Read on as we explore the history, value, and potential future price prediction of Pi Network.
The Pi Network is a decentralized crypto mining platform that was developed in 2018 by Stanford University alumni Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The two realized that there were numerous obstacles to crypto accessibility and adoption and aimed to develop the next era of web seamlessly integrated with blockchain technology. Their solution was Pi Network, which officially launched on March 14, 2019 (Pi Day).
Unlike traditional cryptocurrencies that rely on energy-intensive mining processes, Pi Network allows users to mine Pi coins (PI) directly from their smartphones without draining batteries or consuming significant amounts of electricity. The project gained popularity due to its focus on simplicity and accessibility and, by June 2023, had attracted over 47 million active users.
How does Pi work?
Pi Network has stated that it aims to democratize access to digital currency by making mining available to anyone with a smartphone. Users can mine PI coins through the Pi Network mobile app by tapping a button every 24 hours to confirm their presence.
To sign up on the app, an invitation code by a member of the network is required. Transactions are verified by a group of users known as “nodes”. These nodes are organized into “security circles” in which each user selects a few trusted individuals to vouch for them. This structure aims to prevent fraudulent transactions.
Users’ hourly mining rate is based on when they signed up; the earlier a member joined, the higher the rate. Users can boost their rate by inviting new users or building a security circle.
PI coin value
Pi isn’t currently available on any prominent exchanges or integrated into any blockchain. PI coins can only be earned by downloading the PI Network app and mining the coins, and its uses are limited to buying products and services on Pi’s peer-to-peer marketplaces. Users’ coins are stored in the app and cannot be withdrawn, sold, or exchanged for other cryptocurrencies.
Pi Network aims to transition from a closed to an open mainnet, where Pi coins will eventually be available for public sale. The network has stated that until then, any sales of Pi are unauthorized and have no affiliation with Pi Network.
In its current developmental stage, it could be argued that the Pi coin lacks intrinsic value. Nevertheless, cryptocurrency data websites such as CoinMarketCap and CoinGecko provide an exchange rate for the Pi coin, priced at $34.02 as of February 29, 2024. On both websites, the Pi Network page offers a similar disclaimer:
Please note that the mainnet has not yet been launched, and the prices shown on certain exchanges are for IOUs that may not be transferable across exchanges. Please DYOR and proceed with caution.
Pi Network is gearing up for its transition to the Open Network phase of Mainnet in 2024 if three crucial conditions are met. However, the exact date remains uncertain, contingent upon several factors including the collaborative efforts of “Pioneers”, community developers, and the Core Team, as well as external variables beyond their control. The team emphasizes that while they are working towards this goal, there is no guarantee of its realization.
Given the mining activities of its millions of users through the mobile app, Pi Network’s eventual listing could trigger substantial increases in value, therefore for certain crypto enthusiasts, PI could possibly hold promise as a long-term investment.
Pi Network crypto price predictions
As of late February 2024, CoinCodex had a neutral outlook on the future of the Pi coin’s price, with 19 of its technical analysis indicators giving bullish signals and 8 giving bearish ones. The website predicted that PI could rise 5.64% in the short term, reaching $35.97 by March 5, 2024.
In its long-term Pi Network price prediction, CoinCodex was pretty optimistic with its low-end estimates for the price at $33.78 for 2025, $99.21 for 2026, and $71.89 for 2027.
Analytics firm Telegaon was even more bullish. For the coin’s short-term future in 2024, it stated:
“The price of Pi Network can hit an average price level of the $96.17 mark by 2024. The maximum price of Pi Network can be around $114.31 in 2024 if current growth continues. However, if there is a bearish environment in the market the minimum price level of the Pi coin can be around $81.45 in 2024. A bull rally is expected in 2024 that may help the Pi Network token touch the moon again.”
The firm’s price prediction for 2025 stated that the coin could average $137.22, $173.85 in 2026, and $231.12 in 2027. If accurate, these prices would represent an increase of 300%, 407%, and 574%, respectively, from the current price. Teleagon’s Pi Network price prediction for 2030 had the price potentially averaging at $427.56, with a low-end estimate of $396.88 and a high end of $468.73.
CoinDataFlow saw the Pi coin fluctuating considerably in the years to come, though ultimately keeping an upward trend. Its Pi price prediction for 2024 is that the coin could range between $25.96 and $68.76. In 2025, the site believed Pi could rise considerably to sit between $61.67 and $261.37. It forecasted that in 2030 the price would sit between $64.60 and $222.17.
It’s important to keep in mind that these Pi Network coin price predictions are based on historical data and, therefore, could be inaccurate. As such, investors should not rely solely on such data but do their own additional research taking into account their investing goals, among other factors.
FAQs
Will Pi Network go up or down?
No one can say for sure. As of late February, many predictions were bullish on Pi, with Telegaon’s Pi Network price forecast expecting it could average $96.17 in 2024 and rise to $137.22 in 2025. CoinDataFlow’s high-end prediction for PI was between $61.67 and $261.37 in 2025. However, such estimates can be inaccurate and have been wrong in the past. It’s important for investors always to do their own research.
Should I invest in Pi Network?
At the time of writing, Pi Network is still pre-release and not available to be sold or traded by holders. The network has stated that it aims to transition to an open mainnet where PI coins will be available to be traded, but until then, holders can only use them to buy products and services on Pi’s peer-to-peer marketplaces.
Nevertheless, Pi Network has millions of users and its eventual listing on exchanges could lead to a substantial increase in its coin’s value. Whether or not this makes it a worthwhile investment is something only you can decide by considering your investment goals and existing financial portfolio, among other factors.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
