Pi Network: The Controversial and Highly Anticipated Crypto Assets Project

Pi Network is a new type of Crypto Assets project that uses mobile devices as its platform, featuring low barriers to participation. Unlike traditional Crypto Assets, Pi Network allows users to "mine" through a mobile application, significantly lowering the technical and cost barriers, enabling more ordinary users to participate in the Crypto Assets ecosystem.

However, the project has been controversial since its establishment in 2019. It was only recently that Pi Network finally announced the launch of its mainnet and started token trading on multiple exchanges. This move has sparked widespread discussion in the market regarding the valuation of Pi coin.

Pi coin Supply Analysis

According to community information and the white paper, the maximum supply of Pi coin is expected to be 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 coins migrated to the mainnet
• September 2024: The total supply migrated to the mainnet increased to approximately 4.07 billion coins.
• January 2025: Cumulative migration of the mainnet reached 5.56 billion coins

This indicates that the supply is controlled in the short term, but may face inflationary pressures in the long term.

User Base and Market Demand

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

• Official data for 2023: Approximately 12 million people have passed KYC verification.
• Early 2025 on-chain data: The total number of mainnet wallets is approximately 9.11 million

Daily active user data can better reflect actual demand. Data from third-party blockchain explorers shows that the average daily active wallets on the Pi mainnet is about 20,000, with a peak reaching approximately 42,000.

Valuation Model and Potential Price Range

Based on the above information, several valuation models can be attempted.

1. Market Capitalization Benchmarking Method:

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

2. OTC price reference:

   • Mainland China and Southeast Asia: several yuan
   • Taiwan Market: 0.23-0.85 USD
   • Foreign community: 5-10 USD (small transaction)

The final market valuation of Pi coin will depend on the supply and demand dynamics and the consensus of confidence. The initially limited circulation may drive up prices, but in the long run, the total supply of 100 billion coins may create downward pressure. The project team needs to balance the pace of inflation and application demand.

Hundreds of thousands to even millions of active coin holders will be the cornerstone of Pi coin's value. After the exchange is launched, user behavior will directly affect the market value trend. If most people choose to hold long-term and attract external funds, the market value of Pi coin is expected to reach the level of tens of billions of dollars, and the price may stand in the range of 1-3 dollars. Conversely, if there is a large-scale sell-off, the market value may only reach the billion dollar level or lower, and the price may fall below 1 dollar.

The future development of Pi Network also depends on whether it can prove that it relies not only on pyramid-style growth, but also on truly implementing blockchain technology and applications. If it can achieve this, the market may assign a higher valuation. Otherwise, Pi coin may face the risk of value depreciation.

Conclusion

The community cohesion of Pi Network is its biggest feature. Although it lacks practical applications, its word-of-mouth marketing ability is similar to that of meme coins. The project has built a unique benefit structure through an invitation mechanism, maintaining community loyalty for six years.

With low initial circulation and strong community support, the price of Pi coin may experience unpredictable fluctuations during its early listing. However, long-term development still relies on substantial application implementation and ecosystem construction. Investors should closely monitor the trading volume, turnover rate, mainnet unlocking progress, and ecosystem application development after the launch to better assess the real value of Pi coin.