The long-awaited open mainnet launch for Pi Network on February 20, 2025, was met with high expectations from its millions of users, many of whom were anticipating a price of $10 per coin. However, the reality has been far different.
While the project has amassed over 65 million users by leveraging a low-effort consensus mechanism similar to the Stellar Consensus Protocol, its massive supply of 100 billion coins presents a significant challenge. To reach the $10 price point, Pi would need a market cap of $74 billion based on its early 2025 circulating supply of 7.4 billion coins. This is a monumental figure for a new project, and the value is further threatened by the constant release of new coins into the market.
Following the mainnet launch, the price of Pi actually plummeted, with reports of an 84% crash as early adopters sold their holdings. By mid-2025, the coin was trading below fifty cents. The project has also faced ongoing controversy, including:
- Lack of transparency and centralized control by the core team.
- A referral system that has been compared to a multi-level marketing scheme.
- Privacy concerns over the mandatory KYC process, which required users to submit government IDs and face scans.
- The potential for regulators like the SEC to classify Pi as an unregistered security.
Although Pi Network has a massive user base, this large community also creates constant sell pressure, as many early users are eager to cash out their free coins. For Pi to ever reach its $10 goal, it will need to evolve from a popular app into a genuinely useful ecosystem that people want to use, not just sell.
August 2025, Cryptoniteuae
