Pi Network: Mobile Mining Project Moves to Mainnet, Valuation Prospects Attract Follow

Pi Network is a mobile cryptocurrency project that focuses on low barriers to entry. Unlike traditional Bitcoin Mining, Pi Network allows users to "mine" through a mobile app, significantly lowering the entry threshold.

The project was established in 2019, but it has not launched its Mainnet for a long time, and mobile Mining is essentially in a "digging air" state. Its token acquisition mechanism relies more on referral registrations rather than a blockchain consensus mechanism, which has sparked some controversy.

After six years, Pi Network has finally announced the launch of its Mainnet and opened token trading on multiple exchanges. This move has sparked market attention and discussion regarding the valuation of Pi coins.

Pi Coin Supply Analysis

The Pi Network has not yet publicly disclosed a total supply cap, but it is widely believed in the industry that the maximum supply is around 100 billion coins. As of the end of 2024, Pi is still in the closed period of the Mainnet, and the actual circulating supply is limited. Blockchain explorer data shows:

• August 2023: Approximately 1.97 billion Pi migrated to the Mainnet (of which 1.29 billion are locked).
• September 2024: The total migration on the Mainnet has increased to approximately 4.07 billion (with 1.35 billion locked).
• January 2025: A total of 5.56 billion have been migrated to the Mainnet, with approximately 660 million still in a locked state.

The Pi white paper mentioned that when the mainnet is opened, users may have mined 10-20 billion PI. This means that the initial actual circulating supply may only account for a small portion of the total, while most Pi coins will be gradually produced over time, creating potential long-term inflationary pressure.

Market Demand and User Data

Pi Network claims that there are over 60 million registered users worldwide. However, the proportion of real users who have completed KYC verification is relatively low:

• According to official data from 2023, approximately 12 million people have completed KYC verification.
• In early 2025, on-chain data shows that the total number of Mainnet wallets is approximately 9.11 million, accounting for only 15% of claimed users.

Daily active user data better reflects actual demand. Data from third-party blockchain explorers shows that the average number of active wallets on the Pi Mainnet is about 20,000, with a peak reaching approximately 42,000, which indicates a low level of activity compared to the claimed user base.

Discussion on Valuation Models

Based on the known information, we can attempt to explore the possible valuation range of Pi coin from two perspectives: market capitalization and over-the-counter trading price.

Market Capitalization Benchmarking Method

Assuming a total supply of 100 billion coins, with a circulating supply of 10 billion coins:

1. Benchmarking Dogecoin (market value around 40 billion USD): Pi coin price could reach 4 USD
2. Enter the top 50 by market capitalization (approximately $2.7 billion): The price of Pi Coin is about $0.27.
3. Entering the top 100 by market capitalization (approximately $920 million): Pi coin price is about $0.092

Off-exchange trading price reference

• Private trading prices in some regions range from a few yuan to 10 USD.
• Some merchants accept Pi coin payments, with an implied valuation of 1-3 USD per coin.

The final market valuation of Pi will depend on the supply-demand game and market confidence. The initially limited circulation may drive up the price, but the long-term substantial supply will create pressure. A user base of hundreds of thousands to millions is the value support, and their holding behavior will directly affect the market value direction.

In addition, whether Pi Network can prove its own technology and application value, and break free from the doubts of "pyramid selling", will also affect the valuation multiples given by the market. It is recommended to follow the indicators below to assess the valuation trend of Pi coin:

• Trading volume and turnover rate in the first week of launch
• Mainnet unlock progress
• Status of ecological application implementation
• Overall cryptocurrency market trends

It is worth noting that the strong community cohesion of Pi Network may lead to results that exceed rational valuation. After six years of operation, a loyal user base has formed a certain belief, which may produce strong buying support in the early stages of its launch. However, this sentiment-driven valuation also carries higher risks, and investors need to remain cautious.