- Pi Network’s IoU price is set for significant volatility as the KYC verification grace period ends on January 31, a crucial step toward the mainnet launch.
- If developers confirm the launch timeline, the price could surge over 110%, but another delay might trigger a sharp decline to $30.
As the cryptocurrency landscape constantly evolves, Pi Network’s IoU price is gearing up for significant volatility this week. This anticipated action is closely tied to the approaching Know Your Customer (KYC) verification deadline and the broader milestones required for the network’s mainnet launch.
KYC Deadline Nears for Pi Network Pioneers
Pi Network’s IoU price, which represents tokens promised to holders, has seen heightened attention recently. As of Sunday, the coin traded at $43.22 on HTX, rebounding slightly from the $38 double-bottom support level.
January 31 marks a critical date for Pi Network pioneers, as the KYC verification grace period officially ends. Developers have extended this deadline twice, aiming to allow more pioneers to transfer their coins to the mainnet. While over 13 million pioneers have completed KYC, only 8 million have transitioned their coins. The goal is to reach 10 million verified mainnet participants to ensure network readiness.
This verification process is vital, as it is one of the three key conditions for launching the Pi mainnet. The other requirements include having at least 100 mainnet-ready applications (80 were confirmed in the last update) and meeting external environmental factors, which developers claim have already been satisfied.
Potential Price Scenarios
If the developers confirm the mainnet launch within the quarter, the Pi coin price could surge. A historical example supports this optimism: in October, the coin rallied from $37 to $100 in mere days, a jump of over 170%. Analysts are now eyeing a potential 110% gain if the launch timeline is finalized, possibly driving the price to test the $91.50 double-bottom neckline.
However, uncertainty lingers. Should the KYC deadline be extended once more, market sentiment may falter, leading to a price decline. A breakdown could push the coin to September’s lows of $30.
A Moment of Reckoning
For pioneers who have been mining Pi for over six years, the mainnet launch represents a transformative moment. It will finally allow holders to trade their tokens for fiat currencies, realizing tangible value from years of commitment.
Still, caution is warranted. Historical trends show that tap-to-earn tokens often experience sharp declines post-launch, as seen with coins like Hamster Kombat and Catizen.
The coming days are pivotal for Pi Network, and its IoU price could swing dramatically based on key announcements. Whether this week ushers in a surge or a slump, one thing is clear: all eyes are on the January 31 deadline and the network’s next steps.
