Pi Network: The Controversial Mobile Mining Project is About to Launch

Pi Network is a new cryptocurrency project based on mobile devices that has attracted attention since its launch in 2019. Unlike traditional cryptocurrencies, Pi Network allows users to "Mining" through a mobile application, significantly lowering the barrier to entry. However, the project has long failed to launch its mainnet, and its token acquisition mechanism resembles a pyramid scheme rather than a blockchain consensus mechanism.

After six years of development, Pi Network finally announced that it will soon launch its mainnet and open trading on multiple exchanges. This move has sparked heated discussions in the market regarding the valuation of Pi coin.

Pi Coin Supply Situation

The Pi Network has not yet explicitly announced a total supply limit, but it is generally believed to be around 100 billion coins. As of January 2025, the mainnet has cumulatively migrated 5.56 billion coins, of which approximately 660 million are still locked. Notably, the supply has rapidly increased over the past year and a half, rising from 1.97 billion coins in August 2023 to the current 5.56 billion coins.

According to the project white paper, users may have mined 10-20 billion PI by the time the mainnet is opened. This means that the actual circulation in the early stages may be relatively small, but there will be significant inflation pressure in the long term.

User Base and Market Demand

Pi Network claims that there are over 60 million registered users globally, but the authenticity is questionable. 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. The daily active wallet count is only around 20,000 to 40,000, which is a huge gap compared to the claimed user scale.

Possible Valuation Range

Based on market capitalization and over-the-counter trading prices, several possible valuations for Pi coin can be inferred:

1. Benchmarking Dogecoin: If Pi can replicate the success of DOGE, the token value could reach $4.
2. Entering the top 50 by market capitalization: The price may reach around $0.27.
3. Entering the top 100 by market cap: The price may be around $0.092.
4. Over-the-counter trading prices range from $0.23 to $10, but the credibility is questionable.

The final valuation of Pi Coin will depend on the balance of supply and demand and market confidence. The initially limited circulation may drive up prices, but in the long run, a total supply of 100 billion will create pressure. A user base of hundreds of thousands to millions of active users is key to supporting its value. If most people choose to hold, coupled with external capital inflows, the market value of Pi Coin is expected to reach the tens of billions of dollars level. Conversely, if there is a sell-off, the price may drop below 1 dollar.

The community cohesion of the Pi Network is its greatest feature. The project has built a hierarchical structure similar to multi-level marketing through an invitation mechanism, which keeps community members highly loyal to the project. This strong community foundation may lead to significant price volatility during the early stage of the token launch.

Investors should closely monitor the trading volume and turnover rate in the first week after launch, the progress of the mainnet unlocking, and the implementation of ecological applications to assess the long-term value trend of Pi coin. At the same time, the overall cryptocurrency market conditions will also have a significant impact on the valuation of Pi coin.