Pi Network (PI) has officially launched on OKX, recording notable volatility as investors rushed to cash in on the hype.
The move marks a significant milestone for the project, coinciding with its transition to the Open Network phase.
Pi Network (PI) Listed For Spot Trading
After actively pursuing exchange listings and securing commitments from several trading platforms, Pi Network’s PI token is finally live for spot trading on crypto exchanges, including OKX. An official announcement from the network on X (Twitter) revealed a floor price of $2 on OKX.
“Pi listed on OKX: 1 PI = 2$,” the network shared.
The launch price surprised many as they expected a lower value amid prevailing skepticism. Nevertheless, listing on popular exchanges such as OKX increases liquidity and mainstream adoption of a new token.
“Pi Network just dropped a bombshell on the crypto world, listing at a jaw-dropping high price that’s left doubters stunned! After years of hype and skepticism, Pi’s mainnet launch today proved the naysayers wrong, smashing expectations with a debut that’s got everyone talking,” one user on X observed.
Following its debut on the OKX exchange, PI experienced a dramatic price movement, dropping 21% after an initial 10% climb.
The extreme volatility has fueled debate over whether Pi Network is ready for open trading, as many users are newcomers to the crypto space. Some analysts have encouraged early profit booking, citing the impact of listing across multiple exchanges, including Bitget and HTX.
“Remember, there are multiple exchanges listing happening simultaneously…Make sure to take your profits at the start, because once this scales, and consolidates will be hard to recover,” DeFi analyst Crypto King remarked.
Meanwhile, others have criticized the launch, suggesting it attracts selling at a lower price after six years of mining the token. The general sentiment is that it quashes hopes for future value gains relative to the Pi Network IOU price.
To some, however, the correction presents an opportunity to buy PI at a discount amid prospects for future value growth.
“If you’re angry because you think the PI price isn’t ok to you remember that BTC was once $1 in 2010. Take this as a discount price and opportunity to accumulate more PI,” another user added.
Despite its growing presence in the market, Pi Network has faced scrutiny over allegations of operating as a pyramid scheme. Critics point out that the project’s unconventional mining model and referral-based structure raise questions about its long-term sustainability.
Meanwhile, Pi Network’s exchange debut coincides with its transition to the Open Network phase, a crucial step that aims to provide greater accessibility and utility for its ecosystem. Proponents argue that this transition will enhance PI’s legitimacy and long-term sustainability, making it more attractive for mainstream adoption.
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