Pi Network Price in Naira: Pi to NGN
Cryptocurrency mining has been a gruesome task for many, as it requires high-end hardware and consumes large amounts of energy. It wasn’t something that anyone could easily start doing. However, the Pi Network changed that perception by allowing users to mine directly on their smartphones, which drew significant attention in countries like Nigeria, where people also closely follow the Pi Network Price in Naira.
They were provided with daily tasks like maintaining a streak and recruiting new miners into the Pi ecosystem. This was completely different from the traditional proof-of-work systems. If you are someone searching for Pi network price in Niara, you have come to the right place. This article will discuss the price of Pi tokens in Niara, what factors affect the price fluctuation, and whether it could be considered a good investment.
What is Pi Network?
Pi network was launched in the year 2019 by a team of Stanford graduates to make crypto mining accessible to everyone. It was made possible through a mobile application that could be run on ordinary smartphones and helped in mining Pi tokens. It was available on both Android and iOS devices. All the users had to do was log in every 24 hours and hit a button to mine.
Unlike traditional proof-of-work systems used in bitcoin mining, which require heavy computing power, the Pi network uses a Stellar Consensus Protocol, not require heavy computing power. According to the team, Pi network has about 50 million users, and if they are to launch into the mainnet, it could possibly skyrocket the value of Pi tokens.
Pi Current Market Analysis (Price in Naira)
| PI | NGN (₦) |
|---|---|
| 0.01 PI | 3.85 NGN |
| 0.1 PI | 38.52 NGN |
| 1 PI | 385.16 NGN |
| 2 PI | 770.31 NGN |
| 5 PI | 1,925.78 NGN |
| 10 PI | 3,851.56 NGN |
| 20 PI | 7,703.12 NGN |
| 50 PI | 19,257.79 NGN |
| 100 PI | 38,516 NGN |
| 1,000 PI | 385,156 NGN |
Pi token is traded around ₦ 390 to ₦ 420 per unit, as available on different sources. This crypto has a potential for growth due to its huge community support and can be considered as a highly speculative, volatile, risky, and high-upside asset. It is said to have approximately 8.25 billion tokens in circulating supply and a trading volume of approximately.
76 million according to CoinCodex. Pi can be considered one of the most popular altcoins, thanks to its ease of access to people from all backgrounds. The idea behind the token was to make crypto accessible to everyone. If it goes open mainnet and gets listed like the many who are waiting for it to be, the value would rise, and people can actually use it for transactions.
Advantages of Pi Coin
- Large Community and user base: due to ease of access and the ability to mine using very little hardware requirements, it brought in many miners for Pi Network. This has contributed to millions of users mining and holding Pi tokens. This provides huge network potential.
- Speculation: the mobile mining model brought forward by the Stanford graduates during the peak crypto time had brought in lots of attention and interest in the Pi network.
- Growth Potential: Pi network plans on creating a marketplace where users can purchase using Pi tokens. They are also working on decentralized applications development, which could increase the existing demand.
Disadvantages of Pi Coin
- Liquidity and speculation issues: limited tokens are transferable as the tokens have not been completely listed. This brings in liquidity issues while the price is controlled by speculation rather than fundamentals.
- Token inflation: analysts state that the Pi coin has been underperforming compared to other altcoins. There are still many Pi coins to be mined, and if the demand doesn’t keep up, when it does, the increased supply of coins could bring down the price.
- Volatility: since the price movements are large and based on speculation, losses along with profits are large.
Is Pi Network a Good Investment?
Like all assets, including cryptocurrency, whether Pi is a good investment solely depends on one’s risk tolerance, long-term or short-term investment, and financial goals. To consider if Pi network is a good investment, these factors can be considered:
Upsides of Pi Coin
- Pi network has one of the lowest entry barriers; anyone with a smartphone can mine and own the Pi tokens. They have made an app for mining, which gives you Pi coins for checking in every day. Those who already possess the coin have a low cost to hold them.
- Pi coins have managed to gather a huge community of supporters, which helps in carrying forward the project further, even if the fundamentals aren’t that strong compared to others. The speculation and momentum from the community may benefit the early investors.
- Low cost and low entry barrier of the Pi network provide huge upside potential, if the coin is to hit all the major exchanges. The wide adoption for use in real-world payments, apps, and marketplaces can earn good returns for early holders.
- Pi coins can help diversify an existing portfolio of cryptocurrency. This coin can be considered a high-risk, high-reward asset, considering its pros and cons. Having a Pi coin in a portfolio of safer bets like Bitcoin and Ethereum can spread the risk and reward.
Risks of Pi Coin
- There are still approximately 85 billion Pi coins to be mined. When these coins hit the market, it could dilute the market and bring the price down. Market works on supply and demand; an increased supply that isn’t proportionate to the demand can result in bringing the price down.
- Liquidity is an important feature when it comes to crypto assets. Pi coin has made huge promises; if it isn’t delivered, it could result in illiquidity for ones who have their capital in Pi.
- Regulatory risks are a factor that should be considered before investing. If there are any restrictions in your country, it could affect the project’s execution there.
- There are several established crypto coins that many have adopted, like Bitcoin, Ethereum, and Solana. Pi network is competing against these in terms of adoption and should have strong fundamentals and use cases to maintain demand and value.
Conclusion
Pi network can be considered as a high-risk, high-reward investment. It is not a safe bet compared to other major coins like Bitcoin, Ethereum, etc. The core idea was to make crypto accessible to everyone, and they succeeded in it by making mining easy through the Stellar Consensus Protocol. Anyone with a smartphone can start mining this coin using their application, and the low barrier has brought in a huge community of miners and holders.
If you are planning to invest in the Pi network, know your risks, allocate a determined quantity in your portfolio that you can risk, and track the fundamentals. These are general rules when it comes to all kinds of assets. Always have an exit plan when you make an investment, a stop-loss, and a target, and stick to it. Monitor news, track crypto trends, and updates from the Pi core team to make the most out of your investments. The network has been around for 6 years now, after its launch in 2019. It has continued to evolve and hopefully delivers what was promised and expected. All investments carry risk; choose yours, and Pi can definitely help in diversifying your portfolio.
FAQ
Pi network is real, with around 60 million active users. It was launched by a team of Stanford graduates with the idea of crypto being accessible to everyone.
Pi network has been around since 2019 and has been launched in exchanges like OKX, MEXC, Bitget, and several others. The coin may be launched on other major exchanges in the future.
1 Pi coin is valued around ₦ 381 to 400 and is speculative to change. Keep track of the live market price through crypto exchanges like Bitget and OKK.
Yes, you can sell Pi in Nigeria through trading platforms or by doing P2P transactions. Select a reliable exchange that has Pi listed, transfer your coins to the exchange, and complete the KYC to start trading your coins.
Crypto & Blockchain Expert