LATEST PI COIN PRICE UPDATE 2024

Pi coin is the decentralized cryptocurrency that drives the Pi Network. Its goal is to promote decentralized peer-to-peer transactions and allow users to mine cryptocurrency from their mobile devices.
This created a much more accessible option to Bitcoin mining, sparking enormous interest, with over 50 million individuals signing up at present. As a result, many investors are hoping that Pi coin will be the next cryptocurrency to skyrocket. We will take a look at a realistic Pi coin price projection ranging from 2024 to 2030, taking into account tokenomics, utility, and community.

Nicolas Kokkalis and Chengdiao Fan founded the Pi Network in 2018. The project was created as a competitor to Bitcoin and other payment cryptocurrencies, allowing for greater community participation through smartphone mining. In comparison, Bitcoin and many other Proof-of-Work blockchains allow for mining using powerful (and expensive) gear such as ASIC chips.

Pi Network's mining strategy was divided into three phases: pre-Mainnet, enclosed Mainnet, and open Mainnet. The Pi network is currently in the enclosed Mainnet phase.

The pre-Mainnet phase began in 2019 and allowed users to earn PI by pressing a button on a mobile app once every 24 hours showing their continued participation in the network. The PI mining rate began at 1.6 PI per hour, then was reduced by half after the first 100,000 members, and then repeated twice until it reached 0.2 PI per hour.

CoinMarketCap data provides Pi coin price history beginning in December 2022. However, it also documents that the coin is not yet tradeable, and exchanges listing PI only offer "IOUs" as opposed to true ownership of the Pi coin.

Nonetheless, the price surged to an all-time high (ATH) of $330.65 on December 30, 2022. Following this, it saw a sharp selloff, reaching a low of $19.7 on July 14, 2023.
Since then, the price has appreciated, reaching a high of $56 in August and now trading at $38.7.

Currently, the maximum amount of Pi coin is 100 billion, which will be issued progressively as more participants join the network.

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The community has been provided 80% of the overall supply, with the Pi team earning the remaining 20%. Further, 65% of tokens will be used for mining rewards, 10% for ecosystem expansion (which is regulated by the Pi Foundation), and 5% for exchange liquidity.

Considering the anticipated release of billions of Pi currency tokens, the project will certainly face strong selling pressure during 2024.

There are only two possible outcomes that might mitigate this selling pressure: And they are;

If Pi is in equal or greater demand to match the selling pressure.

The token unlocking process is progressive, taking years rather than a day.

Regarding Pi demand, the project's goal is to provide usefulness within its own ecosystem. The currency was created to transmit value and facilitate payments for a wide range of goods and services. Currently, Pi Network users can only exchange and transfer tokens with one another. However, after the open Mainnet becomes accessible, vendors and businesses are likely to begin incorporating the currency.

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