Pi Network has officially set a new benchmark in the crypto space, becoming the largest airdrop in history with a valuation of $12.6 billion. This milestone surpasses the previous record held by Uniswap, which reached a valuation of $6.43 billion following its 2020 token distribution.
With the circulation of 6.3 billion PI tokens and a launch price of approximately $2, Pi Network’s airdrop reflects significant activity within the crypto community.
The launch of Pi Network’s mainnet and its subsequent listings on major exchanges have garnered considerable attention. Notable exchanges like Bitget, MEXC, and OKX have initiated trading pairs for PI tokens, enhancing market accessibility. In addition, BitMart organized USDT giveaways to stimulate interest ahead of the open mainnet phase.
Since its inception in 2019, Pi Network has attracted millions of users who have mined PI tokens via mobile devices. This mass participation approach has been credited for the project’s rapid ascent.
As the network transitions to its Open Network phase, it aims to integrate more seamlessly with external blockchain systems and centralized exchanges, giving users new opportunities to engage with their tokens.
However, Pi Network faces several challenges moving forward. Regulatory scrutiny, skepticism regarding its mining model, and concerns about market volatility pose potential hurdles. Comparisons have been drawn to other projects, such as Hamster Kombat, that experienced initial hype but subsequently faltered.
Despite an initial price surge from $1.30 to over $2, PI tokens have recently seen a decline, trading at $0.8783—down over 30% in the last 24 hours.
The fluctuations reflect the selling activity of early holders, since trading is now active. As Pi Network navigates this critical phase, the crypto community will be closely observing its ability to maintain momentum and address these challenges.
Source: Coinmarketcap
