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Uncovering the True Value of Pi Network: A Comprehensive Analysis from Multiple Perspectives

In today’s volatile financial markets, cryptocurrencies are rapidly establishing themselves as a new asset class. The massive influx of funds into Bitcoin spot ETFs, in particular, is driving overall market activity and fueling expectations of a major bull market (uptrend) for many altcoins (Alternative Coins).

Within this dynamic market environment, where does Pi Network stand, known for its easy smartphone mining? This article provides a comprehensive analysis of its price trends, community growth, and criticisms of the project’s technical aspects and operations from multiple perspectives.

This article aims to build a solid foundation for a deep understanding of Pi Network’s current state and an objective assessment of its future prospects.

Pi Network’s Latest Trends and Data Analysis: Significance of Over 15 Million Wallets

Let’s begin by examining Pi Network’s current market position and the underlying data.

Current Market Price and Market Cap Ranking

Pi Network is not yet officially listed on major cryptocurrency exchanges. Therefore, a conventional “market price” or “market cap ranking” does not exist. However, some exchanges trade it as an “IOU (I Owe You)” token, anticipating Pi’s future value, which reportedly hovers around $0.40 at the time of writing.

This should be considered a reference value if a full mainnet migration and listing are realized. While some sources mention a drop to “31st in market capitalization,” this is likely based on unofficial IOU token data or a past, specific evaluation metric.

Positive Signs from Pi Network’s Wallet Growth (Over 15 Million)

Despite the low price, Pi Network shows a significant positive trend: the number of wallets created for storing Pi has exceeded 15 million. Unlike simple app downloads, this signifies the number of users prepared or already migrated their Pi to the mainnet, strongly suggesting solid project progress and community growth.

The increase in wallet numbers also reflects Pi Network’s steady progress in “migration” (the process of moving Pi from the testnet to the mainnet). However, the continued “lockup” (a mechanism preventing users from withdrawing their Pi for a certain period) limits the amount of Pi circulating in the market.

The Context of Expectations and Predictions: Bitcoin and Altcoin Market Trends

Understanding Pi Network requires understanding broader cryptocurrency market trends.

PlanB’s Bitcoin Price Prediction and Its Credibility

The prominent analyst PlanB is known for his Bitcoin price predictions. He claims his 2023 Bitcoin prediction was accurate and predicts a range of $500,000 (approximately ¥75 million), or even $250,000 to $1,000,000 (approximately ¥37.5 million to ¥150 million), in the current cycle.

While PlanB’s predictions significantly influence the market, their model and accuracy remain debated. He has revised predictions in the past, and his statements include caveats emphasizing uncertainty.

Major Altcoin Price Trends and Market Impact

The overall cryptocurrency market is currently on an uptrend. Bitcoin is trading above $117,000, Ethereum at around $2,940, showcasing strong performance among major cryptocurrencies.

The significant rise of altcoins like Stellar Lumens (XLM) and Ripple (XRP) is particularly noteworthy. This suggests a new influx of capital into the market and the potential for a major bull market. Historically, Bitcoin’s rise often drives the overall altcoin market.

How much will Bitcoin’s price increase contribute to Pi Network’s value appreciation?

This depends on Pi Network’s post-mainnet ecosystem and market reception. While the overall market trend may be favorable, Pi’s intrinsic value and utility will ultimately be key.

Multiple Perspectives on Pi Network: Expectations, Reality, and Criticisms

Pi Network generates considerable anticipation due to its unique mining method and large community. However, it also faces criticism regarding its technological aspects and operational policies. Let’s objectively consider these diverse viewpoints.

The Possibility of “GCV $314,159” and Realistic Considerations

Within the Pi Network community, the concept of “GCV (Global Consensus Value)” is discussed, with a remarkable target price of $314,159 per Pi. This number derives from the mathematical constant π (pi) and symbolizes the network’s aim for a globally consensual value.

Considering the current IOU price and market environment, this GCV is an extremely ambitious goal and should currently be viewed as a “possibility.” Realizing this value requires the Pi ecosystem’s practicality, widespread adoption, and market understanding and acceptance.

Criticisms of Pi Network’s Technology and Operations: Open-Source Usage and KYC/Migration Challenges

Some critics point to Pi Network’s limited proprietary technology and reliance on existing open-source technologies (e.g., the Stellar Lumens protocol), arguing a lack of “technological advancement.” While utilizing open-source technologies is common in blockchain projects, improving efficiency and security, Pi Network’s unique innovation will be demonstrated through future ecosystem development.

