Thu Feb 20 15:07:21 UTC 2025: ## Pi Network Launches Open Mainnet, Coin Price Plunges 55%
**MUMBAI, INDIA** – The Pi Network, a mobile-mining cryptocurrency project founded by Stanford graduates, launched its open mainnet on Thursday, allowing users to trade its native Pi coin on major exchanges. However, the launch was marked by a significant price drop, falling from an initial $2.20 to approximately $1, a 55% decline.
The transition to an open mainnet signifies a shift from a closed, investor-only network to a fully decentralized and public blockchain. Users can now trade Pi on exchanges like OKX, CoinDCX, Gate.io, and Bitget after completing KYC verification and migrating their coins from the closed to the open mainnet.
The sharp price decrease is attributed to several factors. Pre-launch, Pi coin IOUs traded at inflated prices, reaching as high as $200 on some exchanges, creating unrealistic expectations among investors. This, coupled with potential large-scale selling by early adopters and miners, contributed to the significant sell-off. Furthermore, concerns about the coin’s long-term viability have added to investor caution.
Despite the price plunge, the Pi Network aims to facilitate peer-to-peer payments and provide a platform for developers to build decentralized applications (dApps) for various uses, including gaming and decentralized finance. The project’s focus remains on making cryptocurrency mining accessible to a wider audience through its mobile app.
**(Note: The information about the Indian motorcycle industry has been omitted as it’s unrelated to the Pi Network news.)**
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