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Pi Network’s Long-Awaited Mainnet Launch: What Went Wrong?
Pi Network, a mobile mining project, launched its mainnet with great anticipation. However, the excitement was short-lived as the price of its native token, PI, plummeted over 80% from its initial trading price. This sudden drop has left millions of its KYC-verified users wondering about the future of their tokens.
A Wave of Early Miners Rush to Cash Out
One of the primary factors contributing to the price crash was the rapid selling of tokens by early miners who had been accumulating PI since 2019. As these early adopters cashed out, the market experienced a massive sell-off, causing the price to plummet.
Rumors Spread Like Wildfire
Unverified rumors on social media speculated that the Pi Core Team, which controls around 20% of the token supply, might also be dumping their tokens. This speculation added to the selling pressure, further exacerbating the price drop.
Technical Issues Compound the Problem
To make matters worse, technical issues arose, making it difficult for users to access their tokens. The situation was further complicated by the huge backlog of users still waiting for KYC verification, which could lead to more selling pressure once they gain access to trading.
Can Pi Network Bounce Back?
Analysts believe that the token could potentially rise above $11 in the coming weeks, but this is contingent upon the team preventing more sell-offs. However, the significant backlog of users waiting for KYC verification poses a significant challenge for the network.
A Look to the Future: Solaxy’s Potential
As Pi Network struggles, attention is shifting to projects with better prospects. One such project is Solaxy, a Layer-2 solution that has raised over $22.7 million in presale funding. Solaxy is tackling the issue of scaling Solana’s network with its built-in utility, making it an attractive option for investors.
Solaxy: The Meme Coin with a Real-World Problem to Solve
Crypto analyst Austin Hilton is hyped about Solaxy’s potential, suggesting it could be the "biggest meme coin of 2025." He emphasizes that Solaxy’s focus on solving a real-world problem sets it apart from most meme coins, which often lack utility.
Conclusion
Pi Network’s mainnet launch has been marred by a series of issues, including a wave of early miners cashing out, technical problems, and unverified rumors. While the team is working to address these challenges, the future of the token remains uncertain. In contrast, Solaxy, a Layer-2 project, is gaining attention for its potential to scale Solana’s network and provide a real-world solution.
FAQs
Q: What happened to Pi Network’s mainnet launch?
A: The launch was marred by a series of issues, including a wave of early miners cashing out, technical problems, and unverified rumors, leading to a significant drop in the price of its native token, PI.
Q: What is Solaxy?
A: Solaxy is a Layer-2 solution that is tackling the issue of scaling Solana’s network with its built-in utility.
Q: Why is Solaxy gaining attention?
A: Solaxy is gaining attention for its potential to scale Solana’s network and provide a real-world solution, making it an attractive option for investors.
Q: Is Solaxy a meme coin?
A: No, Solaxy is not just a meme coin; it has a real-world problem to solve, making it a more attractive option for investors.
Q: Can I invest in Solaxy?
A: Yes, Solaxy is available for investment, and its presale has raised over $22.7 million. You can also stake your SOLX tokens for an estimated annual yield of 179%.
