PI

Pi Network

Layer 1

A mobile-mined Layer 1 with a huge claimed user base, but heavy unlocks and a token down 97% from its launch peak.

Oversupplied, unproven v1.1 · as of 2026-10-21 · framework v1.13 Coinsight · all analyses
Bottom line

Pi Network claims 60M+ engaged users and 18.1M KYC-verified Pioneers, and it keeps shipping protocol upgrades (Protocol 28 reached mainnet on 17 Oct 2026). The token tells a different story: −61% over a year, −97% from the $2.99 launch-week high, and only ~$3.5M traded a day. Tens of millions of PI unlock each month while there is no burn, no staking and no measurable paid usage, and Core Team-linked wallets hold most of the 100B supply. Until real on-chain demand shows up, unlocks are likely to keep dominating the price.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.0799
+1.8% 24h · −10% 30d · CoinGecko 21 Oct
Market cap
$901.2M
rank #83 · FDV $1.39B
24h volume
$3.46M
0.4% of market cap
From cycle high
−70%
$0.2700, Nov 2025 · launch ATH $2.99 = −97.3%
2026 YTD
−61%
$0.2035 → $0.0799
KYC'd Pioneers
18.1M
self-reported, Apr 2026 update

The last 12 months

$0.1$0.2$0.3Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNov2025-11-28: $0.2724$0.27 peak2026-03-13: $0.2706$0.272026-07-17: $0.0767$0.077 low2026-10-21: $0.0799$0.0801Year high on 'big update' hype2Largest monthly unlock of 20263February low near $0.134Kraken lists PI5Pi Day: Launchpad on testnet6Protocol 23 smart contracts7Launchpad 'SLICE' token test8Record low below $0.089Protocol 28 on mainnet10First Pi Ecosystem Summit
MarketTokenomicsAdoptionProductTechUpcoming

Daily closes from CoinGecko, 22 Oct 2025 to 21 Oct 2026.

Key events
  1. 1
    28 Nov 25 Year high on 'big update' hype. Rally into a teased 28 Nov update and a 60M engaged-users milestone peaks at $0.27, then fades.
  2. 2
    15 Jan 26 Largest monthly unlock of 2026. About 136M PI scheduled to leave lockups in January.
  3. 3
    11 Feb 26 February low near $0.13. Price slides to a $0.137 daily close, a new low at the time.
  4. 4
    13 Mar 26 Kraken lists PI. First major Western exchange listing; PI jumps ~30% to $0.27 for a day before selling resumes.
  5. 5
    14 Mar 26 Pi Day: Launchpad on testnet. Seventh-anniversary event shows Pi Launchpad on testnet; a second mainnet migration follows in late March.
  6. 6
    18 May 26 Protocol 23 smart contracts. Scheduled network-wide activation of smart contracts, based on Stellar Core v23.
  7. 7
    11 Jun 26 Launchpad 'SLICE' token test. Testnet token-launch simulation runs to 28 Jun with 242k+ participants.
  8. 8
    14 Jul 26 Record low below $0.08. Pioneer selling and ~104M PI of July unlocks push PI to new lows; daily close bottoms at $0.077 on 17 Jul.
  9. 9
    17 Oct 26 Protocol 28 on mainnet. Adds batch smart-contract upgrades and safer storage changes; nodes had to update by 13 Oct.
  10. 10
    17 Nov First Pi Ecosystem Summit. Online event on 17–19 Nov with platform updates, app demos and a new hackathon.

How a payment in a Pi app flows over Pi Network

Pioneer
Mines, passes KYC, migrates

Daily app taps earn PI; only KYC'd balances move to the mainnet wallet.

Pi app
Requests a payment

A mainnet app in the Pi Browser asks for PI via the Pi SDK.

Pi Wallet
User signs the transfer

A small PI fee is attached.

Pi blockchain
Validators confirm it

Stellar-style consensus run by a small validator set.

Developer
Receives PI

Keeps it for the ecosystem or sends it to an exchange.

Exchange
PI sold for USD

OKX, Bitget, Gate or Kraken; volume is thin.

PI is the payment unit, the fee token and smart-contract gas. New PI enters through mining rewards and expiring Pioneer lockups; nothing is burned, so almost all net flow is new supply reaching exchanges.

Usage and adoption

PI per month, 2026
Fees and burn (sinks)
≈ 0
Scheduled unlocks, 2026 avg
~102M
New circulating supply, Apr–Oct
~195M

Circulating supply grew from ~10.1B (Apr 2026, MEXC) to 11.28B (CoinGecko, 21 Oct), about 195M PI a month, more than the ~1.22B (≈102M a month) of lockup expiries expected over 2026, because mining rewards and migrations add on top. Pi publishes no fee or revenue figures and has no burn, so the sink side is effectively zero.

  • weak signal
    Fees / revenue
    Not published

    No fee, burn or app-revenue data from the Core Team or trackers; paid usage cannot be measured.

  • weak signal
    Exchange volume
    $3.46M / 24h

    CoinGecko, 21 Oct. 0.38% of market cap, very low for a top-100 coin.

  • medium signal
    KYC-verified Pioneers
    18.1M

    Apr 2026 update; ~16.7M mainnet migrations. Self-reported, but KYC makes it harder to fake than wallet counts.

  • weak signal
    Mainnet apps
    300+

    Self-reported; most are small and usage per app is unknown.

