$Pi Network has successfully migrated over 12 million users to its Mainnet, with a circulating supply of 8.04 billion PI, representing less than 10% of the 100 billion maximum supply Pi Network.
Ongoing migration phases, including referral bonuses and periodic unlocks, introduce structural inflation risks.
The gradual release of tokens mitigates the risk of sharp sell-offs, but the recent 17% price decline over 30 days reflects bearish pressure from accelerated migrations. Sustained demand growth is critical to offset the increasing supply.
The Protocol 23 upgrade, rolled out in September 2025, introduced Linux-based nodes and decentralized KYC, enhancing network scalability and security. Additionally, PiOnline’s gaming and DeFi initiatives, with over 20,000 apps in development, aim to drive user engagement. However, competitors like Remittix, offering low-cost remittance solutions (0.1% fees), pose a challenge to Pi’s speculative valuation.
Successful adoption of PiOnline’s virtual economy could catalyze demand and support higher valuations. Failure to differentiate from competitors risks prolonging PI’s 45% price decline over the past 90 days.
A significant whale accumulated 331 million PI (~$114M) since May 2025, potentially stabilizing prices. However, September’s unlock of 149.5 million PI, coupled with a 400 million+ PI increase on exchanges (82% rise since May), signals latent sell pressure.
Pi’s low turnover ratio (0.98%) highlights thin liquidity, making it susceptible to volatility from large trades.
Whale accumulation may provide short-term price support, but elevated exchange balances and upcoming unlocks could exacerbate downward pressure. The 200-day EMA at $0.71 remains a critical resistance level, requiring robust demand to breach.
Pi Network’s price trajectory depends on its ability to convert its 65 million+ user base into active economic participants through Protocol 23 and PiOnline’s gaming/DeFi ecosystem. The September 2025 token unlock introduces near-term risks, with the PI/USDT pair testing the $0.374 level (50% Fibonacci retracement).
A break above $0.71 could signal bullish momentum, while failure to absorb unlock-driven supply may prolong consolidation.
Sustained ecosystem growth is essential to counterbalance supply pressures and drive long-term value.