What to know:
- Ah, the Pi Network’s native PI token, a marvel of modern finance, once flaunted a fully diluted value (FDV) of a staggering $195 billion! 💰
- It made its grand entrance at $1.70 at the stroke of 09:00 UTC, danced up to $2.00, then promptly lost half its value faster than a jester’s joke! 🤡
- Currently, it boasts a market cap of $6.1 billion, which is quite the feat for a token that seems to be on a roller-coaster of its own making!
- PI has been likened to the viral tokens of yore, such as SafeMoon, with a referral scheme that rewards the early birds while leaving the latecomers in the dust! 🐦
Behold the Pi Network, a smartphone mining project that claims to have 60 million users! It released its native PI token on a Thursday, giving traders a thrill ride that saw prices soar 18% in mere moments before plummeting 50% like a tragic hero! 🎭
PI debuted at $1.70, climbed to a dizzying $2.00, and now finds itself trading at a humble $0.97. The initial excitement sent the FDV to heights that nearly rival the Solana blockchain’s SOL! 🚀
The FDV is calculated based on a maximum supply of 100 billion tokens, while the self-reported circulating supply is a mere 6.3 billion, leading to a market cap of around $6.1 billion. Quite the mathematical conundrum, n’est-ce pas?
Ah, the comparisons to past viral projects! Pi Network has drawn parallels to SafeMoon, which also lured in the retail crowd with its flashy marketing and referral schemes. A true spectacle of modern capitalism! 🎪
To embark on the journey of mining the Pi token, one must first receive an invitation from a fellow user. Then, they are bestowed with an invite code to share, rewarding them with more tokens for each new recruit. It’s a delightful ecosystem reminiscent of multilevel marketing or, dare I say, pyramid schemes! 🏰
Since its inception in 2019, with the testnet launching in 2020, the token release heralds the dawn of the Pi Network mainnet, allowing all accrued tokens to be transferred and traded. A grand occasion indeed!
However, the exchanges are currently as dry as a desert, lacking the liquidity to handle the billions of tokens in circulation. Even the most liquid exchange, OKX, has a market depth of merely 2% between $33,000 and $60,000. A $100,000 order would send prices tumbling like a clumsy courtier! 🤹♂️
Market depth, dear reader, measures the capital needed to sway an asset’s price. A mere 2% move could equate to a $146 million shift in the project’s value. Quite the financial ballet!
In a bid to balance the scales between buyers and sellers, Pi Network has introduced a “lock-up” period for holders, lasting up to three years. Those who choose to lock up their tokens will receive higher mining rewards. A strategy reminiscent of Richard Heart’s infamous HEX token, which saw its value plummet by over 99% between 2021 and 2024, leaving many locked tokens as worthless as a broken clock! ⏰
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2025-02-20 16:24