  • weak signal
    Engaged Pioneers
    60M+

    Self-reported app users who tap to mine; not on-chain activity.

Pi's adoption numbers are user counts, not paid usage. Until fees, app revenue or on-chain payment volume can be measured, the only hard number is new supply, which runs at roughly 100–200M PI a month.

Project

What it is
A Layer 1 blockchain built on a customised Stellar protocol, distributed through a phone app where users ('Pioneers') tap daily to 'mine' PI. Mining is a distribution method, not network security. Open mainnet since 20 Feb 2025.
Team
Founded by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan; the Pi Core Team and Pi Foundation run development, KYC, migration and most validators.
Technology
Stellar-derived consensus with smart contracts added in Protocol 23 (scheduled May 2026) and Protocol 28 on mainnet from 17 Oct 2026 (batch contract upgrades). A testnet Launchpad, DEX and AMM are in development.
Traction
Self-reported: 60M+ engaged Pioneers, 18.1M KYC-verified, ~16.7M mainnet migrations and 300+ mainnet apps (Apr 2026). No public fee or revenue data, so real economic use cannot be checked.
Competitors
Consumer-app chains and distribution plays: Worldcoin (World Chain), TON with Telegram, Celo, and Stellar itself for payments.
Key risks
Most supply sits in Core Team-linked wallets; few validators; monthly Pioneer unlocks; no Binance or Coinbase listing; very thin trading; a history of hype around announcements that faded.
Roadmap
First online Pi Ecosystem Summit on 17–19 Nov 2026 with platform updates and a new hackathon; Launchpad moving from testnet toward mainnet; OUSD stablecoin work with Open Standard (unconfirmed).

Token performance

1-year return (22 Oct 2025 → 21 Oct 2026, CoinGecko)
PI
-60%
BTC
-22%
ETH
-35%

PI fell much more than BTC and ETH over 12 months. No 3-year return exists: PI only began trading when the open mainnet launched on 20 Feb 2025, so it cannot be compared with BTC ~+179% (from ~$29.7k) and ETH ~+53% (from ~$1.6k) since Oct 2023. Since its first week of trading it is down about −97% (researched by hand; the free CoinGecko API covers 365 days).

Range 2026
$0.0767 low (17 Jul) to $0.2706 high (13 Mar, Kraken listing day), daily closes; now $0.0799
12-month drawdown
−72%, from $0.2724 (28 Nov 2025) to $0.0767 (17 Jul 2026)
Liquidity
$3.46M traded in 24h, 0.38% of market cap; rank #83. Very thin for a $0.90B coin
Flows
Monthly unlocks of ~100–230M PI meet weak buying; rallies (Nov 2025, Kraken in Mar 2026) faded within days
Launch-spike ATH Launch-spike ATH. The $2.99 high came on 26 Feb 2025, six days after the open mainnet launch, and price has never come back within 50% of it. With no earlier cycle, the 12-month high of about $0.27 (Nov 2025, matched in Mar 2026) is used as the reference instead.

Tokenomics

Supply
100B PI maximum. CoinGecko shows 17.35B total and 11.28B circulating (11% of max), so FDV on max supply would be ~$8B at today's price.
Emissions
Mining rewards still flow to Pioneers; one source puts daily emissions at ~6.5M PI. Circulating supply rose from ~10.1B (Apr 2026) to 11.28B (Oct), about 195M PI a month.
Unlocks
Pioneer lockups (up to 3 years) expire month by month: ~136M PI in Jan, ~231M in Apr, ~77–128M in Jul 2026 (PiScan-based, sources differ); ~1.22B expected over 2026.
Utility
Payments inside Pi apps, transaction fees and smart-contract gas on mainnet. No native staking yield.
Concentration
2025 PiScan-based reports put ~62.8B PI in six Core Team wallets plus ~20B in ~10k team-linked wallets, together over 80% of max supply.
Sinks
No burn or buyback program and no ETFs. Voluntary Pioneer lockups are the only real sink; fees are tiny.

Bull case

The Ecosystem Summit and Launchpad turn the large KYC'd user base into apps people pay PI for, a Binance or Coinbase listing deepens liquidity, and unlocks slow after 2026. Holding $0.077 and reclaiming $0.137 (Feb low) would signal the downtrend is over.

Bear case

Unlocks of 100M+ PI a month keep landing on ~$3.5M of daily volume while Core Team wallets stay a supply overhang. Price loses the $0.077 July low and the next announcement fades like the Kraken rally did.

Watch before the next re-run

  • Monthly unlocks and Core Team wallet moves on PiScan
  • What the 17–19 Nov Ecosystem Summit actually ships (Launchpad, DEX)
  • New tier-one exchange listings and daily volume
  • $0.077 July low and $0.137 February low

Where to trade

Krakenlisted

PI against EUR · USD

24h $29.0k · ±2% depth $7.51k

OKXlisted

PI against EUR · USDT · USDC · BRL · TRY

24h $1.40M · ±2% depth $248.2k

Largest exchanges

Exchange24h vol±2% depth
OKXPI/USDT$1.30M$226.9k
GatePI/USDT$453.8k$176.0k
BitgetPI/USDT$297.5k$175.2k
MEXCPI/USDT$93.3k$22.6k

Deepest DEX pools

No on-chain pool with real trading found.

On-chain share of all PI volume: 0.0%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

Where to follow

Official
People on X
  • @PiCoreTeam the only official X account, per Pi (Jan 2026)
Code and governance
Data