The much-awaited Pi Network mainnet launch progresses while Bitcoin forms a rare death cross pattern.

Pi Network developers have been working diligently this year to ensure the blockchain moves from the enclosed mainnet to the public mainnet phase. In a recent post, they noted that they were progressing well with the Know Your Customer verification for customers. Over 13 million pioneers have passed the KYC process and 6 million have already migrated to the mainnet. 

The network has reached over 13 million Pioneers who have passed KYC and over 6 million Pioneers who have migrated to Mainnet! Through our collective efforts, we’re progressing towards the Open Network goals. Keep in mind that the progress is not linear and has been accelerating… pic.twitter.com/fXad6mpe59

— Pi Network (@PiCoreTeam) August 8, 2024

Additionally, the developers have initiated a six-month grace period for pioneers to complete the verification process. KYC is a crucial step in Pi Network’s journey to mainnet as it aims to eliminate potential bots.

It is also one of the three key milestones that must be achieved before the Pi Network’s mainnet launch, which will enable users to sell their Pi coins.

The other two milestones are the development of its ecosystem and a conducive market environment. Regarding the ecosystem, Pi Network creators aim to have at least 100 decentralized applications (dApps) to create utility for the token.

It is unclear the number of Pi Network dApps available so far. A repository shows that there are about 27 dApps in areas like commerce, games, NFTs, and utilities in the ecosystem, meaning that it has a long way to go to hit 100.

Bitcoin has formed a death cross

The developers also hope that the token listing will occur in a favorable market environment. While Bitcoin (BTC) and most cryptocurrencies reached record highs earlier this year, many have since reversed.

Bitcoin has recently formed a death cross pattern as the 50-day and 200-day Simple Moving Averages made a bearish crossover. Historically, this pattern is often followed by a significant decline. In 2022, Bitcoin dropped by over 60% after the pattern formed.

Listing a cryptocurrency in a bear market is often risky. For example, most newly launched tokens like Notcoin (NOT), Pixelverse (PIXFI), Wormhole (W), and zkSync have retreated by double-digits from their all-time highs.

As we have written before, Pi coin’s price action could also mirror that of other tap-to-earn coins since they have a similar business model. 

Publicly traded tap-to-earn tokens like Notcoin and PIXFI have already retreated, while Hamster Kombat’s futures have hit record lows. Therefore, there is a possibility that Pi coin will slump after its listing as pioneers liquidate their tokens, especially since many have held onto them for years.