Furthermore, delays in KYC (Know Your Customer) and migration progress are widely recognized issues within the community. Many users await mainnet migration, and these delays raise concerns about project reliability and future prospects.

Additionally, there are criticisms about Pi Network’s management system which seems to “collect” or “restrict” users’ Pi with each update, such as domain acquisition and lockup. This likely aims to prevent excessive Pi release into the market and maintain long-term value, but it also restricts users’ free trading.

Challenges of Long-Term Projects: Lessons from Ripple (XRP)

Projects like Pi Network, developed over an extended period, face a gap between market expectations and reality. For instance, Ripple (XRP), despite its long history, strong community, and practical use cases, has seen a prolonged price stagnation.

This suggests that, regardless of project maturity and scale, regulatory environments, market trends, and above all, “demand based on practicality” significantly influence price formation. For Pi Network, providing practical value after mainnet migration and gaining market acceptance are crucial factors determining its future.

Forecasting Pi Network’s Future: Future Prospects and Perspectives for Pioneers

Today’s cryptocurrency market is undergoing a significant transition due to new capital inflows and technological advancements. This presents potential opportunities for Pi Network.

Pi Network’s Potential Positioning in the Current Market Environment

Bitcoin spot ETF participation by institutional investors improves the overall cryptocurrency market’s reliability and liquidity. Riding this “major bull market” wave could provide Pi Network with opportunities to acquire new users and expand its ecosystem. A large user base can be a strong foundation for building new applications and services.

Speculation Regarding “New Announcements in July” and Their Credibility

Some speculate about “important announcements from Pi Network at the end of July.” However, the content and credibility are unclear, remaining mere “rumors.” Instead of reacting to unconfirmed information, it’s crucial to await official announcements from the Core Team.

Importance of Project Transparency and Community Collaboration

For long-term success, Pi Network must improve transparency, clearly communicating development progress and challenges to the community. Actively incorporating feedback from users (“Pioneers”) and collaboratively building the ecosystem will enhance the project’s reliability and sustainability.

Can Pi Network establish true value in these turbulent times?

The answer depends on Pi Network’s ability to move beyond a simple mining project, provide users with practical value, and play a vital role in blockchain technology’s societal integration.

Conclusion: Pi Network and the Path to the Future

Pi Network boasts unique strengths: easy smartphone mining and a massive user base. However, it also faces challenges: unlisting on major exchanges, KYC/migration progress, and criticism of its technological aspects.

The current bullish cryptocurrency market trend could be favorable for Pi Network, but its true value will ultimately be determined by its utility for users, ecosystem expansion, and transparent operations. While hopeful projections like GCV are inspiring, a realistic perspective and continuous information gathering are essential for Pioneers.

Pi Network is still a developing project with uncertainties, but its potential cannot be denied. The key is to avoid emotional decisions and always base your actions on objective information.

Let’s continue to monitor Pi Network’s progress and learn together as it evolves. We sincerely hope all Pioneers and contributors to the Pi Network ecosystem take another step towards the future.

For a deeper understanding of Pi Network, we recommend referring to the official website and whitepaper and performing your own multifaceted analysis.

The Truth About Pi Network’s ‘Second Wave Migration’ and the Shock of 276 Million Pi Token Unlock: A Comprehensive Analysis of a Complex Situation

The Pi Network community is currently being rocked by rumors of a ‘Second Wave Migration’ and the impending massive unlock of 276 million Pi tokens. The unresolved KYC issues faced by long-standing Pioneers and the uncertainty of the future are now placing Pi Network at a significant crossroads. Why has this situation arisen, and how will it impact the future of Pi Network?

This article aims to objectively and clearly unravel these complex issues, providing readers with a solid perspective to deeply understand Pi Network’s current situation and discern its future movements.

### Introduction: The Two Storms Facing Pi Network – ‘Second Wave’ and ‘Massive Unlock’

Pi Network has attracted tens of millions of users (Pioneers) worldwide as a cryptocurrency that can be easily mined on smartphones. However, in recent years, many users have encountered challenges with processes such as migration to the Mainnet and Know Your Customer (KYC) verification. Now, information is spreading within the community that users who previously completed migration are facing new migration steps, and a massive unlock of 276 million Pi tokens is scheduled for June 2024, raising concerns about market pressure.

These circumstances are deepening worries about Pi Network’s stability and future prospects, leaving many Pioneers in a whirlpool of confusion and frustration.

### The Chaos of ‘Second Wave Migration’: Community Disruption Caused by Lack of Official Announcements

This section delves into the specific situation of the ‘Second Wave Migration’ whispered among Pi Network users and why it’s causing such significant disruption. Understanding the impact of mixed official and unofficial information will reveal the complex background of the current situation.

