#Pi $40+ Value Is a Joke—Here’s Why
Pi Network continues to operate in its “Enclosed Network” phase following the Mainnet launch in December 2021. Despite Mainnet being live, it functions within a firewall.
Users who complete KYC can transfer their balances to Mainnet, but they are confined to Pi’s ecosystem.
As the world waits for Pi to open up, crypto exchanges HTX, BitMart, and Gate.io offer a Pi Network “I Owe You” (IOU). But these IOU contracts are not actual Pi—they are just promises to deliver Pi once it’s available. They serve as speculative placeholders that people trade based on the anticipated future worth of Pi.
The IOU price of ~$43 on HTX as of Jan. 13, 2025, lacks any substantive correlation with Pi’s current usability or market presence. These prices are indicative of expectations, which can sometimes inflate perceptions beyond the bounds of reality.
Taking Pi’s supply into account, the inflated and misleading nature of the IOU price becomes apparent. As of December 2024, the unlocked supply of Pi stands at 843.72 million, with 4.17 billion still locked, yet these locked coins should still be considered part of the circulating supply.
The rationale is that these coins were once part of the available supply before users locked them up after mining. They had circulated, and users later locked them voluntarily to maximize their mining rewards. Reintroducing them brings Pi’s total supply to 5.01 billion.
With HTX’s IOU price, Pi’s speculative market cap hits a staggering $214 billion. Think about that—this number positions Pi just below Ethereum (ETH), the second-largest cryptocurrency.
It’s unreasonable because Pi lacks the broad use case or ecosystem of BNB, Solana (SOL), or Toncoin (TON), yet it surpasses them in value at this inflated market cap.
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