Pi Network Price Plummets 84% After Mainnet Launch Amid Supply and Adoption Challenges

Millions of users waited for February 20, 2025, hoping it would mark the beginning of Pi Network’s meteoric rise. After years of tapping a button daily to mine Pi, the open mainnet launch was expected to transform the project into a major cryptocurrency contender. A $10 price target became a symbol of optimism within the community, but the reality that followed was far more sobering. The price crashed by 84% shortly after the mainnet launched, and by mid-2025, Pi struggled to stay above $0.50 [1].

To reach $10, Pi would require a staggering $74 billion market cap, given its massive circulating supply of over 7.4 billion tokens [2]. This valuation would place it in the same ballpark as Ethereum, a far stretch for a project still in its early adoption phase. The problem, however, is compounded by the fact that billions more coins are set to unlock in the coming years, increasing supply and putting downward pressure on the price [3].

The price volatility has been fueled not only by supply-side challenges but also by structural issues. Critics point to the lack of smart contract functionality, the centralized control over nodes, and the controversial referral-based growth model, which has drawn comparisons to multi-level marketing schemes. The mandatory KYC process, which required millions to submit face scans and personal data, has also raised privacy concerns [1].

Despite these hurdles, Pi’s large user base—over 65 million—remains both its greatest asset and a potential liability. While the project has used initiatives like “PiFest” to drive real-world adoption, the same user base has created ongoing selling pressure. Many early adopters, who received Pi for free, have little incentive to hold onto it and often cash out as soon as liquidity improves [3].

Technical indicators offer a mixed outlook. CoinCodex’s algorithm estimates that Pi would need to gain over 2,300% to reach $10, with the earliest possible timeline stretching to 2050 [4]. Bitget’s monthly predictions suggest a modest short-term uptick, projecting $0.4473 for July 2025, $0.4492 for August, and $0.4568 by December 2025 [5]. Meanwhile, CoinGape notes a bullish divergence in open interest, hinting at some trader optimism, though this has yet to translate into significant buying activity [6].

With trading volumes for Pi dropping to $79 million in the last 24 hours and open interest exceeding $30 million, the market remains in a state of uncertainty [6]. While some analysts suggest a potential rebound toward the $0.50 level, the broader consensus is that reaching $10 is highly unlikely under current conditions. It would require not only exceptional market demand but also a fundamental shift in Pi’s utility and adoption. Until then, $10 remains a distant dream rather than a realistic forecast.

[1] https://cryptonewsland.com/pi-network-price-prediction-is-10-within-reach/

[2] https://investx.fr/en/crypto-news/can-pi-network-hit-10-before-the-end-of-the-bull-run/

[3] https://coincentral.com/pi-network-pi-price-can-the-cryptocurrency-survive-its-biggest-token-unlock-yet/

[4] https://coincodex.com/crypto/pinetwork/price-prediction/

[5] https://www.bitget.site/price/pi-network/price-prediction

[6] https://coingape.com/markets/pi-coin-price-prediction-as-open-interest-divergence-hints-recovery-whats-ahead-0-5-or-0-32/