Pi Network: Mobile Mining Project Finally Launches on Mainnet, Token Valuation Sparks Follow

Pi Network, as a new cryptocurrency project based on mobile devices, has attracted widespread attention due to its low-threshold participation features. Unlike traditional cryptocurrency 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 cryptocurrency ecosystem.

However, since its establishment in 2019, this project has failed to launch its Mainnet, and mobile Mining is essentially in a "digging air" state. Its Token acquisition mechanism relies more on recommending new users to register, rather than traditional blockchain consensus mechanisms, which has sparked some controversy.

After six years of waiting, Pi Network has finally announced the launch of the Mainnet and the listing of token trading on multiple trading platforms. This significant development has sparked widespread discussion in the market about the valuation of Pi coin.

Pi coin supply analysis

The maximum supply of Pi Network is expected to be around 100 billion coins. As of the end of 2024, Pi is still in the closed period of its Mainnet, and the actual circulating supply is limited. According to blockchain explorer data:

• August 2023: Approximately 1.97 billion Pi migrated to Mainnet
• September 2024: The cumulative migration supply of the Mainnet has increased to approximately 4.07 billion coins.
• January 2025: A total of 5.56 billion coins migrated to the Mainnet.

The white paper mentioned that when the Mainnet is opened, users may have mined 10 to 20 billion PI. This means that the initial actual circulating supply may only account for a small portion of the total, leading to significant long-term potential inflation pressure.

User Base and Market Demand

Pi Network claims that there are over 60 million registered users worldwide, but the actual number of users who have completed KYC verification is much lower. Official data from 2023 shows that about 12 million have passed KYC verification. By early 2025, the total number of Mainnet wallets shown on-chain is only about 9.11 million, accounting for 15% of the claimed users.

Daily active user data better reflects actual demand. Data from third-party blockchain explorers shows that the average number of daily active wallets on the Pi Mainnet is about 20,000, peaking at around 42,000, which is relatively low in terms of activity compared to the claimed user base.

Potential Valuation Analysis

Based on the known information, we can try to estimate the potential price range of Pi coin from the following perspectives:

1. Benchmarking well-known meme coins: If Pi can replicate the successful model of Dogecoin, with a reference market cap of 40 billion dollars, the value of Pi Token could reach 4 dollars.

2. Entering the top market capitalization:

   • If it enters the top 50 by market capitalization, referencing the current 50th place with a market cap of about 2.7 billion dollars, the price of Pi Token may be around 0.27 dollars.
   • If it enters the top 100 by market capitalization, with a reference market cap of approximately $920 million, the value of the Pi Token may be around $0.092.

3. Reference for OTC trading prices:

   • In some regions, private trading prices have reached several yuan.
   • Some foreign communities have individuals willing to privately trade small amounts of Pi at a valuation of 5-10 dollars.
   • Some merchants accept Pi coin payments, with implicit quotes between $1 and $3.

The final market valuation of Pi coin will depend on the balance of supply and demand and investor confidence. The initially limited circulation may drive up prices, but in the long run, the total supply of 100 billion coins will create pressure. The holding behavior of millions of active users will directly influence the market capitalization trends.

If Pi Network can prove that it possesses real blockchain technology and application value, the market may assign a higher valuation. Conversely, if negative rhetoric is validated, the value of Pi coin may face significant challenges.

Investors should closely follow the trading volume, turnover rate, Mainnet unlocking progress, and the implementation of ecological applications after the launch to assess the long-term value trend of Pi coin. Additionally, the overall cryptocurrency market conditions will also have a significant impact on the valuation of Pi coin.

It is worth noting that the strong community cohesion of Pi Network may lead to unpredictable market reactions. After six years of waiting, many community members have become staunch supporters and even expressed that they will continue to hold or increase their holdings of Pi coin after it goes live. This unique community dynamic may trigger significant price fluctuations in the early stages of the token's launch.