Pi Network: Mobile Mining Project Set to Launch on Exchange

Pi Network is an innovative digital cryptocurrency project aimed at enabling low-threshold mining participation through a mobile application. Unlike traditional cryptocurrencies, Pi Network does not require expensive specialized equipment and significant power consumption, allowing ordinary users to easily join the cryptocurrency ecosystem.

However, this project has been controversial since its establishment in 2019. Despite claiming to have a large number of users, its mainnet has not been launched for a long time, and mobile Mining is essentially in a state of "mining air." In addition, its main method of acquiring tokens seems more like increasing mining shares by referring new users rather than using the consensus mechanism of blockchain technology.

After six years of development, Pi Network has finally announced the launch of its mainnet and will open token trading on multiple exchanges. This move has sparked widespread discussion in the market about the valuation of Pi coins.

Pi Coin Supply Analysis

Although the official maximum total supply limit of Pi coin has not been explicitly announced, it is generally believed based on community information and the white paper that the maximum supply is around 100 billion coins. As of the end of 2024, Pi is still in the closed phase of its 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 supply migrated to the mainnet increases to approximately 4.07 billion tokens (1.35 billion tokens locked).
• January 2025: The mainnet has migrated a total of 5.56 billion tokens, with approximately 660 million still locked.

The white paper mentioned that users may have mined 10-20 billion PI by the time the mainnet is open. This means that the actual circulating supply in the early stages may only account for a small portion of the total, and most Pi coins will be gradually produced over time.

Market Demand and User Data

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

• In 2023, it was officially stated that approximately 12 million people passed the KYC verification.
• As of early 2025, on-chain data shows that the total number of mainnet wallets is only about 9.11 million, accounting for 15% of the claimed users.

Daily active user data reflects actual demand. Data from the third-party blockchain explorer ExplorePi shows that the average number of active wallets on the Pi mainnet is about 20,000 daily, with a peak of around 42,000 in January 2025, which is relatively low compared to the claimed tens of millions of users.

Pi Coin Valuation Analysis

Based on the above information, several valuation models for Pi coins can be attempted:

1. Market Capitalization Comparison Method:

   • Benchmarking Dogecoin (market cap $40 billion): Pi token value could reach $4
   • Market cap ranking 50 (approximately 2.7 billion USD): Pi token price is about 0.27 USD
   • Market cap ranking 100 (approximately $920 million): Pi token value is about $0.092

2. OTC Price Reference:

   • Mainland China and Southeast Asia: Early rumors suggest a private acquisition price of around several Yuan.
   • Taiwan Market: The OTC acquisition price is around 0.23-0.85 US dollars.
   • Overseas community: Some are willing to privately trade a small amount of Pi coins at a valuation of 5-10 dollars.
   • Some merchants accept Pi coin: implied quotes range from about $1 to $3.

The final market valuation of Pi coin will depend on the supply and demand game and market confidence. The initially limited circulation may drive up prices, but in the long run, the total supply of 100 billion coins will create pressure. Hundreds of thousands to millions of active coin holders will form the basis of Pi coin's value, and their holding or selling behavior will directly affect the market capitalization.

Project positioning is also a key factor. If Pi Network can prove that it relies not only on pyramid-style growth but also truly implements blockchain technology and applications, the market may give it a higher valuation. Otherwise, negative rhetoric may lead to a decrease in value.

It is recommended to pay attention to the following indicators to assess the valuation trend of Pi coin:

• Trading volume and turnover rate in the first week after launch
• Mainnet unlocking progress
• Pi ecosystem application implementation status
• Overall cryptocurrency market trends

It is worth noting that the community cohesion of Pi Network is strong, similar to meme coins. The project has built a hierarchical structure through an invitation mechanism, encouraging users to continue participating. After six years of development, most community members have become steadfast believers, even stating that they will not sell after going live but will continue to buy.

This strong community belief combined with a low initial circulation may lead to significant fluctuations in the early stages of Pi coin's launch. Although rational analysis makes it difficult to accurately predict its market value potential, it is foreseeable that the token will undoubtedly experience large swings at the beginning of its launch.