Pi Coin price jumps 35% within an hour of open mainnet launch
Crypto community watches as Binance poll decides Pi Coin’s future listing
DUBAI: Pi Network’s long-awaited open mainnet launch on 20 February 2025 marked a significant moment in the cryptocurrency world.
Within an hour of going live, Pi Coin surged by 35%, reflecting the immense anticipation surrounding the project.
Pi Network, a "tap-to-earn" blockchain platform, has been under development for over six years. Initially operating on a closed mainnet since 2021, the network’s transition to an open mainnet allows its massive community – known as "Pioneers" – to finally trade their Pi Coins.
Developers now have the opportunity to introduce over 100 decentralised applications (dApps) for various sectors, including decentralised finance (DeFi) and gaming.
Pi Coin’s unique mining model
Unlike traditional cryptocurrencies such as Bitcoin, which rely on energy-intensive proof-of-work mechanisms, Pi Network’s mobile-based mining model has driven rapid adoption. This approach has enabled millions of users to participate in the network even before its public launch.
With over 3.8 million followers on X – surpassing major blockchain projects like Ethereum and Solana – Pi Network’s popularity is undeniable. At its peak, it recorded over 50 million registered users.
Major exchange listings
Pi Coin’s listing was swiftly supported by multiple centralised exchanges (CEXs), including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget. However, Binance – the world’s largest crypto exchange – opted for a community poll to decide whether to list Pi Coin. The poll, set to conclude on 27 February, could significantly impact the token’s future market activity.
We want to hear from you! ????
— Binance (@binance) February 17, 2025
Should $PI be launched on #Binance? Vote now on Binance Square and share your thoughts!
Cast your vote ➡️ https://t.co/gXvkN6nbqi pic.twitter.com/RZkCLdg8Yd
Meanwhile, major exchanges such as Coinbase, Kraken, and Upbit have yet to announce their stance.
Price volatility hits market
Following its listing, Pi Coin’s price saw extreme volatility. CoinGecko data revealed a 36.8 percent surge within the first hour, peaking at $1.97 before dipping to $1.80 on OKX and $1.78 on Bitget. This was a sharp contrast to speculative IOU prices of $61–$70 circulating before the mainnet launch.
Shortly after, Pi Coin spiked to $3.40 on Bitget but later dropped again. On Bybit, the token momentarily fell below the $1 mark before recovering slightly. Despite these fluctuations, strong buying pressure persists, driven by speculation over potential listings on Binance and other top-tier exchanges.
Potential sell-offs and market trends
Analysts warn that Pi Coin’s early miners – who accumulated holdings over the years – may begin selling off their tokens, triggering further price corrections. Historically, newly listed cryptocurrencies experience sharp declines before stabilising. The excitement around Pi Coin’s listing could also wane as major exchanges finalise their decisions in the coming weeks.
Beyond market speculation, the launch represents a critical step in Pi Network’s long-term vision of creating a globally accessible cryptocurrency. Whether the token sustains its momentum or faces further corrections will depend on how well the network manages adoption, liquidity, and real-world utility in the months ahead.