Pi Network token IoU jumps as mainnet launch hopes rise

The Pi Network IoU token is firing on all cylinders as the mainnet launch odds increase and most altcoins bounce back.

The thinly traded Pi Coin (PI) rose to $46.93 on Monday, October 7, reaching its highest point since July and 60% above this year’s low.

Pi Coin token recovery continues

This recovery has been in sync with other cryptocurrencies making a comeback. While Bitcoin (BTC) rose to $63,000, cryptocurrencies such as Mog Coin (MOG) and Dogwifhat (WIF) increased by over 10%.

Hopes are also rising that Pi Network developers will launch the mainnet in the first quarter of next year.

In their statement in September, they gave pioneers a new deadline to complete their KYC verification on applications. The deadline for the grace period will expire on December 31 this year.

This KYC verification is an important part of the Pi Network’s transition from closed mainnet to final mainnet. The Open Network will allow pioneers to convert Pi coins into fiat currencies and allow non-pioneers to interact with the network’s ecosystem.

Meanwhile, the team is choosing partnerships with companies in the crypto industry and other sectors ahead of launch. These partnerships will give companies access to the network’s more than 60 million members.

Additionally, developers are looking to grow their global influencer programs to expand the network’s reach ahead of its launch.

Apply to the global Pi Influencer Program to expand your reach and contribute to Pi’s growth as we move closer to the Open Network. If you are a passionate influencer ready to increase your influence and grow your influence, head over to the Pi mining app to learn more. pic.twitter.com/UDtFpUCIK0

— Pi Network (@PiCoreTeam) October 4, 2024

As part of the lead-up to the mainnet launch, developers hope to have an active application ecosystem that will provide the token utility. They will launch the mainnet only when the crypto industry is doing well.

Pi Network IoU rises to Pi Network chart with significant resistance according to TradingView

Pi Network IoU is a cryptocurrency launched in 2022 that was immediately rejected by real developers. Regardless, it is generally viewed as the best indicator of how the token will trade once the mainnet launch occurs. However, it also has some disadvantages, such as low volume and only a few exchanges offering it.

On the daily chart, the token formed a double bottom formation at $29.34. In most cases, a double bottom is one of the most bullish signs in the market. It has now risen to the model’s neckline at around $47.

Additionally, Pi Network broke above the 50-day moving average, indicating further upside in the near term. In such a case, the next level to watch will be $50, followed by the high of $61.8 in August 2023.

The biggest risk for Pi Coin is that most win-win tokens such as Hamster Kombat, Notcoin, and DOGS lose value after launch.