Pi Network: Pi Coin listing hopes rise as animal spirits return

Pi Network, the popular blockchain network, could have its mainnet launch later this year if animal spirits return in the stocks and crypto industry. If this happens, it means that Pi Coin could be listed, giving pioneers a chance to cash out. 

There are signs that a risk-on sentiment is returning to the market after the encouraging US inflation report. The data revealed that the headline and core Consumer Price Index (CPI) dropped to 0.3% in April, the first drop in six months.

As a result, most investors are hoping that the Federal Reserve will start cutting interest rates later this year since the economy is slowing. Data released this week revealed that retail sales and manufacturing output continued falling.

That explains why investors are starting to be optimistic about risky assets. The CNN Money fear and greed index moved to the greed zone of 62. Similarly, the crypto fear and greed index moved to 61 from this week’s low of 55.

US stock indices like the Dow Jones, Nasdaq 100, and S&P 500 indices surged to a record high. Similarly, cryptocurrencies have jumped sharply, with the total market cap rising to $2.4 trillion. Bitcoin rose to $66,200 while Ethereum soared to over $3,000.

The return of the crypto bull run could fulfil one of the three conditions that Pi Network has set before it exits its enclosed mainnet.

The other two conditions are its ecosystem growth and progress on its KYC verification process. In a recent statement, the developers noted that they had already verified 10 million users and the progress is gaining steam. Earlier this month, the developers added new KYC liveness checks to boost the process.

The developers also hope that the ecosystem will help to boost Pi Coin’s utility. To achieve that, they have done several hackathons to attract developers and boost the ecosystem. Some of the top apps in the ecosystem are the Pi Browser and the Fireside Forum.

Pi Coin’s mainnet launch will be welcomed by pioneers, who have been mining the tokens for over five years. Many of them have stopped mining altogether because of the continued delay.