Pi Network coin (IOU) price has been on a strong uptrend in the runup to the official launch of the open mainnet on February 20th. The coin has gained $26.68 in the last thirty days, rising by 55% during that period to trade at $74.05 as of this writing. Many holders are hoping to see the coin listed on major centralised exchanges besides OKX amd Bitget. That has strengthened the sentiment around the coin and will influence the price trajectory this week.
The OKX and Bitget listing has raised the prospect of other major exchanges listing Pi. However, some exchanges have started converting users’ Pi Network IOU coins to USDT stablecoins, potentially interrupting the upward rhythm. HTX Global has already converted the IOU coins to USDT, and more could follow. The IOU coins are not official Pi coins in themselves but a promisory note by exchanges.
It is likely that Pi IOU coin price will deviate significantly from the real price and that might have informed the decision to convert to USDT. Pi coin price trajectory has been on the rise at a time when the broader cryptocurrency market has been on a downtrend. That signifies an upbeat anticipation on the coin, which could fuel a strong uptrend after listing.
Pi coin has won over the masses primarily because it allows anyone with a smartphone to mine. That has removed a major barrier to entry as seen in typical proof-of-work coins. In addition, it has an engaging ecosystem, with a reported integration with 27,000 merchants. Also, with over 19 million KYC’d users and a community of over 60 million users, the Pi Network is head and shoulders above the majority of its peers in the cryptosphere.
Listing by Binance and Bitget, the two largest centralized exchanges (CEX) by volume could inject substantial volatility into Pi coin price. That could potentially see it steal the limelight from the market bellwether, Bitcoin, in the coming weeks. However, the exchanges have not indicated if and when they will be listing coin as of this writing.
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