The long-awaited moment has finally arrived. Pi Network officially launched its mainnet on February 20, 2025, at 4:00 PM Taiwan time, marking a pivotal milestone for one of the most discussed mobile-mining blockchain projects in recent years. With major exchanges like OKX, Pionex, and MEXC announcing listings, anticipation around Pi Coin’s market performance has reached a fever pitch.
But what exactly is the current circulating supply? How much of it is locked and unavailable for trading? And what are early price signals indicating? This article dives deep into these critical questions to help you understand the real landscape behind Pi Coin’s launch.
Understanding Pi Coin’s Token Distribution and Circulating Supply
At launch, Pi Network introduced a total maximum supply of 100 billion Pi coins. This carefully structured allocation aims to balance community incentives, ecosystem development, and long-term sustainability.
Here's a breakdown of how the 100 billion tokens are distributed:
80% to the community (80 billion Pi)
- 65% for mining rewards (65 billion)
- 10% for ecosystem development (10 billion)
- 5% for liquidity pools (5 billion)
- 20% reserved for the core team (20 billion) — released gradually in line with community growth and milestones
According to data from Explorepi.info, approximately 62.8 billion Pi coins have already been mined by users worldwide. However, not all of these are immediately available for trading.
A significant portion—around 46.2 billion Pi—is currently locked due to user staking or pending KYC verification. This means that only about 16.6 billion Pi coins (62.8B – 46.2B) are potentially available for circulation on day one.
It’s important to note that the core team’s 20 billion allocation may not yet be included in this circulating figure. If and when this portion enters the market—especially without lock-up periods—it could introduce substantial selling pressure over time.
Additionally, considering the total supply cap of 100 billion, Pi Coin faces inherent long-term inflationary risks if demand doesn’t scale proportionally with increased availability.
What Is Pi Coin’s Current Market Value?
With no official trading yet at the time of writing, current price estimates come primarily from over-the-counter (OTC) markets and community sentiment.
In Pi Coin’s Taiwan-based social groups, users report informal exchange rates ranging between $1.50 and $2.50 per Pi. While these figures reflect strong initial enthusiasm, actual transaction volumes remain unclear, making them speculative at best.
To gain further perspective, some analysts compare Pi Coin’s fully diluted valuation (FDV) to established meme coins:
- If benchmarked against Dogecoin, Pi Coin’s implied value drops to roughly $0.376 per coin
- Another relevant comparison is Notcoin, which also relied on mobile-based mining and attracted tens of millions of users rapidly
Notcoin saw explosive gains shortly after listing but struggled to maintain momentum due to weak ecosystem engagement. Over several months, its price declined steadily despite early hype.
This serves as a cautionary tale: user base size alone does not guarantee lasting value. For Pi Coin to avoid a similar fate, it must quickly demonstrate utility, developer activity, and real-world adoption beyond mining.
Frequently Asked Questions (FAQ)
Q: Can I sell my Pi coins immediately after mainnet launch?
A: Not necessarily. Only unlocked balances can be traded. Many early miners staked their coins or haven’t completed KYC, which prevents immediate withdrawals.
Q: How many Pi coins are actually tradable today?
A: Based on available data, approximately 16.6 billion Pi coins are estimated to be freely circulating at launch—less than 17% of the total supply.
Q: Will the core team’s 20 billion tokens affect the price?
A: Potentially yes. If those tokens are released without vesting schedules or transparency, they could create downward price pressure. Watch for official announcements on token unlock timelines.
Q: Is Pi Network centralized or decentralized?
A: Currently, Pi Network operates under a transitional model called “Enclosed Mainnet,” where certain controls remain with the core team. Full decentralization is planned but not yet achieved.
Q: Where can I trade Pi Coin?
A: Major platforms including OKX have announced listings. Always verify through official exchange channels before trading.
Q: Could Pi Coin become another meme coin bubble?
A: It depends on post-launch execution. Strong community interest exists, but sustainable value requires real use cases, apps, and economic activity on the network.
Market Sentiment and Realistic Expectations
While excitement is high—and early OTC prices suggest bullish sentiment—it’s crucial to separate speculation from fundamentals.
Pi Network boasts an impressive user base of over 40 million engaged pioneers, many of whom have mined since 2019. But widespread ownership doesn’t automatically translate into market demand. Most users hold relatively small amounts, and liquidity will depend heavily on how many choose to sell versus hold.
Moreover, the absence of a clear roadmap for dApp development, smart contracts, or cross-chain integrations raises questions about long-term viability.
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For Pi Coin to succeed beyond launch day hype, it needs to:
- Accelerate ecosystem development
- Encourage third-party developer participation
- Expand merchant adoption
- Maintain transparent communication about token unlocks
Without progress in these areas, investor interest may wane—just as it did with Notcoin and other mobile-mining projects.
Final Thoughts: A Promising Start, But Challenges Ahead
Pi Coin’s mainnet launch is undeniably historic. After six years of development and skepticism, transitioning from app-based mining to a live blockchain is no small feat.
However, true success won’t be measured by first-day price spikes or social media buzz—it will be determined by sustained utility, network activity, and organic demand growth.
With only about 16.6 billion coins initially liquid, even modest trading volume could cause volatility. Meanwhile, the potential release of team-held tokens and gradual unlocking of staked balances will shape market dynamics in the coming weeks and months.
As always, investors should proceed with caution, rely on verified information, and avoid FOMO-driven decisions.
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