Pi Network’s pioneers patiently await the token listing, which will allow them to exchange their tokens for fiat currency. The recent performance of Bitcoin, and other crypto currencies could cause a delay in the listing.
Another thing that is worrying, tap-to earn tokens such as Notcoin (PIXFI), and Pixelverse have been crashing in recent weeks.
Pi Network and Tap-to-Earn Tokens
This year, the biggest crypto craze has come from Telegram’s tap to earn platforms, such as Hamster Kombat and Notcoin.
Hamster Kombat has over 300,000,000 users around the globe. TapSwap boasts over 70 millions users, while Pixelverse is home to 75 million.
Users can earn Telegram tokens by using Telegram mini-applications. They then exchange them for fiat currency after the airdrop.
These platforms may be new but the idea behind them has been around for a long time. The concept can be traced back to Bitcoin’s foundation, where users were rewarded for completing complex mathematical calculations.
Pi Network was the first project to take this concept mainstream. It launched in 2018, and allows users to mine tokens using their smartphones. Pi Network is different from tap-to earn networks in that you need to be invited.
Pi Network, on the other hand, uses an application dedicated to mining tokens. Platforms that use Telegram mini-applications to tap-to-earn, however, are not as effective. Telegram is already used by over 900 millions people, so this approach makes sense.
Pi Network users can then accumulate tokens each day by tapping the button on their app. Many pioneers hope to one day convert their thousands of tokens into fiat currency.
Tap-to-earn tokens are listed a little later than Pi Network. Notcoin has been listed in less than 3 months, while analysts predict that Hamsterkombat and Tapswap are expected to be listed within a couple of months.
Pi Network explains the delay in listing by stating that it is necessary to build a blockchain network of real utility. In order to achieve this, Pi Network has launched several hackathons in an attempt to attract developer interest.
Notcoins and Pixelverse tokens are down.
Pi Network’s pioneers should be aware of the fact that the price of most tap-to earn tokens has plummeted and that the same may happen when Pi Coin is listed. The Notcoin market price reached a peak of $0.030 at the end of June, and then dropped by 64%. This has cost holders billions.
The Pixelverse token (PIXFI), which peaked in July, has fallen by 78% since then.
The majority of people that accumulated these tokens during the pre-listing sessions have now dumped them.
This trend is likely to happen when Pi Network lists. The developers may hope for a large number of users to HODL their tokens, but the chances are they will all rush out. Some users will hold on to some tokens and sell others, in hopes that they will increase over time.
The listing of Pi coins could be delayed
The Pi Network team hinted in December of last year that it would be their intention to list this token by the end of the year. To make this happen, the developers noted three prerequisites: KYC, DApps within the ecosystem and a welcoming environment.
Developers have been working on KYC and verified more than 12 million users. The developers believe this is an effective way to eliminate bots. By the end of this year, I think they’ll reach the 15 million target.
Developers will have a harder time achieving the other two criteria. It may be difficult to achieve their first goal of having at least 100 dApps in the ecosystem. The platform has not produced a major mainstream dApp despite the fact that the developers held several hackathons.
The vibrant ecosystems of popular blockchain networks such as Ethereum and Solana are the reason they have been so successful. Toncoin is a cryptocurrency that has risen to the top ten due to its robust ecosystem, which includes tap-to earn apps.
Bitcoin Price Chart
The developers also want a lively external environment to launch their token. The recent price movement shows, however, that token prices could fall further in the months to come. Bitcoin continues to form lower highs and lower lows, as shown in the chart above.
Lower highs for the coin were $73,400. $72,000. and $70,000. If conditions do not improve, it is possible that crypto has entered a winter. This could last for some time. The previous crypto winter lasted from November 2021 until January 2023.
Developers will not list a token when the price of other cryptocurrencies is in an extreme downward trend.
Pi Network owners are therefore at risk of an extended stay on the mainnet and token crashes when the listing finally occurs.
The post Pi Network: Pi Coin Listing Faces a Mountain of Risks Ahead may be updated as new information becomes available
