The digital currency from Pi Network, Pi Coin, is definitely having a wild ride as of late. Instantly after hitting its high of $91.78 in November 2023, its price fell by 52% to get many investors second guessing whether it will reach $100. Therefore, what is occurring with Pi Coin and can it attain that $100 goal?
Pi Coin’s price dropped big after the developers delayed the deadline for Know Your Customer (KYC) verification. This is a key step before users can use their Pi coins in full for real world transactions. The original plan for this process was to be finished no later than November 2023 originally, a date that was pushed to December 2023, and then moved to January 2025. The investors were honestly disappointed by this delay of the mainnet launch that they had hoped for.
A few pieces will have to fall into place for Pi Coin to bounce back and possibly reach $100. Next, mainnet must be launched, so the coins could be transferred to the users for full use. The second important factor is the KYC verification process. It could increase the price if enough people go through the process and start using Pi Coin. Also, the way it impacts the overall market conditions does matter. With that said, Pi Coin could also recover if the crypto market does well in 2025.
Related Post
However, some experts believe if the mainnet launches go according to plan, the price may rise back up. In fact, they believe it could be even above $100. Some are cautious, however, as did the delays or bad news send the price back down.
The end of Pi Coin is uncertain, but it may as well recover well. However, if there are no extraordinary deadlines or market updates, the coin will not succeed too quickly.
Also read: Elon Musk’s X Money Eyes Bitcoin Integration as Tesla Hits $600M Profit
