The Pi Network appears to have done what few crypto projects manage to achieve: capture the imagination of everyday consumers. But what exactly is the value of the PI cryptocurrency, and is there any prospect that this is a scam? Is it possible to make a Pi coin price prediction ahead of its launch? What's the future of Pi Network? This article will show you the answer.
Is the Pi cryptocurrency legit?
The Pi Network’s official website claims that its goal is to ensure that no one is left out of the cryptocurrency revolution, pointing out that mining cryptocurrency is hard and investing in it can be even riskier.
According to the project, it enables anyone to mine crypto on their phone without draining their battery. Accordingly, there is now frenzied speculation about what Pi coin’s value may be in the future. But Pi coin projections are tricky without all the right data.
There are several different roles within the project’s ecosystem. Everyday users who have downloaded the mobile app are referred to as ‘Pioneers’, and are expected to confirm that they are not a robot on a daily basis by signing into the app.
‘Ambassadors’ introduce others to the Pi Network, and this unusual format has prompted accusations from some that the project is using tactics often deployed by multi-level marketing schemes. ‘Nodes’ refer to those who use the app and run node software on their computer.
But here’s the one thing that makes it difficult to make a Pi coin price prediction: The cryptocurrency isn’t actually live on any exchanges yet. So what does that mean for a Pi Network price prediction in 2022?
Will Pi be worth anything?
At this stage, the question “will the Pi Network value be worth anything?” is one we cannot answer.
The project says that, when it first launched, the base mining rate stood at 1.6 π an hour – halving to 0.8 π once 100,000 users were onboarded. A further halving to 0.4 π an hour followed when one million users started using the app, and a cut to 0.2 π an hour came after its user base swelled beyond 10 million.
In May 2021, the Pi Network claimed on Twitter that it had more than 18 million Pioneers onboard, while also encouraging them to “mine at a higher rate while they can”.
On 14 March 2022, the network announced that users could get rewards "through network contributions such as Pi apps usage, node operation and lockup rewards."
As of 19 August 2022, Pi had a base mining rate of 0.0166 Pi per hour. This was down 11.2% from the 0.0187 Pi per hour it stood at in July. The mining rate, at present, changes at the end of each month. Should Pi ever reach one billion users, the reward will fall to zero.
From late June 2021 until the end of September, Pi held its first hackathon, #BuildPi2gether, described as “a collaborative event where Pioneers and developers join to build the future of Pi together”. It awarded a total of $100,000 and 100,000 Pi to the leading projects in the categories of ecosystem and business apps.
On 19 May 2022, the Pi Network revealed that it has now passed 35 million users – that’s an average of more than 43,000 users signing up each day. Its Twitter page has also now amassed more than 1.5 million followers and regularly posts updates.
Is Pi coin safe?
As we mentioned, some analysts making Pi coin predictions aren’t necessarily worried about the Pi Network value – they are more concerned about whether this project is a scam.
Some of the most optimistic Pi coin price predictions tend to come from those who have downloaded the app – some have suggested that a single Pi could be worth anywhere between $10 and $100 right now. However, there’s absolutely no evidence to back this up, and the team behind the Pi Network hasn’t released much information on the project’s progress. Currently, a reliable Pi coin price prediction for 2022 is much sought-after.
The Pi Network appears to be especially popular in Southeast Asia. However, blockchain experts speaking to the Vietnamese publication VnExpress have cast doubt on the crypto platform’s legitimacy – not least because users don’t have access to their private keys.
Blockchain expert Dang Minh Tuan, from Hanoi’s Posts and Telecommunications Institute of Technology, said that, unlike many other networks, Pi appears to lack transparency. He added,“The Pi Network has a smartphone app and servers to keep them running, so why don’t developers release its source code for the community to review?”
Adverts were also added to the Pi Network’s app, suggesting that the software’s main motivation could be monetising the millions of users who have downloaded it. Another issue concerns the data that someone needs to supply when they download the app, including their full name, phone number and Facebook username. Tuan warned that it’s possible that other forms of data could be stolen from a user’s device.
Alarm bells have also started ringing that this may be a pyramid scheme of some kind, based on the fact that new users can only join if they have a referral code from an existing Pi user.
What's the future of Pi Network
On 29 December 2021, Pi Network finally launched its mainnet – phase three of its deployment plan – and almost immediately had to issue a warning that “any party impersonating Pi Network or its founders to conduct a sale or listing is illegal, unauthorised and fake”. Pi Network has also insisted it is not running an inital coin offering (ICO) or crowdfunding sale. So as it stands, there is still no reliable way to trade Pi coins or make a valid Pi Network price prediction for 2022 and beyond.
Of course, there is a chance that we could be proven wrong about Pi Network. It may well be that it will launch, that users will get their coins and that the cryptocurrency will have substantial value. The project does have an appearance of credibility, having been founded by graduates from Stanford, a prestigious university.
Crypto projects have surpassed expectations before, but it is also a sector that is dominated by rug pulls, scams and pyramid schemes, as seen with the collapse of OneCoin. Some estimates have claimed that up to $19.4bn may have been stolen by the time OneCoin went under, and dozens of people ended up being prosecuted.
How much will Pi crypto be worth in 2025?
Just to stress once again, we cannot estimate a Pi coin value because the cryptocurrency hasn’t been listed anywhere yet, meaning it is impossible to perform technical or fundamental analysis. Take any Pi coin price prediction you do come across with a pinch of salt, because there is not much trustworthy information to underpin it – the true price of Pi coin remains to be seen.
At the moment, WalletInvestor has a Pi coin price of $0.007077 – but the website also says that its Pi data hasn’t been updated since 2017 and has added a “missing data or revoked cryptocurrency” warning. It also states: “According to our forecast aystem, Pi is a bad long-term (one-year) investment.”
Interestingly, CoinMarketCap has a red banner that reads: “Pi Network has faced its fair share of controversy recently. Please do your own research before investing.” However, it remains on 46,642 watchlists.
DigitalCoinPrice gives a current Pi coin price of $0.0070771900 and lists a max supply of 2,941,130. It previously held a Pi coin price prediction for 2025 of $0.0211516743, and a Pi coin prediction for 2028 of $0.0319333504, but it now mysteriously appears to have removed all of its Pi Network price predictions.
DigitalCoinPrice also carries a warning that its “Pi coin data is untracked”, and was last updated on 19 August 2022.
Only time will tell what the real price of Pi coin will be. While looking for a prediction for Pi coin, remaining vigilant for scams is crucial and, although the Pi Network is free, you shouldn’t discount the possibility that the project may be benefiting from its users in other ways.
What's the future of Pi Network? You must have your own answer now.
