Pi Network opened its open mainnet on February 20, 2025, and mainnet tokens were unlocked, enabling external transfers and the path to exchange listings. The launch triggered a sharp price reaction and set the stage for several large scheduled token releases that will shape supply and demand.
The mainnet launch produced a brief rally that quickly reversed into a severe sell-off. Reports cited declines ranging from over 50% to as much as 91% from peak levels, with trading often below $0.30 in the immediate post-launch period. By mid-to-late 2025 prices showed persistent volatility, generally fluctuating between $0.48 and $0.80.
Operational frictions amplified market strain. Widespread user-facing issues — KYC failures, 2FA problems and wallet balance errors — limited many pioneers’ ability to move unlocked tokens, delaying liquidity for some holders and complicating price discovery.
Key drivers for Pi Coin’s price trajectory
Large releases materially change liquidity. About 160 million PI was scheduled for August 2025, and a further ~190 million PI is slated for January 2026; those additions risk downward pressure if demand does not scale. Listings on major venues are essential for transparent price discovery and deeper liquidity. Wider market access would reduce friction for holders and institutional participants.
Forecasts remain wide-ranging and conditional on the factors above. Short-term analyst ranges cited for late 2025–2026 span roughly $0.15 to $1.09, while more optimistic scenarios envisioned a return to around $1 by late Q1 2026 if a DEX and listings accelerate adoption.
Longer-term estimates diverge sharply: moderate scenarios place Pi in the single-digit dollars by 2027–2030, whereas highly bullish models assume deep integration and list-driven liquidity that could lift prices much higher. These projections are model- and assumption-sensitive.
Coverage noted that a meaningful portion of holders expected downside pressure into 2026, reflecting concern about structural supply shocks rather than fundamentals alone. Until token unlocks are absorbed and technical issues resolved, price action is likely to remain driven more by supply dynamics and listings than by ecosystem revenue or transaction volumes.
Investors and holders are now turning their attention to the scheduled January 2026 token release and to the timetable for major exchange listings; those events will be the most immediate tests of whether demand can absorb additional supply and whether Pi can transition from speculative momentum to sustained market utility.
