Is Pi Network a Scam? 65M Users and 400K Nodes Prove It’s Thriving

Pi Network token has been struggling in the market recently. Over the past month, the price of Pi Network token has fallen by over 17%, now trading around $0.438. This marks a tough period for the token, which has been stuck in a price range of $0.39 to $0.67 since June.

While the price action is concerning, experts point out that Pi Network itself is continuing to grow and evolve, showing promise beyond the price struggles.

Pi Network Token Unlocks and Price Pressure

Recently, Pi Network token saw a significant release of approximately 10.8 million Pi tokens into the market. This is the largest token unlock this month, and such releases usually increase the supply of Pi tokens. 

An increase in supply typically leads to a decrease in price, which is what has happened to the Pi Network token. Despite the price challenges, the overall progress of the Pi Network shows that it is not on the verge of failure.

One of the most remarkable achievements for Pi Network is its growing user base. Pi has attracted over 65 million users from more than 200 countries, a number that places it among the largest blockchain projects in the world in terms of users. 

On social media, Pi Network has gained significant attention, with over 4.3 million followers on X (formerly Twitter). This makes Pi Network the third most-followed cryptocurrency project globally, behind only Binance and Bitcoin.

KYC Verification and Wallet Migration Progress

Pi Network’s success in attracting users is further reflected in the completion of Know Your Customer (KYC) verifications. Over 18 million users have verified their identities, and more than 13 million of them have moved their Pi tokens to wallets. 

These numbers are impressive, especially considering the Pi Network token is not yet listed on major exchanges. Despite the price challenges, Pi Network token currently ranks 34th in global market capitalization, indicating that its market position remains strong.

Pi Network’s Growing Infrastructure

Pi Network’s technical infrastructure is also expanding. More than 400,000 nodes are now running across Pi’s Testnet1, Testnet2, and Mainnet. This growing network of nodes demonstrates Pi’s commitment to building a decentralized ecosystem. 

It provides a strong foundation for the future development of Pi Network, suggesting that the project is gearing up for long-term growth.

Pi Ventures Fund: Fueling Innovation

In a bid to facilitate innovation and growth in its ecosystem, Pi Network recently rolled out the $100 million Pi Ventures Fund. The fund will be established to fund startups using Pi Coin in their project.

Pi Network also introduces new projects, among which is Pi App Studio, which will provide a no-code, AI-powered platform with the ability to create decentralized applications. Such activities indicate that Pi Network is not only about the token, but its aim is to build a strong ecosystem.

Real-World Use of Pi Network Token

Pi Network’s growing adoption in the real world is one of its strongest points. Over 27,000 merchants across Asia, Africa, and Latin America now accept Pi Tetwork token for transactions. This is a significant milestone, as it shows that Pi Coin is being used for everyday purchases, not just speculation.

 Furthermore, Pi Wallet now features a “Buy Pi” tab, enabling users to purchase Pi Network token with fiat currency. This makes Pi Coin more accessible to the general public, helping to drive its adoption.

Migration to Mainnet: Ongoing Challenges

Even though it is developing, Pi Network token has been hit with a few setbacks in the movement to Mainnet. The two-factor authentication (2FA) processes must be completed by the users to complete their migration.

But most users have complained some saying they have been in the process of migration since months with no clear indication as to when their status will be checked.

Besides, there have also been issues of broken promises concerning validation bonuses among some of the users. The areas of concern have led to frustrations of the Pi Network token users, with the Core Team working hard to overcome these challenges.

Pi App Studio: Empowering Decentralized Innovation

Pi Network, the new project, aims at giving such users the ability to develop and hold decentralized applications by launching Pi App Studio. This platform does not need any coding skills because it involves the adoption of AI and blockchain.

Pi App Studio is a thrilling development because it enables everyone to turn their thoughts into reality and develop a business in Pi Networks ecosystem. The idea of this initiative is to democratize the development of apps and create innovation among increasing users on Pi.

Conclusion

Nonetheless, revolving around the challenges that it has experienced of late in relation to its price values, Pi Network token is a powerful project that has a lot of future in store. The highly concerned user-base, the presence of the network in the real world, and growing infrastructure make the basis of a successful network in future.

The current price of Pi Network token is low, but the environment is in a continuous rise. Provided that the Pi Network token will remain steadfast in its growth among its clientele and its technology framework, the Pi Network token is likely to rise in the future.

Also read Is This the Endgame for Pi Network?

Summary

The price of the Pi Network token has also decreased by more than 17% in the last 30 days, trading at $0.43. Nevertheless, the market proved to be not an easy place, but the Pi Network token still expands, having more than 65 million users and 27,000 merchants worldwide using the Pi Network token.

The long-term prospects of the project may be noted by such new plans as the 100-million-dollar Pi Ventures Fund and Pi App Studio. Despite migration challenges, Pi Coin’s growing ecosystem and real-world use point to future success

Frequently Asked Questions (FAQs)

1- What is Pi Network?

Pi Network is a decentralized blockchain project allowing users to mine Pi Coin on their mobile devices.

2- How many users does Pi Network have?

Pi Network has over 65 million users globally, spanning more than 200 countries.

3- Why is Pi Coin’s price falling?

Pi Coin’s price decline is mainly due to large token unlock events increasing the circulating supply and market volatility.

4- Can I use Pi Coin for real-world purchases?

Yes, over 27,000 merchants in Asia, Africa, and Latin America accept Pi Coin for transactions.

Appendix: Glossary of Key Terms

Pi Coin: The native cryptocurrency of the Pi Network, used within its decentralized ecosystem.

Mainnet: The fully functional blockchain network that powers Pi Coin and its transactions.

KYC (Know Your Customer): A process where users verify their identity to comply with regulatory standards.

Token Unlock: The process of releasing a certain number of tokens into circulation, usually leading to increased supply and potential price fluctuations.

Testnet: A testing version of a blockchain network used to trial features and functionalities before being implemented on the main network.

Two-Factor Authentication (2FA): A security measure requiring users to provide two forms of verification to access their accounts.

Decentralized Application (DApp): Software applications that run on a blockchain rather than a centralized server.

References

CoinPedia – coinpedia.org

Cryptopotato – cryptopotato.com