- Summary:
- Pi Network coin has rebounded after last week's slump caused by another postponement of its transition to the open mainnet.
The Pi Network Coin continues to be one of the most anticipated cryptocurrency projects in history. The recent postponement of the transition to open network on January 31 triggered a bearish sentiment around the Pi IOU coin, but it has since recovered some ground. However, the broader global crypto market decline has also exacerbated the decline.
Pi Network Coin Recovers After Postponement Slump
Despite the sour sentiment, Pi Network has diffused the panic after it revealed that the ttraransition to the Open Network would happen before the end of the extended grace period. The Pi Network Core Team previously announced that it was one million migrations short of the targeted 10 million needed to transition to the open network.
That figure is likely to be achieved in the remaining time; which could increase the upward momentum in the coming days. Users are required to transfer their coins to the open mainnet during the transition period. That will enable them to experience the full functionality of the Pi Network ecosystem.
Pi Network IOU Coin was up by 10.7% on the daily chart at the time of writing, signifying a buildup of bullish sentiment.However, the Pi Core Team has previously dissociated itself from the IOU coin. Therefore, there’s no telling Pi Coin’s official listing price when the open mainnet goes live.
What Could Fail Pi Coin?
An equally important question is the exchanges where the coin will be listed. Many are speculating that the coin’s sentiment and project design is interesting enough to attract top tier centralised exchanges (CEXs). This has put a high expectation on the coin, which has helped keep it on the upward trajectory.
Conversely, failure to list on these exchanges could reduce the enthusiasm and exert downward pressure on the coin. While Pi Network coin has performed relatively well in recent weeks, a history of unfulfilled promises by the development team has cost it. Notably, the Pi Network IOU price is currently about 84% belpw its all-time highs of $305, as per Coingecko.