Pi Network, a mine-to-earn cryptocurrency, marked a major milestone with its mainnet launch on February 20, 2025. This launch allowed users, known as pioneers, to trade their Pi coins, leading to an immediate price rally. The network’s unique mobile mining approach has driven massive adoption, and the launch has sparked both excitement and volatility in the market.
The mainnet went live at 8 am UTC, ending over six years of development and transitioning from an enclosed mainnet since 2021. Within less than an hour, Pi coin surged over 35%, with CoinGecko data showing a 36.8% increase, hitting a high of $1.97. This rapid rally reflects the high anticipation and community enthusiasm for the launch.
Immediate Market Response
The mainnet launch triggered an immediate and significant market response, with Pi coin surging over 35% within less than an hour, as reported in initial market analyses. According to CoinGecko data, Pi coin saw a 36.8% increase within the first hour after securing multiple exchange listings, reaching a peak price of $1.97. This rally underscores the high anticipation and speculative interest surrounding the launch, driven by Pi Network’s large and engaged community.
Network Overview and Community
Pi Network stands out by allowing mining via a mobile app, making it accessible globally. It has over 3.8 million followers on X, surpassing networks like Ethereum and Solana, and previously boasted over 50 million users. Developers have built over 100 applications in sectors like decentralized finance (DeFi) and gaming, enhancing the ecosystem’s appeal.
Exchange Listings and Volatility
Several exchanges, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, listed Pi coin immediately, facilitating trading. However, major exchanges like Coinbase, Kraken, and Upbit have not confirmed listings. Post-launch, Pi coin’s price showed volatility, trading at $1.8 on OKX and $1.78 on Bitget, after briefly spiking to $3.4 on Bitget and dropping below $1 on Bybit. Notably, pre-launch speculative IOU prices were $61 to $70, far higher than actual listing prices, highlighting market speculation.
It’s surprising to see the stark contrast between pre-launch IOU prices ($61–$70) and actual listing prices (around $1.8–$1.97), indicating significant market speculation before the mainnet launch.
Background and Context
Pi Network, a mine-to-earn cryptocurrency project, has been in development for over six years, with an enclosed mainnet operational since 2021. The project’s unique feature is its mobile app-based mining, which democratizes access to cryptocurrency mining for a global audience. This accessibility has driven substantial adoption, with the network previously boasting over 50 million users and currently maintaining over 3.8 million followers on X, outpacing major networks like the Ethereum Foundation and Solana.
Pi Network’s mainnet launch represents a significant step forward, transitioning from development to an operational open network. The initial price performance of Pi coin, characterized by a rapid rally and subsequent volatility, reflects both community enthusiasm and market speculation. The stark contrast between pre-launch IOU prices ($61–$70) and actual listing prices (around $1.8–$1.97) is a notable observation, underscoring the speculative nature of pre-mainnet trading.
