Pi Coin has slid sharply from its initial post–Open Mainnet highs, but market data and project metrics present a mixed picture that goes beyond a simple collapse. Since the Open Mainnet launch on February 20, 2025, the token has shown deep short-term volatility alongside active ecosystem development and structured token economics.
Pi Coin spiked to an all-time high near $2.99 after mainnet debut and subsequently lost more than 90% from that peak, according to market reports. Trading has frequently oscillated between $0.20 and $0.80 and the token has struggled to hold $1 consistently. Low liquidity and the absence of listings on some major venues, notably Binance, are cited as constraining price discovery and amplifying volatility.
IOU markets that traded Pi at substantially higher notional levels — reportedly $80–$160 before mainnet — highlight pronounced speculative demand that has not yet converted into liquid, exchange-backed price support. Criticisms circulating in the press and community channels include allegations of scam activity, complaints about KYC and token transfer delays, and legal uncertainty; these narrative risks have weighed on short-term sentiment.
Implication for traders: the market structure amplifies tail risk. In low-liquidity conditions, scheduled supply changes or concentrated selling can produce outsized price moves, and speculative IOU pricing is not a reliable indicator of immediate tradable value.
Pi Coin tokenomics, ecosystem progress and outlook
Tokenomics are presented as a core component of the project’s strategy. Pi’s maximum supply is reported at 100 billion tokens, with 10% (10 billion PI) allocated to ecosystem development. Current circulating supply is cited at approximately 6.56 billion PI, and a large portion of tokens remain locked by miners. Tokenomics refers to the rules around supply, distribution and incentives that influence scarcity and holder behavior.
The transition to Open Mainnet on February 20, 2025, enabled external wallet transfers and real-world transactions, marking a technical shift from an enclosed app environment to an interoperable blockchain. Ongoing technical work referenced in coverage includes upgrades (notably a reference to Stellar v23 compatibility) and efforts to align with regulatory frameworks such as the EU’s MiCA.
Community initiatives like PiFest aim to stimulate on-chain commerce and utility, and the reported community size exceeds 70 million users, though active wallets are significantly fewer.
Market forecasts published after launch vary widely. Long-term projections span roughly $4.50–$22.00 by 2030 in many models, while some highly optimistic scenarios extend into triple- and quadruple‑digit figures contingent on major exchange listings and broad adoption.
