The Pi Network is set to launch its Open Mainnet on February 20, 2025, at 8:00 AM UTC. However, analysts are predicting a potential crash of the Pi cryptocurrency, $PI, following the official launch , similar to the historical collapse of $DOGS.
Drawing Parallels Between Pi Network and $DOGS
Market pundits believe that early miners could play a significant role in triggering a Pi coin crash once the network is live. These miners have accumulated Pi tokens at little to no cost, and they may view the mainnet launch as their first real chance to monetize their holdings.
Like opportunistic traders, many may sell off a portion of their tokens to lock in profits, especially if they believe that initial market prices will be inflated due to hype and speculation. If a large number of early miners decide to sell at once, it could lead to a sharp price decline.
Moreover, Pi Network has already gained massive attention, becoming the top app on the Apple App Store. This surge in popularity is reflected in the network’s impressive numbers, with over 110 million downloads and an average of 110,000 new installations per day over the past month. While these trends point to an overwhelmingly positive hype surrounding Pi, they could also set the tone for a dramatic shift.
Historically, cryptocurrencies launched through airdrops have faced significant price crashes once trading begins. A notable example is the $DOGS project, which saw its price plunge by 5% after 17 million users claimed airdrops.
When tokens are distributed for free or at a low cost, many recipients rush to sell them as soon as trading begins. If this pattern holds true for Pi Network, it could face a similar fate to $DOGS i.e., an oversupply of tokens rushing the market and driving prices lower.
Also Read: Pi Network’s Road to Open Network: Will It Be a Survivor?
