Pi Network is back in the spotlight—this time for an unexpected surge in its circulating supply. Based on on-chain screenshots posted on social media, Pi’s circulating supply skyrocketed from approximately 7 billion to almost 12.7 billion tokens. That’s a leap of more than 5 billion Pi in a short time.

The big question? Why does CoinMarketCap still display the old figure, about 7 billion Pi, as of today?

A post by X user Dr Picoin displays two screenshots from Pi’s blockchain explorer. The first lists 7 billion Pi in circulation; the second shows it increasing to 12.7 billion. The total supply also rose by almost 9 billion Pi, implying new tokens were issued—perhaps for mining rewards, team allocation, or liquidity.

Some in the Pi community think the 5 billion token increase may be part of a liquidity pool, preparing Pi for big exchange listings such as Binance, BitMart, or HTX. However, there is no official confirmation from any of these exchanges.

Despite the increase in circulating supply, balances on centralized exchanges (CEXs) barely moved, rising by just 2 million Pi. This means most of the new tokens aren’t being traded yet. They might be locked, waiting on KYC verification, or simply not fully migrated.

More confusing, some users believe the supply increase may have been a reporting error or glitch. Given the history of Pi Network’s ambiguous token data and KYC bottlenecks, that theory makes sense.

For now, it is better to monitor official updates from Pi Network or large exchanges. Investors should therefore be cautious and vigilant to possible data discrepancies before then.

Therefore, as of now, there is no evidence to suggest that the Pi Network’s token supply has risen to 12 billion, and the claims made in the tweet are misleading.

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