Pi Network: The Rise and Challenges of a New Crypto Asset

Pi Network, as an emerging mobile mining Crypto Asset, has attracted widespread attention since its launch in 2019. Unlike traditional Crypto Assets, Pi Network allows users to "mine" through a mobile application, significantly lowering the barriers to entry. However, the project's prolonged absence from the mainnet has raised some concerns.

Recently, Pi Network finally announced the launch of its mainnet, and several trading platforms have begun to support trading of its tokens. This move has sparked a market reevaluation of the value of Pi coin.

Pi coin supply situation

The total supply of Pi Network is expected to be around 100 billion coins, but the official exact number has not yet been disclosed. As of January 2025, a total of 5.56 billion coins have been migrated to the mainnet, of which about 660 million are still locked. It is worth noting that the supply has shown a rapid growth trend in the past few months.

User Base and Activity Level

Although Pi Network claims to have over 60 million registered users, the actual number of users who have completed KYC verification and are active on the mainnet is far lower than this figure. Data shows that the total number of mainnet wallets is approximately 9.11 million, with an average of around 20,000 active wallets per day, peaking at 42,000. This indicates a significant gap between actual participation and the official claims.

Valuation Considerations

The valuation of Pi coin can be analyzed from multiple perspectives:

1. Market Capitalization Comparison: If Pi can reach the market capitalization level of Dogecoin (approximately 40 billion USD), each Pi coin could be worth around 4 USD. If it enters the top 50 by market capitalization, the price could be around 0.27 USD; entering the top 100 could see a price of around 0.092 USD.

2. OTC trading prices: The differences in OTC trading prices in different regions can be significant, ranging from a few yuan to 5-10 dollars. However, these prices are often based on speculative psychology and may not reflect the true market value.

3. Supply and Demand Factors: Limited circulation in the early stages may drive up prices, but in the long term, a total supply of 100 billion could bring inflationary pressure. Price trends will depend on the supply management strategies of the project team and the development of the application ecosystem.

4. Market Sentiment: The strong community cohesion of Pi Network is its unique advantage. Many long-term supporters have stated that they will continue to hold or even increase their holdings after the launch, which may support the coin price in the short term.

Future Outlook

The price trend of Pi coin after its listing will be influenced by multiple factors, including trading volume in the first week, mainnet unlocking progress, the implementation of ecological applications, and the overall crypto market conditions. Considering the unique community dynamics of Pi Network and the long-term accumulated user base, its price fluctuations may be quite significant.

However, for Pi Network to establish a foothold in the Crypto Assets market, it still needs to prove that it is not solely reliant on promotional growth, but can truly implement blockchain technology and applications. Future development will depend on whether the project can continue to attract users and developers after the initial hype, and build a substantive ecosystem.