The long-awaited Pi Network mainnet launch is moving forward as bitcoin forms a rare death cross pattern.
Pi Network developers have been working diligently this year to ensure that the blockchain transitions from the closed mainnet phase to the public mainnet phase. In a recent post, they noted that they were making good progress with Know Your Customer verification for customers. Over 13 million pioneers have passed the KYC process and 6 million have already migrated to the mainnet.
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Additionally, the developers have initiated a six-month grace period for pioneers to complete the verification process. KYC is a crucial step in Pi Network’s path to mainnet as it aims to eliminate potential bots.
It is also one of three key milestones that must be reached before the launch of the Pi Network mainnet, which will allow users to sell their Pi coins.
The other two milestones are the development of its ecosystem and a conducive market environment. In terms of the ecosystem, the creators of Pi Network aim to have at least 100 decentralized applications (dApps) to create utility for the token.
It is unclear how many Pi Network dApps are available at the moment. The repository shows There are around 27 dApps in areas such as commerce, gaming, nfts, and utilities in the ecosystem, meaning it has a long way to go to reach 100.
bitcoin has formed a death cross
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Developers are also hoping that the token's listing will come in a favorable market environment. While bitcoin (btc) and most cryptocurrencies hit all-time highs earlier this year, many have since reversed their trend.
bitcoin has recently formed a death cross pattern as the 50-day and 200-day simple moving averages made a bearish crossover. Historically, this pattern is usually followed by a significant drop. In 2022, bitcoin fell by over 60% after the pattern formed.
Listing a cryptocurrency in a bear market is often risky. For example, most newly launched tokens, such as Notcoin (NOT), Pixelverse (PIXFI), Wormhole (W), and zkSync, have all retreated double digits from their all-time highs.
As we have written before, Pi coin's price action could also mirror that of other tap-to-earn coins as they have a similar business model.
Exchange-traded tokens that can be bought and sold with a single click, such as Notcoin and PIXFI, have already fallen back, while Hamster Kombat futures have hit all-time lows. There is therefore a chance that Pi coin could crash after its listing as early adopters liquidate their tokens, especially since many have held onto them for years.
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