Pi Network Launches Raffle-Driven Holiday Spending Campaign to Boost Utility

Pi Network is stepping up its efforts to make cryptocurrency more practical in everyday life by launching a global holiday commerce event. The initiative aims to boost real-world adoption of Pi (PI) by encouraging users to spend the digital currency at local merchants and through ecosystem apps. Instead of focusing solely on price speculation, the project is emphasizing the utility of Pi as a medium of exchange.

The event features a raffle system to incentivize on-chain spending. Pioneers who transact with verified merchants or through Pi-powered applications can share their experiences on the PiFest Fireside Forum, automatically entering them into the raffle. Prizes include Pi-branded items like t-shirts and hats, which will be shipped to over 220 countries, highlighting the network's global reach and community-driven approach.

Developers and merchants are also set to benefit from the campaign. They can promote their discounts and offers directly on the

Fireside Forum, creating a direct feedback loop between commerce and user engagement. This fosters ecosystem growth by aligning the interests of all participants, from consumers to local businesses.

A Focus on Utility Over Speculation

Pi Network has long aimed to move beyond the traditional view of cryptocurrency as an investment or speculative asset. The new holiday commerce event represents a strategic shift toward practical usage. By rewarding active spending rather than passive holding, the network reinforces the idea of Pi as a functional currency. This aligns with its broader vision of bridging the gap between digital innovation and real-world commerce.

The initiative is also a response to the project's recent struggles in the market. Since its mainnet launch in February 2025, Pi's price has plummeted by over 90% from its $3.00 peak. A lack of investor confidence, combined with large token deposits on exchanges and limited liquidity, contributed to the decline. However, the project remains optimistic that real-world utility and a growing user base could reverse the trend.

Challenges and Opportunities

Despite the push for real-world adoption, Pi still faces significant hurdles. The network must navigate ongoing skepticism from market participants and regulatory scrutiny. Critics have pointed to issues such as the concentration of token supply among core team wallets and the lack of clarity around tokenomics and roadmap updates. These concerns have led to reduced investor confidence, with one whale recently offloading over 1 million PI tokens on exchanges.

Moreover, Pi's mandatory KYB verification for exchanges limits the possibility of listing on tier-1 platforms like Binance, which could further hinder adoption and liquidity. However, the project's unique selling point—its 17.5 million KYC-verified users—remains a valuable asset for driving future growth.

What This Means for Investors

For investors, the holiday commerce event signals Pi Network's commitment to building sustainable utility. While the project's price has been in freefall since 2025, the focus on real-world transactions and merchant adoption could help stabilize the ecosystem. A bullish scenario would require broader user engagement, successful execution of planned upgrades, and favorable regulatory conditions.

Analysts are closely watching how the campaign performs in driving on-chain activity. A surge in spending could indicate growing confidence in Pi's utility and help attract more merchants to the network. This would create a virtuous cycle of increased usage and broader acceptance.

In the short term, Pi's price remains under pressure. As of early December 2025, it trades slightly above $0.2000, with key support levels at $0.1924 and $0.1533. A decisive close above the 50-period EMA at $0.2065 could signal a potential bullish reversal, but this would depend on increased demand and reduced selling pressure.

Risks to the Outlook

Despite its efforts, Pi Network remains vulnerable to several risks. The upcoming token unlocks in 2026, which could release 1.21 billion PI tokens, may add further downward pressure on the price. Additionally, the AI-enabled KYC process could accelerate mainnet migrations, increasing the amount of Pi deposited on exchanges and amplifying selling pressure.

Regulatory challenges also pose a significant threat. Pi's KYB requirement has made it difficult to secure listings on major exchanges, limiting its exposure to broader investor bases. Furthermore, concerns about the project's transparency and governance could deter institutional participation.

Looking Ahead

Pi Network's holiday commerce event is a bold step toward real-world adoption, but its long-term success will depend on execution. If the project can effectively scale its merchant base and demonstrate tangible utility, it may be able to regain market confidence and reverse its declining trajectory. For now, investors are watching closely to see whether the focus on practical usage can help Pi emerge as a viable digital currency in the global economy.