PI, the largest MLM coin, is about to launch. What is its price?

 The Pi Network is a new digital cryptocurrency based on mobile devices and focused on low-threshold participation.   Unlike traditional Bitcoin, which requires a lot of electricity and professional equipment to mine, the Pi Network allows users to "mine" through mobile applications, greatly reducing technical and cost barriers, allowing more ordinary people to participate in the cryptocurrency ecosystem.

 At first glance, it looks like a typical "coin circle" project, but it is not.   The Pi Network was founded in early 2019, but has not yet launched the main network.   Mobile mining is still in "mining air" state.   In terms of token acquisition method, a high proportion is to increase their mining contribution by recommending friends to use the registration code.   This model is similar to promoting a pyramid scheme when compared to mining with consensus mechanisms like PoW and PoS using blockchain technology. However, after six years, the Pi network finally announced the launch of the mainnet, and many exchanges began trading tokens.   Since Pi seems like it should be real, how should we value its coins?

Total supply and circulation of Pi coins

 The Pi Network has not officially disclosed the final supply limit of Pi coins, but according to information from the community and the white paper, it is generally believed that the maximum supply of Pi coins is around 100 billion.   This indicates that the fully diluted market capitalization (FDV) would be $100 billion if each Pi coin were worth $1. As of the end of 2024, Pi is still in the closed period of the main network and has not yet been fully opened for trading, so the actual circulating supply is limited.   According to Blockchain Explorer data:

 August 2023: About 1.97 billion Pi will be transferred to the mainnet (of which 1.29 billion will be locked by users)

 September 2024: The main network's total migration supply increases to about 4.07 billion coins (1.35 billion coins locked), and the supply has increased by 106.6% in over a year.

 January 2025: Total central network transfers reach 5.56 billion, of which about 660 million are still closed.   Another 36.6 percent of supply was added in just three months. In terms of total supply, the Pi white paper states that when the main network is opened, users will have mined a total of 10 to 20 billion PI.   In other words, the initial actual circulating supply may be only a small fraction of the total supply, and most Pi coins will be slowly mined over time.   It also means that supply is controlled in the short run and potential inflationary pressures are high in the long run.

 Market demand and potential customer data

 Since Pi Network launched its mobile mining application in 2019, it claims to have attracted the attention and participation of millions of users worldwide.   User base: According to the Pi team, there are over 60 million registered users worldwide.   However, it is worth noting that only a fraction of genuine users have completed KYC verification.   In 2023, PI officials said around 12 million people passed KYC verification.   Even as of the beginning of 2025, the total number of mainnet wallets shown by on-chain data is only 9.11 million, accounting for only 15% of the announced users.

 This means that although the number of registered users is high, the proportion of users who are truly active and have completed the migration to China is low.

 In addition, daily active usage may also reflect actual demand.   According to data from third-party blockchain explorer ExplorePi, the average number of daily active wallets on the Pi main network is around 20,000, peaking at around 42,000 in January 2025.   Compared to the tens of millions of users officially claimed by the Pi Network, this level of activity is relatively low.