#### New Steps Appearing for Already Migrated Users

Just as many Pi Network users thought they had completed the Mainnet migration process, finished KYC, and set up their Pi Wallets, they began to notice anomalies in their Pi app checklists. New items flickered like warning signs, indicating what appeared to be a second round of migration steps.

This situation triggered intense frustration and unrest, particularly on social media platforms like X (formerly Twitter). Screenshots of updated migration checklists flooded timelines, and users reacted with shock, anger, and even bitter resignation. One user, expressing accumulated frustration after years of mining and waiting, posted: “This Pi nonsense. After years of mining, we are denied access to our coins. The Core Team should reconsider how they manage what they call the Pi community.” This post laid bare their deep-seated dissatisfaction.

#### New Demands Amidst Unresolved KYC Issues

Complicating the matter further is the fact that many users being asked to complete these new migration steps have yet to even complete their initial KYC process. Despite taking all necessary steps, they remain stuck in what has been dubbed ‘KYC purgatory’—a state of waiting for approval. This is akin to being caught in a traffic jam while seeing a new lane, inaccessible to you, open up ahead, deepening the confusion.

#### Absence of Official Announcements: Core Team’s Silence Breeds Mistrust

Exacerbating this confusion was a misleading post by a celebrity parody account claiming that “Pi Network’s second wave migration has begun,” which then went viral. This post touted the ability to “unlock the use of Pi for real-world purchases, DApps, and Web3 apps,” leading many users to mistakenly believe it was official information. However, the Pi Core Team has not confirmed this ‘Second Wave Migration’ through any official channel. There have been no blog posts, no roadmap updates, and no concrete announcements—only rumors and speculation.

Throughout years of testnet operation, the dream of Pi Network was underpinned by its potential for real-world use, such as “buying coffee with Pi, purchasing clothes, and using services.” However, a dream without structure inevitably creates tension and mistrust among users.

### The Impact of 276 Million Pi Token Unlock on the Market and Picoin Price Trends

This section analyzes the potential impact of the massive Pi token unlock scheduled for June 2024 on the Pi Network ecosystem, particularly on Picoin’s market price. We will explore potential market risks based on current price trends and technical indicators.

#### Impending Massive Release of 276 Million Pi

In addition to the ‘Second Wave Migration’ chaos, a staggering 276 million Pi tokens are slated for unlock in June 2024. Based on Pi’s current valuation, this amounts to approximately $176 million (about 27 billion JPY). In the cryptocurrency market, such large-scale token unlocks typically significantly increase market supply, exerting downward pressure on prices.

#### Picoin’s Current Weak Price Trend and Technical Analysis

Pi Coin has already been on a downward trend for several weeks, hovering near the critical level of $0.64. The current charts paint an even grimmer picture:

* **30-minute chart:** The price is clinging to the lower Bollinger Band, and the RSI (Relative Strength Index) at 40.27 suggests weak buying pressure. The MACD (Moving Average Convergence Divergence) is flat, indicating no clear trend.
* **5-minute chart:** The RSI is at 29.00, in the oversold territory, which would typically be seen as a sign of potential rebound. However, there’s no significant increase in volume or breakout candlesticks, showing little sign of reversal.
* **1-minute chart:** After temporarily hitting an intraday low of $0.6405, there was a slight rebound, but this was more of a temporary ‘hiccup’ than a recovery. A downtrend of lower highs and lower lows continues, and unless this situation changes rapidly, the $0.64 support level is unlikely to hold for long.

Should the $0.64 support be broken, the next target would be $0.60, and in the worst-case scenario, a drop to the psychological level of $0.40 must be considered. The combination of a massive unlock, community dissatisfaction, unresolved KYC issues, and the lack of official announcements from the Core Team could create a potent ‘cocktail’ for significant market disruption.

Of course, if the range of $0.65 to $0.66 is reclaimed with strong volume, there remains a chance for the bulls to counter. However, this would require not just a temporary rise but fundamental buying pressure that convinces the market that it’s ‘not over yet.’

### Fundamental Challenges Facing Pi Network: Communication and Trust Gaps

Why is Pi Network, which has been supported by its community for years, now facing such an uncertain situation? This section explores the communication challenges between the Core Team and users, and how they are impacting the project’s reliability.

#### User Frustration and Core Team’s Lack of Transparency

Pi Network Pioneers have diligently mined for years, contributing to the project’s growth. What they now seek is clear information and a path forward. However, the current reality is one where goals frequently shift, new challenges like the ‘Second Wave Migration’ are introduced, and KYC issues remain unresolved. This gives users the feeling of participating in a game where the rules keep changing mid-way, shaking their trust in the project.

