Pi Network: The Emerging Crypto Asset for Mobile Mining

Pi Network is an innovative digital encryption coin that uses mobile devices as a platform, aiming to lower the participation threshold for crypto assets. Unlike traditional Bitcoin Mining, Pi Network allows users to "mine" through a mobile application, significantly reducing technical and cost barriers, enabling more ordinary users to participate in the crypto assets ecosystem.

However, Pi Network has failed to launch its mainnet since its establishment in 2019, and mobile Mining is still in a state of "mining air". Its token acquisition mechanism mainly relies on recommending new users to register to increase mining shares, a model that resembles a pyramid scheme rather than the consensus mechanism of blockchain technology.

After six years of silence, Pi Network has finally announced the launch of its mainnet and opened token trading on multiple exchanges. This move has sparked widespread discussion about the valuation of Pi coin.

Pi coin Supply Analysis

Although the Pi Network official has not clearly announced the final total supply cap of Pi coin, based on community and white paper information, it is widely believed that the maximum supply of Pi coin is about 100 billion coins. This means that if each Pi coin is worth 1 dollar, the fully diluted market capitalization will reach 100 billion dollars.

As of the end of 2024, Pi is still in the closed period of the mainnet and has not fully opened for trading, so the actual circulating supply is limited. According to data from the blockchain explorer:

• August 2023: Approximately 1.97 billion Pi migrated to the mainnet (of which 1.29 billion are locked)
• September 2024: The total supply of the mainnet migrates to approximately 4.07 billion coins (1.35 billion coins locked).
• January 2025: The mainnet has accumulated a migration of 5.56 billion coins, with approximately 660 million still in a locked state.

The Pi white paper mentioned that when the mainnet is launched, users may have accumulated 10-20 billion PI coins. This means that the initial actual circulating supply may only account for a small portion of the total, and most of the Pi coins will be gradually produced through Mining over time. This also indicates that the supply is controlled in the short term, but there is potential inflation pressure in the long term.

Market Demand and User Data

Pi Network claims to have attracted tens of millions of users globally. According to official data, there are over 60 million registered users worldwide. However, the real users who have completed KYC verification only account for a portion of this. In 2023, the official statement indicated that about 12 million had passed 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.

This indicates that although the number of registered users is large, the proportion of truly active users who have completed the migration on-chain is limited.

The daily active user data also reflects actual demand. According to data from the third-party blockchain explorer ExplorePi, the average number of active wallets on the Pi mainnet is about 20,000 per day, with a peak reaching approximately 42,000 in January 2025. Compared to the tens of millions of users claimed by the official, this level of activity is relatively low.

Pi coin Valuation Model

Based on the above information, we can try to establish several valuation models for Pi coin:

1. Market Capitalization Benchmarking Method:

   • Benchmarking Dogecoin: If Pi can replicate the success of DOGE, with DOGE's current market value of 40 billion dollars as a benchmark, the value of Pi tokens could reach 4 dollars.
   • Market Cap Rank 50: The current market cap of the coin ranked 50 is approximately 2.7 billion USD. If Pi can enter the top 50, the token price will be around 0.27 USD.
   • Market Cap Rank 100: The current market cap of the coin ranked 100 is approximately $920 million. If Pi can enter the top 100, the token value could reach $0.092.

2. OTC Price Reference:

   • In some regions, the early private trading price of Pi coin was around several yuan.
   • In some foreign communities, some people are willing to privately trade small amounts of Pi at a valuation of 5-10 dollars.
   • Some merchants accept Pi coin for exchanging goods or services, with implicit pricing converting each Pi to between 1 and 3 dollars.

The market valuation of Pi coin will mainly depend on the balance of supply and demand, as well as market confidence:

• Supply perspective: The initially limited circulation may drive up the price of Pi coin, but in the long term, the total supply of 100 billion coins poses a potential risk.
• From the demand perspective: Hundreds of thousands to millions of active coin holders will be the foundation of Pi coin's value. After the exchange goes live, the behavior of this group of users will directly impact the market value direction.
• Market positioning: If Pi Network can prove that it does not solely rely on multi-level marketing for growth, but instead truly integrates blockchain technology and applications, the market may assign a higher valuation.

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
• The implementation status of Pi ecological applications
• Overall Crypto Market Trends

It is worth noting that the community cohesion of Pi Network is one of its major characteristics. The project has established a hierarchical structure through an invitation mechanism, incentivizing users to continue participating. After six years of development, most community members have become staunch supporters, with some even stating that they will not sell but will continue to purchase Pi coin after it goes online.

This strong community support combined with a low initial circulation may lead to significant volatility in the early stages of the token launch. However, long-term value still needs to rely on practical application and market recognition for support.