Pi Network DOG (PIDOG), a memecoin that was created to back the Pi Network, has lost 60.3% in value today. The token fell to a low of $0.00000064 from an intra-day high of $0.00000200, with a 14% drop in total trading volume.
PIDOG is a memecoin built on the Pi Network, which officially launched its Open Mainnet today. It’s a premier meme coin that merges the playful spirit of DOG with the powerful blockchain of PI Network
The coin recently gained attention after becoming one of the first 20 applications to join the network’s mainnet. It also got listed on MEXC last month, which sparked excitement as traders saw it as an opportunity to capitalize on Pi Network’s growth.
However, the intense volatility from the mainnet’s launch seems to have shaken up the market as many traders opted to sell off their holdings.
Pi coin, the official digital currency of Pi Network, also took a hit and lost 42% of its value a few hours after the mainnet launch. Although the coin saw an incredible trading volume of $780 million, many pioneers seemed to be discouraged by the listing price of $1.4, which is very much less than what some had predicted to surge to $100 or $500.
With Pi Coin having lost its price, the market has become more resistant to PIDOG as well. However, some believe that Pi Coin will gain value over time as more businesses adopt it for transactions. If this happens, PIDOG might also regain its value and benefit from the expanding Pi Network ecosystem.
Also Read: Pi Coin is now trading on 9 Crypto Exchanges: Check Live prices