With the Mainnet expected to launch and enable real-world usage, the inability of many users to access their coins means that goal seems increasingly distant.

#### The Difficulty of Scaling a Large-Scale Decentralized Network

To be fair, building and scaling a massive decentralized network like Pi Network is by no means easy. The development process is bound to encounter bugs, bottlenecks, and delays. Technical challenges are an unavoidable aspect.

However, the problem isn’t just technical; it’s also emotional. If users feel ignored or left behind, regardless of how excellent the technical foundation, the overall vitality of the community will wane, ultimately causing the entire network to suffer. The Core Team needs to proactively disclose information and communicate more effectively to bridge this emotional gap.

### Paving the Way for Pi Network’s Future: Expectations for the Core Team and the Power of the Community

What changes are needed for Pi Network to realize its full potential and become a truly ‘functioning economy’? This section discusses the clear actions required from the Core Team and the persistent hope of Pioneers who continue to support the project.

#### Demands for Transparency and a Clear Roadmap

It is an urgent necessity for the Core Team to provide official updates and ensure transparency to resolve the current confusion and restore community trust. This includes:

* An official explanation of the phenomenon termed ‘Second Wave Migration,’ identifying who is affected and the process involved.
* A concrete plan to permanently resolve outstanding KYC issues.
* Measures to stabilize Picoin’s price amidst the upcoming large-scale Pi token unlock.

These are more than just UI changes or checklist updates. They represent the rebuilding of ‘confidence’ in the project, which will determine whether Pi Network establishes itself as a ‘functioning economy’ or is remembered as a ‘tale of lost potential.’

#### The Path to a ‘Functioning Economy’ and Pioneers’ Enduring Hope

Despite everything, many Pioneers have not given up hope. Even amidst mounting frustration, there is a quiet determination within the community to continue supporting Pi Network. This might be a stubborn belief, or perhaps the sentiment that “we’ve come this far; we can’t give up now.”

Whatever the reason, one thing is certain: June 2024 will be a ‘make-or-break moment’ for Pi Network. We are watching the chart movements closely, hoping for clarification on migration, and many Pioneers are praying that years of effort will finally be rewarded as they await that moment.

### Conclusion and Future Outlook: Can Pi Network Evolve into a True Decentralized Ecosystem?

Pi Network is currently grappling with a confluence of challenges: rumors of a ‘Second Wave Migration,’ unresolved KYC issues, and a massive unlock of 276 million Pi tokens. Picoin’s price is also showing a weak trend, with crucial support levels being tested.

At the heart of this turmoil is a communication gap and lack of transparency between the Core Team and the community, which is shaking confidence in the project. While building a large-scale decentralized network is difficult, addressing not only the technical aspects but also users’ emotions and expectations is key for Pi Network to evolve into a truly ‘functioning economy.’

Whether Pi Network can navigate this difficult period and realize its vision of a decentralized ecosystem depends on the Core Team’s future actions and the community’s continued support. It is crucial to monitor future developments and always check official information.

We will continue to provide the latest information and in-depth analysis regarding Pi Network. If this article has helped you understand Pi Network’s current situation, please share it and let us know your thoughts in the comments. We hope your insights will contribute to the growth of the entire Pi Network community.

Is Pi Network’s ‘$314,159 per Pi’ (GCV) Claim Real? A Deep Dive into Market Reality and Future Prospects

Pi Network has built a massive global community due to the ease with which users can ‘mine’ via their smartphones. Within this community, a grand vision is now being passionately debated: the astonishing value target of ‘$314,159 per Pi’, commonly known as ‘GCV’.

Is this number truly a feasible future, or is it merely a fantasy born of hope? This article delves into the core of the GCV debate surrounding Pi Network, objectively unraveling its value and future from the perspective of data and market realities.

What exactly are Pi Network and GCV (Global Consensus Value)?

In this section, we will explain the basic concepts of Pi Network and GCV, which are the prerequisites for this discussion. Let’s understand the background that gives rise to such debates.

The Basic Concept of ‘Pi Network’ – Mining with a Smartphone

Pi Network is a cryptocurrency project initiated by a team holding PhDs from Stanford University. Its biggest feature is that anyone can easily participate in ‘mining’ through a smartphone app, without requiring expensive specialized equipment or significant electricity. This accessibility has been the driving force behind building a user base of tens of millions worldwide.

