By Riya M 
The cryptocurrency ecosystem is buzzing with the Pi Network’s unexpected success, which is quite a newcomer in the digital currency community. This avant-garde project, which focuses on making cryptocurrency mining available to all through mobile devices, has become a thing of interest not only to cryptocurrency fans but also to investors. With its innovative offshoot of decentrally unifying financial mechanisms, Pi Network is taking an unorthodox path of attracting many users and redefining the traditional form of virtual mining.
The foundation token of the Pi Network, PI, has had a rather striking increase in value, so as of now, it is quoted at $78.67 with a very impressive 61.62 percent rise within one day. This express growth was non-ordinary, so traders and analysts who are very attentive to the latest events are observing the development process more deeply. However, the token’s performance is notable, particularly because of the fluctuating nature of the cryptocurrency market, suggesting Pi Network’s potential in the long run is convincing investors.
The one feature that makes Pi Network unique and interesting is the concept of mobile mining. Contrary to the conventional cryptos that require strong computers and hardware to mine, Pi can be mined by a mobile phone app. Pi’s extension of the mining planet in the most democratic way is undoubtedly the most important factor in its success, due to which not only the people with vast means but also the ones with limited resources in their hands can stride into the cryptocurrency world. The ease of the Pi mining adventure is the factor that has significantly increased the project’s adoption rate and number of users.
The rise of the project is displayed in its various market numbers. The current market cap is not disclosed, but the fully diluted valuation (FDV) amounts to a staggering $5.34 billion. This is the number that represents the possible market capitalization when all the tokens are available, emphasizing the invaluable role the project has for the investors. The one-day trading volume has also been very high, i.e., $769.64K with a 124.98% gain, testifying to increased attention and liquidity in the PI token.
Even though the project’s popularity has been growing overnight, the Pi Network has always tried to keep a mystery about its token supply. The reference to the total supply is 68 million PI, but pieces of information about the maximum supply and the circulating supply have, up to now, been kept secret. Due to this lack of transparency, some people believe it is a brilliant move to keep scarcity, while others feel the need to be presented with more clarifications.
Besides this, Pi Network has faced lots of difficulties. The question of security, scalability, and long-term viability is relevant to any fledgling cryptocurrency project. The opponents of the project are of the view that mining is actually very easy, and oversupply, as well as the devaluation of the token, is not to be ruled out in the future. On the other hand, the adherents put forward the innovative character of the project, backed up by an unwavering team of the community, as grounding a remarkable approach towards steady growth as many other reasons why Pi will succeed.
The go-ahead of Pi Network has caused a stir in the mining of cryptocurrency, and to some extent, that has made mining a bit of a topic of conversation in the near future. While proof-of-work mining is being criticized for environmental issues, Pi’s mobile mining method comes as a solution to these energy-wasting methods. This harmonization of environmental concerns may be a key factor that would position Pi Network quite advantageously in the fast-growing environmental awareness-driven market.
Investors, both small and big, were caught by surprise by the project’s success. While the biggest exchanges do not have PI tokens listed yet, it is clear from the growing need and rising value that acceptance of the coin is not unthinkable. Pi Network is in the spotlight of the sector, the new cryptocurrency may very well overthrow the classic cryptocurrency schemes and fintech, as the wish of some.
As Pi Network becomes more and more popular, one cannot say for sure what impact it will have on the whole crypto market. The rise of the project can be the decider in the long-term by defeating possible barriers like regulation to keep its growth trajectory high. Right at this very moment, Pi Network is a perfect example of what the crypto industry can come up with. It tests the borders, breaks the rules of the traditional finance system, and opens new directions for decentralized finance.