The Pi Network has emerged as one of the most widely discussed blockchain projects in recent years. Known for its ambitious goal of making cryptocurrency accessible to the masses, the project gained early traction due to its novel approach to mobile mining. Unlike traditional cryptocurrencies that rely on energy-intensive mining hardware, Pi Network allows users to mine its native token, PI, using nothing more than a smartphone. This low-barrier entry point attracted tens of millions of pi price today users globally during its early development phases, especially across regions where access to traditional banking and crypto infrastructure remains limited.
For several years, Pi Network operated in a closed environment known as the “enclosed mainnet. ” During this period, users could mine PI, participate in app testing, and build community infrastructure—but they were not allowed to trade or transfer tokens externally. This enclosed phase served multiple purposes: it helped the team build trust in the ecosystem, conduct Know Your Customer (KYC) verification, and prepare for the eventual transition to a fully open mainnet.
In February 2025, the Pi Network finally launched its open mainnet, marking a significant turning point. This event allowed users to migrate their mined tokens to the open blockchain and enabled trading on selected centralized exchanges like HTX, Bitget, and MEXC. The long-awaited listing triggered immediate market activity. Within the first few days, PI tokens were trading at prices between $2. 80 and $3. 00, driven by years of anticipation and the limited circulating supply available on exchanges at the time.
However, the initial hype quickly gave way to the realities of market dynamics. As more users completed KYC verification and migrated their PI to the open network, supply on exchanges increased rapidly. Early adopters, eager to capitalize on their years of mining, began selling large volumes of tokens, leading to a sharp drop in price. By early March 2025, the price of PI had fallen below the $1. 00 mark, and by April it bottomed out around $0. 40. This dramatic decline raised questions among users about the true value of the token and the long-term sustainability of the project’s tokenomics.
As of June 2025, the PI token has shown signs of stabilization, trading between $0. 60 and $0. 65. While this is a far cry from its early trading highs, it represents a significant recovery from its all-time low. The market capitalization of PI currently stands at approximately $4. 7 billion, with a circulating supply of around 7. 3 billion tokens. These figures remain fluid, as more users continue to pass KYC and migrate their tokens, steadily increasing the available supply.
One of the unique challenges facing Pi Network is its supply mechanism. The total supply of PI is capped at 100 billion tokens, but only a fraction of that is currently in circulation. The remainder is locked and will be released gradually as users complete KYC and ecosystem milestones are met. This staggered release helps prevent immediate oversupply but creates uncertainty about future price pressure. The potential for large unlocks in the future remains a concern for both investors and traders.
Another critical factor affecting PI’s price is the current lack of listings on major exchanges such as Binance or Coinbase. Despite a strong and vocal community advocating for wider exposure, these top-tier exchanges have yet to list PI, likely due to regulatory, technical, and liquidity considerations. A listing on a major platform could significantly increase PI’s trading volume, improve liquidity, and bring a new wave of investor interest. Until then, the token remains relatively constrained in terms of accessibility and global recognition.
The long-term value of PI, however, will not be driven solely by exchange listings or speculative trading. Real utility within the Pi ecosystem will be crucial. The Pi Network team has been actively working to develop a decentralized application (dApp) ecosystem using the Pi Browser. A number of community-developed apps have launched, including games, marketplaces, and social platforms. While these efforts are promising, widespread adoption and sustained usage are necessary to establish true demand for the PI token beyond speculative holding.
Community sentiment remains one of the strongest aspects of the Pi Network. Events like Pi2Day, celebrated annually on June 28, help galvanize the user base and often bring announcements about project milestones. In the week leading up to Pi2Day 2025, the PI token experienced a modest 12% price increase, driven by optimism and speculative buying. These periodic surges show that the community remains highly engaged, but they also underline the need for consistent progress to maintain interest over time.
Looking ahead, forecasts for the price of PI vary widely. Some optimistic projections see PI reaching $5 to $10 in the next few years if key milestones—such as major exchange listings, merchant adoption, and ecosystem growth—are achieved. In more speculative models, predictions go as high as $50 or $100, contingent on global mainstream adoption and integration into everyday commerce. On the conservative side, some analysts believe the token could remain under $2. 00 in the near future, particularly if new supply continues to outpace real utility and market demand.
There are additional concerns about future token unlocks related to team allocations and ecosystem incentives. If not managed transparently, these could lead to further downward price pressure. It will be critical for the Pi Network core team to communicate token release schedules clearly and ensure the market has confidence in the project’s long-term vision.
In conclusion, the Pi Network has taken significant steps toward becoming a viable player in the crypto space, transitioning from a mobile mining experiment to a publicly traded token. While its early price volatility is not unusual for a newly listed cryptocurrency, the path forward will depend on utility, adoption, and broader market confidence. For now, the PI token remains in a price discovery phase, balancing community optimism with the economic realities of supply, demand, and usage.