However, it is crucial to note that Pi Network is currently in a ‘closed mainnet’ phase. This means that free trading on external, general cryptocurrency exchanges is not permitted; usage is only allowed within Pi’s enclosed blockchain ecosystem.

‘1 Pi = $314,159’ – The Origin of GCV and Community Enthusiasm

GCV (Global Consensus Value), as its name suggests, refers to a ‘global consensus value’ and is an unofficial target price advocated by a part of the Pi Network community. Specifically, a value of $314,159 per Pi Coin has been set.

This seemingly outlandish number comes from the mathematical constant ‘Pi (π ≈ 3.14159…)’, which is also the origin of the project’s name. In other words, GCV is not based on economic analysis but rather is a ‘catchphrase’ born from the community’s passion for the project’s success and serving as its symbol.

Why are Experts Skeptical of GCV? – 3 Perspectives from Market Reality

While community enthusiasm is commendable, many economic and market experts view the feasibility of GCV with skepticism. In this section, we will analyze the specific reasons from three perspectives.

Perspective 1: The Market Cap Hurdle – An ‘Impossible’ Figure Exceeding Global GDP

One indicator used to measure the value of a cryptocurrency is ‘market capitalization’, calculated as ‘currency price × circulating supply’. Pi Network’s maximum supply is stated as 100 billion Pi. Let’s assume GCV were to be realized and calculate the market capitalization:

$314,159 (GCV Price) × 100,000,000,000 (Max Supply) = Approx. $31.4 Trillion

To grasp just how enormous $31.4 trillion (over 30 quadrillion dollars) is, a comparison with other economic indicators makes it clear:

  • Total Global Annual GDP (2025 forecast): Approx. $113 Trillion
  • Total Cryptocurrency Market Cap (as of May 2025): Approx. $2.7 Trillion to $3.1 Trillion

This means that Pi Network alone would account for roughly 1/4 of the wealth generated globally and would be more than 10 times the size of the entire current cryptocurrency market. This is an extremely unlikely scenario from an economic reality standpoint.

Perspective 2: ‘IOU Trading’ Shows a Sober Market Valuation

Some might say, “But I’ve seen Pi being traded on some exchanges.” However, these are not actual Pi Coins but rather what are called ‘IOUs (I Owe You)’.

An IOU is like a promissory note: “We will deliver real Pi Coins when the open mainnet is launched in the future.” The current IOU prices on several exchanges are trading at less than $1, a stark contrast to the $314,159 dreamed of by the community. This can be considered a more sober valuation placed on Pi by current market participants.

Perspective 3: Discrepancy with Pi Core Team’s Official Stance

Most importantly, GCV is merely a goal put forth by a segment of the community, and it has not been set by the Pi Network’s developers, the Core Team. The Core Team has consistently stated that “the value of Pi will be determined by market supply and demand once it transitions to the open mainnet.” There is a clear divergence between the project’s official policy and the enthusiasm of a portion of its community.

Where Does Value Originate? – Thinking Through a Comparison with Bitcoin

This section explores how value in digital assets is created by comparing Pi Network with Bitcoin, which is already recognized in the market.

Bitcoin: Over a Decade of History and Proven Track Record

As the world’s first cryptocurrency, Bitcoin has overcome many technical and social challenges over more than a decade of history. Its transparent decentralized mechanism and the reliability that it cannot be tampered with have gradually built its foundation of value.

Trust and Utility Create Value

Ultimately, for any asset, its value stems from ‘trust’ and ‘utility’. Stable value is only formed when many people believe in its worth and it has concrete uses, such as for payment of goods and services. For Pi Network to have value in the future, the key will be not just the size of its community, but whether it can build reliable technology and an appealing ecosystem of services that people want to use.

Conclusion: The True Value of Pi Network Lies in the ‘Experiment’ Itself

Summarizing the analysis so far, it must be said that the possibility of ‘1 Pi = $314,159’ (GCV) being realized in the near future is, objectively speaking, extremely low.

However, concluding that Pi Network is worthless would be premature. The existence of this massive community, with tens of millions of participants, is an unprecedented social experiment, and its energy is immeasurable. GCV can be seen as a ‘dream’ symbolizing that energy.

The true value of Pi Network lies not in the magnitude of a number, but in what kind of practical ecosystem it can build and what convenience it can bring to the lives of people worldwide. The outcome of that challenge is the true source of value we should be observing.

For Further Learning

If you’ve deepened your understanding of Pi Network’s current status and challenges after reading this article, we recommend accessing primary sources. By reading the whitepaper published on their official website and following official announcements, you can gain a deeper and more accurate understanding of the project’s developments. It is always important to verify multiple sources and form your own judgment.