GuShiio.com Six years later, Pi Network finally announced the launch of its main network, and multiple exchanges launched token trading. It seems that Pi is serious this time, so how should we value Pi coins?
Written by: WOO
Pi Network is a new digital cryptocurrency with mobile devices as a platform and low barriers to participation. Unlike traditional Bitcoin, which requires a large amount of electricity and professional equipment to mine, Pi Network allows users to “mine” through mobile applications, greatly reducing technical and cost barriers and allowing more general public to participate in the cryptocurrency ecosystem.
At first glance, it sounds like a normal “currency circle” project, but it is not. Pi Network was founded in 2019, but it has not yet been launched on the main network. Mobile mining is still in a state of “digging for air”. In terms of token acquisition mechanism, a higher proportion is by recommending friends to use registration codes. Let your own mining share gain. Compared with mining using consensus mechanisms such as PoW and PoS using blockchain technology, this model is more like a pyramid scheme promotion.
However, after a lapse of six years, Pi Network finally announced the launch of its main network, and multiple exchanges launched token trading. It seems that Pi is serious this time, so how should we value Pi coins?
Total supply and circulation of Pi coins
Pi Network officials have not yet clearly disclosed the final total supply limit of Pi coins, but according to community and white paper information, it is generally believed that the maximum supply of Pi coins is about 100 billion pieces. This means that if each Pi coin is worth US$1, the fully diluted market value (FDV) will reach US$100 billion. As of the end of 2024, Pi is still in the closed period of the main network and has not yet been fully opened for transactions, so the actual circulation supply is limited. According to blockchain browser data:
- August 2023: About 1.97 billion Pi’s were migrated to the main network (of which 1.29 billion were locked by users)
- September 2024: The cumulative migration supply of the main network increased to approximately 4.07 billion pieces (1.35 billion pieces were locked), and the supply surged by 106.6% in more than a year
- January 2025: The cumulative number of main-network migration reached 5.56 billion, of which approximately 660 million are still locked. In just three months, supply increased by 36.6%
In terms of total supply, the Pi white paper once mentioned that when the main network was opened, users may have dug up a total of 10 to 20 billion PIs. In other words, the actual circulation supply in the initial stage may only be a small part of the total, and most of the Pi coins will gradually be produced by mining over time. This also means that supply will be controlled in the short term and potential inflationary pressure will be huge in the long term.
Market demand and potential user data
Since Pi Network launched its mobile mining application in 2019, it claims to have attracted the attention and participation of tens of millions of users around the world. User base: According to the Pi team, there are more than 60 million registered users worldwide. However, it is worth noting that only a part of the real users complete KYC verification. In 2023, Pi officials said that about 12 million people passed KYC verification. Even by the beginning of 2025, the total number of main-network wallets shown by online data is only about 9.11 million, accounting for only 15% of declared users
This means that although the number of registered people is large, the proportion of users who are truly active and have completed migration and linked is limited.
In addition, daily active usage can also reflect actual demand. According to data from the third-party blockchain browser ExplorePi, the average daily active wallets on the Pi main network is about 20,000, and the peak reached about 42,000 in January 2025. Compared with the tens of millions of users officially claimed by Pi Network, this activity level is relatively low.
Valuation models and possible price ranges
Based on the above information, we can try to establish several valuation models for Pi coins to calculate their price range. Common cryptocurrency valuation ideas include “market value” and “OTC price”
Market value:
Currently, it is known that the total number of tokens is 100 billion and the circulation volume is estimated to be 10 billion:
- Benchmarking Dogecoin: The user community-driven features of the two are similar. If Pi can replicate DOGE’s success, then based on DOGE’s current market value of US$40 billion, the Pi token could be worth US$4.
