Pi Network Cryptocurrency Crash: 42% Drop From Record High Ahead Of March 14 Mainnet Migration Deadline
Pi Network’s cryptocurrency value has plummeted by 42%, plummeting from its top of $2.99 as the deadline for moving to its official blockchain, Mainnet, approaches. This deadline has caused concern among users and investors. Binance, a cryptocurrency exchange, has indicated that Pi users will not be given an extension beyond March 14, 2025, to complete their KYC verification and migrate to the mainnet.
According to Coingecko, Pi Network is currently worth $1.72, representing a 17.1% growth in the past 24 hours. The cryptocurrency’s market capitalisation is $12,415,243,485, with a 24-hour trading volume of $933,692,246.
Price volatility rose as the deadline approached, plunging from a previous high of about $3 to less than $2 in just a few days.
What Is Pi Network Migration?
The Pi Network migration process entails transferring users’ Pi cryptocurrency from a test environment (Testnet) to the official blockchain (Mainnet). According to Thangapandi Durai, CEO of Koinpark, this transition will allow Pi holders to use their tokens in a larger ecosystem beyond the Pi app.
To migrate, users must go through Know Your Customer (KYC) verification to validate their identities. The Pi Core Team has set a deadline for this process, beyond which unverified tokens may be lost. This measure protects the network and prevents fraud.
Once moved, Pi holders can conduct transactions on the open mainnet, which allows for interactions with other blockchains and future connections with exchanges and third-party applications.
Durai says that unrestricted mainnet access implies Pi Network will be completely integrated into the larger blockchain ecosystem. Users will be able to freely transact Pi, move tokens without limits, and interface with other wallets. They may also have the opportunity to trade Pi on cryptocurrency exchanges.
Pi Network Listed on Binance
The recent launch of Binance’s new token listing methodology has fuelled talk regarding a possible Pi Network listing. However, Durai points out that, despite significant support, Binance has not formally verified the listing. Pi Network must continue to demonstrate robust security measures, regulatory compliance, and continued user involvement in order to meet the demanding criteria of large exchanges.
What Is Pi Network?
Pi Network is a social cryptocurrency, developer platform, and ecosystem that focusses on accessibility and practical applications. It enables users to mine and transact Pi using a mobile-friendly interface while also supporting applications built within its blockchain environment.