Pi Network Mainnet Launch Sparks 32% Price Surge in May 2025

Pi Network’s long-anticipated transition to its Open Mainnet in early 2025 marked a pivotal moment for the project, one that had been teased for years. The platform, launched in 2019 with the promise of democratizing cryptocurrency access, has now entered a new phase. On February 20, 2025, the network removed the firewall that had previously restricted external interaction, allowing for the first real-world engagement with the Pi blockchain. Over 10 million users, known as “Pioneers,” had already migrated their tokens to the mainnet by that point, with more than 19 million completing the mandatory KYC verification process [1]. The initial price reaction was swift and volatile, peaking at $2.10 before settling into a more subdued range between $0.35 and $0.40 [2]. This marks a far cry from the speculative $100-plus valuations some community members had hoped for, yet it does signal the emergence of a tangible market value for the project.

The winners in this transition appear to be the core development team and the earliest adopters. The team holds 20% of the total token supply—100 billion PI—which, at the current market valuation of approximately $3 billion, represents a substantial financial stake. Additionally, the KYC-verified user base has increased the project’s appeal to advertisers, making the platform’s ad-driven revenue model more lucrative [1]. Meanwhile, early adopters who built large referral networks through the Security Circles model have accumulated significant token reserves. With the ability to trade on the open market, these pioneers are positioned to benefit disproportionately from the token’s liquidity [2].

However, the broader promise of Pi Network—a truly decentralized, user-owned network—remains largely unfulfilled. A CNN report highlighted in early 2025 that all live Mainnet validators are still controlled by the core team, raising concerns about centralization and governance [1]. Critics also point to the limited real-world utility of the PI token, noting that most transactions occur within a closed, experimental economy [3]. Furthermore, the network’s tokenomics have drawn scrutiny due to the massive 100 billion token supply, which many believe could create inflationary pressure as more tokens are released into circulation [4].

The project’s roadmap has also failed to meet expectations. While Pi Network had promised 100 decentralized applications (DApps) and a $100 million developer fund by 2025, little tangible progress has materialized [5]. The recent launch of a 160,000 Pi prizepool for a hackathon in August 2025 was intended to stimulate innovation, but it has been met with skepticism from the community. Many argue that the initiative does not address the fundamental issues surrounding codebase transparency, mainnet delays, and centralization of control [6].

Financially, Pi has shown mixed results. While it experienced a 32% surge in May 2025, reaching $0.97, the price plummeted in late August to a historic low of $0.3352 [7]. Over the past year, it has lost nearly 79% of its value, casting doubt on the project’s ability to achieve its long-term price target of $7.09 per token by 2030 [8].

Despite these challenges, Pi Network remains one of the most ambitious and widely adopted cryptocurrency projects in the world. Its mobile-mining model has brought cryptocurrency to millions of users, many of whom may not have otherwise engaged with the space. Yet, as the project enters 2025, the focus is shifting from accessibility to accountability. For Pi to fulfill its vision of being a peer-to-peer, user-driven ecosystem, it must now deliver on its promises in a way that goes beyond the novelty of free coins mined from a smartphone [9].

Source: [1] Coindoo, https://coindoo.com/pi-network-promises-millions-but-whos-really-winning-in-2025/

[2] Coindoo, https://coindoo.com/pi-coin-pi-2025s-biggest-letdown-holders-hunt-new-tokens-to-recover-heavy-losses/

[3] DailyCoin, https://dailycoin.com/pioneers-slam-pi-networks-new-prizepool-in-hot-roast-fest/

[4] Facebook Group, https://www.facebook.com/groups/492496885232267/posts/152****071915838/

[5] Coinstagess, https://coinstagess.com/pi-coin-is-on-the-verge-of-hitting-a-historic-low-as-its-price-plummets-7-4-in-24-hours/

[6] Gate.com, https://www.gate.com/price/pi-network-pi

[7] Facebook Group, https://www.facebook.com/groups/pinetworkdeutschland/posts/1927939571396596/

[8] Instagram, https://www.instagram.com/p/DNoIsO9vv9P/