a few low-tier exchanges, where it has consistently experienced low trading volumes.

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Earlier this year, the token rallied to $121 as many coins surged, but it subsequently fell below $40 and has remained at that level since. On Tuesday, it lagged behind most altcoins as their prices rebounded.

It remains unclear how Pi Coin IOU will perform in the future, particularly when the main token is listed on major exchanges like Binance and OKX.

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HokaNews Launches New Telegram Channel for Latest Airdrops

HokaNews has officially launched its new Telegram channel, HokaNews Airdrop, designed to provide the latest updates on airdrops and collaborative earning opportunities. The channel aims to keep the community informed and engaged without charging any fees.

It is important to note that HokaNews does not solicit payments for airdrop information or access. The only official channel for HokaNews is named HokaNews Airdrop, accessible via the following link: https://t.me/hokanewsAirdrop. Any claims of payment requests from individuals purporting to represent HokaNews are fraudulent.

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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