On the 12th, OKX was the first to announce the listing of Pi coin, followed by well-known exchanges such as Bitget, MEXC, and Pionex… announcing that they will also list PI coin. As of now, the only major exchanges in the Chinese-speaking region that have not announced the listing of PI coin are Binance and Bybit, which has made the community very curious about the stance of these two exchanges towards Pi coin.
Pi coin entered the public eye in 2021 and was once referred to as an IQ test coin. Since users can mine Pi coins just by tapping their phones, the ecosystem is quite unique, with many older users in Asia who are not very familiar with the cryptocurrency ecosystem. The comments from Bybit's CEO seem to hint that there may be a lot of controversy after Pi coin is listed. This statement is actually more explosive, and I will try to interpret it in a gentle tone.
The community of Pi coin is concentrated among elderly individuals and mothers in small towns, who generally have a primary school level of education. Their understanding is influenced by the health effects of signal towers, and their use of the internet is limited to platforms like Pinduoduo. Their understanding of blockchain is still superstitious, equating Pi coin with Bitcoin. Can we expect this group, which supports Pi coin, to lead a blockchain revolution? The underlying structure of Pi has already determined that this is a harvesting feast. This garbage, which lacks endorsement and environment, may end up being even more tragic than the MEME series.
To say something that shouldn't be said, if Pi coin experiences severe fluctuations during its mainnet phase, the next day, the elderly will be out on the streets with banners demanding their hard-earned money back. I really can't believe how many years these tiered agents of Pi coin will have to wait.
The above is just a hunter's perception of Pi; perhaps I am ignorant and my words carry little weight. I cannot persuade the fervent. If someone firmly believes they are not the unlucky one, not the one taking the fall, and still wants to cash in on the hype, then let's do a little accounting.
We will benchmark against the current market cap of coins that are relatively hot in the market.
Currently, the total supply of the token is known to be 100 billion, with an estimated circulating supply of 10 billion:
Benchmarking against Dogecoin: Both have user community-driven characteristics. If PI coin can replicate DOGE's success, then based on DOGE's current market cap of $40 billion, the value of PI coin could reach $4.
Market cap ranking in the top 50: The current 50th ranked coin is POL, with a market cap of $2.7 billion. If PI coin can open and break into the top 50, then the token price will be around $0.27.
Market cap ranking in the top 100: The current 100th ranked coin is XTZ, with a market cap of $920 million. If PI coin can open and break into the top 100, the value of PI coin could reach $0.092.
Comparing this, do you think Pi can become the next Doge? At least Doge has celebrity endorsements, and the mainstream community is primarily composed of geeks who have a basic understanding of the market. But can Pi achieve that?
Back to reality, today Pi coin is launching its mainnet, and I don't feel it's a feast at all. Instead, I believe it will have a certain impact on the mainstream in the coming period. Simply put, liquidity will be partially withdrawn, but this situation is only temporary. It still depends on the level of enthusiasm after today's launch. If the hype is sufficiently explosive, the mainstream will continue to consolidate for a while, but this consolidation won't last long. Once the hype passes, liquidity will return to the mainstream, entering an acceleration phase.
At the current stage where Bitcoin has returned to 97,000, according to the operational framework provided by the hunter yesterday, this position will not turn around and accelerate downwards again. In the short term, it will only briefly stay around 97,000, with a slight pullback to entice the bears to enter the market in the 97,000-98,000 range, followed by a slow rise to test the 99,000-100,000 mark.
Tonight, Bitcoin's target is to break through 97,400. This position will face multiple pressures, but ultimately it is aimed at generating a breakthrough. Don't worry about the short-term decline; it's just a technical pullback, and the pullback won't be too strong. The 96,200 area (within 300 points up or down) is the support level for today's pullback, and this is also the area the hunter suggests you can enter. For those who entered long positions in the 95,500-95,000 range yesterday, continue to hold. If you want to be cautious, you can reduce your position by 30%-50% near 97,200, but the final target remains unchanged, gradually climbing up with the market, with the ultimate goal of breaking through 110,000 and completely ending the upward trend of the first half of this year.
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