For years, Pi Network has stirred up excitement across the globe, with millions of users mining Pi tokens directly from their phones without draining battery power or requiring expensive hardware.
In the volatile world of cryptocurrency, few projects have captured the public imagination quite like Pi Network. Boasting a user base of tens of millions, it promises a revolutionary approach to crypto mining—one that doesn’t require expensive hardware. This massive community has generated a purported market capitalization of over $2.8 billion. While the old narrative was that Pi Coin (PI) was merely a phantom asset traded as an IOU, the reality is now more complex. PI is tradable on exchanges like OKX and Bitget, with clear trading pairs, confirming its status as a real asset in the crypto ecosystem.
This fact, however, is the biggest secret. The paradox is that while the coin is traded, its network remains functionally “enclosed.” Despite the official launch of the Open Mainnet in early 2025, the actual movement of the coin is controlled by bottlenecks: mandatory, slow KYC migration and the Core Team’s centralized control over Mainnet validators. The millions of daily miners cannot freely and instantly move their earned coins onto the exchange. Therefore, the price discovered on those few exchanges is based on a highly restricted supply, not a free-flowing market of 9 billion circulating tokens. The high market cap is built on a shallow pool of liquidity, where a small volume of trading ($20M – $35M daily) is enough to sustain a massive valuation. This is a ghost valuation—a number built on the hope of unlocked supply rather than the reality of current circulation.
The Red Flags: Why Binance and Coinbase Won’t Touch It
The most powerful indicator of Pi Network’s questionable value is its continued absence from major, top-tier exchanges like Binance and Coinbase. Their due diligence processes are stringent, and the Pi project fails to meet several core requirements that the OKX listing does not negate.
- Centralization and Governance Risk: The core issue is that Pi Network is fundamentally not decentralized. Despite its user-friendly app, the Pi Core Team controls all Mainnet validator nodes. This high degree of centralization contradicts the core philosophy of a public blockchain and presents immense risk. Binance and Coinbase avoid projects where governance, protocol upgrades, and—critically—token migration and distribution are controlled by a single entity. Centralized control raises the risk of unilateral decisions, censorship, and market manipulation, which these exchanges, under intense global regulatory scrutiny, cannot afford to endorse.
- Lack of Transparency and Audibility: Major exchanges demand verifiable transparency. The Pi Network has been consistently criticized for opaque tokenomics. While the maximum supply is 100 billion tokens, the exact circulating supply and the Core Team’s plans for their 20% allocation are unclear. Furthermore, the Core Team has been accused of adjusting the supply through unexplained token burns without full public disclosure. This ambiguity prevents a clear assessment of long-term supply inflation and market stability—a non-starter for regulated platforms.
- Regulatory and Reputational Hazard: Pi Network’s growth model, heavily reliant on referrals and recruiting new users for higher mining rates, has led to it being flagged by authorities in various regions as a “multi-level marketing” or “pyramid scheme.” For global giants like Binance and Coinbase, listing a coin associated with this regulatory ambiguity and negative public perception is a massive liability. They are waiting for the project to demonstrate clear legal standing and a fully decentralized, fully utilized ecosystem—not just a massive user base.
The Speculative Truth: Is it Worth $2.8 Billion?
No. The market capitalization of $2.82 billion is almost certainly an overinflated figure. It exists purely because the majority of the token supply (the vast amounts mined by the millions of users) is effectively locked behind the slow-moving KYC and migration system.
The low 24-hour trading volume relative to the massive market cap confirms this illiquidity. This is a classic hallmark of a pump-and-hold dynamic: there is high perceived value (the market cap) but low real activity (the volume). Once the network’s gates are truly opened, and the millions of miners are able to freely deposit and sell their accumulated Pi, the sudden influx of supply could easily overwhelm the current low trading demand, potentially causing a massive price collapse.
Pi Network successfully built a massive community on the promise of future value, leveraging that community’s sheer size to attract smaller exchange listings and generate a headline-grabbing market cap. The secret is that this value is not based on technology or utility; it is based entirely on the speculative captivity of its own users. The real question isn’t if Pi is tradable, but why a coin that is traded has so little real value and so many fundamental flaws. That being said, Pi’s team has plans to make the network an irrpleacable cog in the crypto ecosystem. And if their vision bares f fruit, then maybe a high valuation will not be something to be sceptical about.
Consider this: in regions where access to financial infrastructure is scarce, Pi could act as a digital barter tool or a gateway to broader crypto adoption. This kind of grassroots penetration is something Bitcoin and Ethereum, with their high entry barriers, struggle to achieve. Pi’s simplicity could end up being its greatest weapon in establishing long-term value.
The Bearish Perspective
Of course, not everyone is convinced. Critics point out that without free trading, any talk of value is speculative at best. Some even compare Pi to a massive social experiment or a cleverly packaged app that monetizes user attention rather than building real financial utility. Skeptics warn that if Pi ever lists, the oversupply of tokens could crash the price immediately, turning user holdings into little more than pocket change.
Moreover, the lack of transparency around Pi’s total circulating supply, governance, and roadmap raises concerns. While the community is strong, critics argue that belief alone cannot sustain value without open market validation.
Speculating on Pi’s Future Price
So, what might Pi’s real value be if it does finally list? Analysts in crypto forums offer wildly different predictions. The conservative camp believes Pi will drop to fractions of a cent, reflecting its huge supply and uncertain demand. Optimists, however, see a potential of a price surge between $1 and $5, citing its vast user base as a unique driver.
The Secret No One Can Ignore
Perhaps Pi Network’s biggest secret isn’t about its current value at all – it’s about the possibility of future value. If Pi succeeds in turning its massive community into a functioning economy, its true worth may end up surprising even the harshest skeptics. For now, Pi remains a paradox: a cryptocurrency with a speculative price but millions of believers. Whether it turns out to be a digital revolution or a cautionary is yet to be seen.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/pi-networks-big-secret-what-theyre-not-telling-you-about-its-real-value/