Pi Network: Mobile Mining Project is About to Launch on Mainnet

Pi Network is a new cryptocurrency project based on mobile devices, aimed at lowering the participation threshold for ordinary users. Unlike traditional cryptocurrencies, Pi Network allows users to "Mining" through a mobile app without the need for specialized equipment and high electricity costs.

The project was launched in 2019 but has failed to achieve a Mainnet launch until now. Recently, Pi Network finally announced that it will launch its Mainnet and start trading on multiple exchanges. This move has sparked widespread discussion in the market about the potential value of Pi coin.

Pi Coin Supply Analysis

It is estimated that the maximum supply of Pi coins is approximately 100 billion. As of January 2025, the cumulative migration amount of the Mainnet has reached 5.56 billion, of which about 660 million are in a locked state. It is worth noting that the supply has increased by 36.6% in just three months.

According to the project white paper, users may have mined 10-20 billion PI by the time the Mainnet is launched. This means that the initial actual circulation may be relatively small, but there will be inflationary pressure in the long run.

User Base and Activity Level

Pi Network claims to have over 60 million registered users globally, but the actual number of users who have completed KYC verification is far lower. 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.

In terms of daily activity, data shows that the average number of active wallets on the Pi Mainnet is about 20,000, with a peak of around 42,000. This level of activity is relatively low compared to the claimed user base.

Potential Valuation Analysis

Based on the existing information, Pi coin can be valued from multiple perspectives:

1. Benchmarking Dogecoin: If Pi can replicate DOGE's success, its token value could reach $4.

2. Market Cap Ranking Considerations:

   • If it can enter the top 50 by market capitalization, the price may be around $0.27.
   • If you enter the top 100, the price may be around $0.092.

3. OTC trading price reference:

   • The OTC price varies greatly across different regions, ranging from a few cents to 10 dollars.
   • Some merchants accept Pi coin payments, with an implied valuation between 1 and 3 dollars.

The final market valuation of Pi coin will be influenced by supply and demand dynamics as well as investor confidence. The initially limited circulation may drive up prices, but in the long run, the total supply of 100 billion will exert price pressure. The project team needs to take measures to control inflation and increase application demand to maintain the coin's value.

User behavior will directly affect the direction of market value. If the majority choose to hold long-term, combined with external capital inflow, the market value of Pi coin is expected to reach the level of tens of billions of dollars. Conversely, if there is a large-scale sell-off, the market value may only be at the billion-dollar level or lower.

The future development of Pi Network hinges on whether it can prove that it relies not just on pyramid-style growth, but truly integrates blockchain technology and applications. If it can achieve this, the market may assign a higher valuation. Otherwise, Pi coin may face significant risks of value depreciation.

Investors should closely monitor the trading volume and turnover rate in the first week after launch, the Mainnet unlocking progress, and the implementation of ecological applications to assess the development potential of Pi Coin. At the same time, 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 performance. The project has built a unique community structure through an invitation mechanism, and many members have become staunch believers. This community characteristic is similar to meme coins and may drive significant price fluctuations in the short term.