- Ranked at 50th in market value: Currently, the 50th in market value is POL, with a market value of US$2.7 billion. If Pi can open into the top 50 mark, the token price will fall at US$0.27
- Ranked at 100th in market value: Currently, the 50th currency with a market value of XTZ, with a market value of US$920 million. If Pi can open and advance into the top 100 mark in market value, the value of the Pi token can reach US$0.092
OTC: OTC trading (OTC) has long been the main channel for Picoin enthusiasts to exchange. In the absence of an open market, price differences have emerged in different regions:
- In the mainland of China and some parts of Southeast Asia, there were early rumors that the price of privately collecting Pi coins was about a few yuan. As mentioned earlier in the Taiwan market, the OTC purchase price is approximately between 0.23 USD and 0.85 USD
- In some foreign communities, some people are willing to privately trade a small amount of Pi at a valuation of US$5-US$10, and they are more betting on the appreciation space after going public in the future. However, such private transactions are full of fraud risks and are limited in number and cannot be regarded as mainstream offers
- Some merchants and users privately agree to accept Pi coins in exchange for goods or services to lay out the Pi ecosystem in advance. This can be regarded as an implicit quote in off-site applications, converting each Pi to US$1 to US$3, but this is more due to the considerations of merchants ‘marketing or supporting the Pi community, which does not necessarily mean that they are willing to purchase Pi coins in an unlimited amount at this price.
The market valuation of Picoin will depend on two major factors: supply and demand game and confidence consensus:
- Supply perspective: Limited initial liquidity may push up the price of Pi coins, but in the long run, the huge total supply (100 billion coins) is a sword of Damocles. If the application ecosystem cannot expand simultaneously to absorb these supplies, prices will eventually face downward pressure. Therefore, Pi project parties may need to adopt measures such as controlling the pace of inflation and increasing application demand to maintain the currency value in the future.
- Demand perspective: Hundreds of thousands or even millions of active coin holding users will be the cornerstone of the value of Pi coins. After the exchange is launched, the behavior of these users (whether they hold on the sidelines or sell for cash) will directly affect the trend of market value. If most people choose to continue to hold Pi and regard Pi as a long-term asset, and external funds are optimistic about inflows, the market value of Pi coin is expected to reach the order of tens of billions of dollars, putting the price in the mid-to-high range of $1-$3. On the contrary, if there is a sell-off wave immediately on the launch line, the supply exceeds demand, the market value may only stop at the billion-dollar level or below, and the price may fall back below $1
- Market positioning: If Pi Network can prove that it is not relying solely on pyramid schemes for growth, but is truly based on blockchain technology and applications, then the market may give it a higher valuation multiple (levels similar to XRP and BNB). Otherwise, if negative arguments (pyramid schemes, no blockchain support, etc.) are confirmed, Picoin may not escape the fate of shrinking in value.
The valuation of Picoin is chaotic, but what is certain is that short-term fluctuations will be very severe. We recommend focusing on the following indicators to judge the valuation trend of Pi coin
- Trading volume and turnover rate in the first week of launch (reflecting market heat)
- Main network unlocking progress (supply release rhythm)
- Implementation of Pi ecological applications (determines long-term needs)
The most important thing is the overall encryption market situation. In a bull market atmosphere, speculative funds are abundant, and Pi coins are prone to higher valuations; on the contrary, in a bear market, no matter how good the subject matter is, it is difficult to escape a decline. The recent lack of liquidity in the market has also made the valuation situation less optimistic than before.
However, it is difficult to calculate the madness of human nature in valuation calculations. Pi Networks are praised for their community cohesion.
There is no practical application and the ability to “get out of the circle” relies on the communication power of word of mouth, which is quite similar to the composition of memin. The reason why Pi Network has such a strong community is that Payin has set up an invitation mechanism and built a top-and-bottom structure. Inviters can gain benefits by attracting new people (such as improving their own mining speed).
This kind of interest structure and dream of the Pi Network have been bound for six years. Its projects and communities have been stable, and their survival time has been longer than 95% of the currency circle projects. Most community members have become firm believers. People, even threatened to not sell a coin after launching the main network, but would buy more Pi coins instead. Given the low initial circulation and the loyalty of the community, it is difficult to estimate on the emotional level what level Pi, which has been in operation for six years, can bring to its market value. However, it is foreseeable that when the token is launched, there will be huge fluctuations.
