Pi Network Value Declines By Over 50% After Transitioning To Open Mainnet

The Pi Network, or Pi coin, made history by moving from being a closed system to a fully decentralised blockchain, transitioning to its Open Mainnet. The value of the currency, owing to high volatility, has slipped in value.

Pi Slumps

After trading at around USD 1.50 on OKX, and around USD 1.20 on Bitget, the value of the cryptocurrency has dipped, shrinking below the USD 1 mark, as per the latest data from CoinMarketCap.

Open Mainnet here allows developers on the Pi blockchain to launch decentralised applications (DApps) and make them available to the broader crypto industry.

As according to CMP, Pi Coin has suffered major losses of 58.98 per cent, taking the overall value to USD 0.6971.

When it comes to the Pi coin's value in Indian Rupee, the value currently stands at Rs 60.92, as according to CoinGecko. It has 24-hour range of Rs 53.29, at the lower end and Rs 170.89, at the higher end.

Despite this, the community sentiment over the coin still appears to be largely bullish.

The coin has a market cap of USD 4.59 billion.

The virtual currency, because of its recent transition, is now tradable on major cryptocurrency exchanges, including CoinDCX, OKX, Gate.io, and Bitget.

This recent development, once again highlights the larger volatility of the crypto world, as has been witnessed with other newly launched cryptocurrencies, including personality-orientated meme-coins.

$TRUMP

The most recent, and publicised example of the same would be that of US President Donald Trump's $TRUMP, and his wife, and US first lady Melania Trump's $MELANIA.

When we look at Trump's official Crypto, it, according to CMP, currently stands at USD 16.59, with a decline of 59.53 per cent over the past month.

$MELANIA

Meanwhile, Melania Trump's $MELANIA has also declined in value, in the past month of trade. The meme coin has declined to USD 1.25, after a slump of 67.41 per cent.