Pi Network’s Open Network Anniversary: 200 Million Pi Tokens Dump Price to All-Time Low

Pi Network just crossed a significant threshold with the first anniversary of its Open Network, a moment that should spotlight the project’s ambitious journey to democratize crypto through mobile mining. Yet, the cheers are drowned out by a brutal market reality: the Pi token is scraping its all-time low at $0.13, down over 6% in the past week and another 4% on Monday, driven by a staggering 200 million token deposit to exchanges. Can a project boasting millions of users salvage its value, or is this a stark lesson in crypto fundamentals?

• Price Plunge: Pi token nears all-time low of $0.13 after a 6% weekly drop and 4% daily loss.
• User Surge: 16.2 million migrated to mainnet, with 17.7 million completing KYC verification.
• Supply Shock: 200 million Pi tokens hit exchanges, sparking heavy selling fears.

A Milestone Marred by Market Woes

Since its launch in 2019, Pi Network has pitched itself as a game-changer, aiming to make cryptocurrency accessible to the masses by allowing anyone with a smartphone to “mine” tokens without the power-hungry rigs required for Bitcoin. The concept resonated, especially in regions with limited access to traditional finance but widespread mobile usage. Fast forward to today, and the project celebrates one year since its Open Network went fully live—a transition from a closed beta to a functional blockchain where tokens can be transacted for real. The stats are undeniably eye-catching: 16.2 million users have migrated to this mainnet, with 10 million joining in 2025 alone. On top of that, 17.7 million have completed Know Your Customer (KYC) verification, a process where users confirm their identity to prevent fraud and meet regulatory standards. This is a user base that most altcoins can only dream of.

Beyond raw numbers, Pi’s ecosystem shows signs of life. Over 300 apps are now hosted on the mainnet, with more than 100 launched this year alone, hinting at developer interest. Security isn’t lagging either, with over 421,000 active nodes—computers or devices running the network software—keeping things decentralized, at least on paper. Local transactions are popping up too, as the Map of Pi (a tracker for real-world activity) logs 148,000 sellers and 2.1 million users swapping goods or services. Even staking, where users lock up tokens to boost app visibility or network functions, has seen over 111 million Pi committed. Picture a street vendor in a remote village accepting Pi for a sale—it’s the kind of peer-to-peer vision that gets crypto idealists excited. If stats were currency, Pi would be printing money right now.

Supply Flood: 200 Million Tokens Crush Sentiment

But stats aren’t currency, and the market is delivering a savage reality check. Pi’s price is in freefall, trading perilously close to its lowest point ever at $0.13. The trigger? A massive dump of roughly 200 million Pi tokens onto centralized exchanges—platforms where users trade crypto for cash or other coins—following the resumption of mainnet migration. For clarity, mainnet migration is when users move their tokens from the pre-launch phase (where they were essentially locked IOUs) to the live blockchain, often unlocking them for trading. When this many tokens flood the market, it’s like dumping extra inventory during a clearance sale: there’s more to sell than there are buyers, and the price gets hammered. Add to that tens of millions of Pi moving out of wallets tied to the Pi Foundation in a mere 24-hour span, and you’ve got a recipe for panic. Are insiders or early holders cashing out? The Pi Core Team hasn’t said a word, and the silence is deafening. For more details on this staggering token dump, check out the latest Pi Network update.

From a technical standpoint, the charts are uglier than a bear market meme. Pi is languishing below its 50-day Exponential Moving Average (EMA) of $0.1758—a smoothed-out average of recent prices over 50 days that traders use to spot momentum trends. The next line of defense, or support level, sits at $0.1533, a price where buying interest might historically step in. If that breaks, we’re looking at a potential slide to $0.13 or beyond. For newcomers, think of support levels as a floor the price struggles to fall through—until the weight of selling pressure smashes it. With this kind of token influx, don’t hold your breath for a miraculous rebound. The market is screaming one thing: supply is drowning demand.

Tokenomics Trouble: Pi’s Murky Economic Model

Let’s zoom out to the bigger picture. Pi Network’s core bet has always been on mass adoption, targeting users who might never touch Bitcoin due to its complexity or cost. The anniversary update from the Pi Core Team touts infrastructure wins, and they’re not wrong to flex those numbers. But crypto markets are a brutal arena, and user growth means nothing if the economic model—known as tokenomics—doesn’t hold up. Tokenomics is essentially the rulebook for how a cryptocurrency works: how tokens are created, distributed, and used to drive value. Bitcoin has a hard cap of 21 million coins and a proof-of-work system that makes scarcity a feature. Ethereum, post its 2022 shift to proof-of-stake, burns tokens through transaction fees and reduces issuance, sometimes making supply deflationary. Pi? Its total supply isn’t even fully transparent, and the distribution—especially with foundation wallets moving millions—feels like a black box. That opacity spooks investors faster than a rug pull rumor.

Compare Pi’s 300 apps to Ethereum’s sprawling ecosystem of thousands of decentralized applications (DeFi protocols, NFT marketplaces, and more) driving billions in locked value, and Pi looks like a sandbox project. Sure, 300 sounds nice, but are these apps meaningful? Are they basic wallets, random games, or actual marketplaces with traction? Without specifics, it’s hard to gauge if they’re a sign of potential or just fluff to pad the stats. The lack of clarity here is another red flag. And while we’re swinging the hammer, let’s address the elephant in the room: Pi has faced years of skepticism, with critics labeling it vaporware or a pyramid scheme in blockchain clothing. The delayed mainnet launch—finally opening fully a year ago—didn’t fully quiet the doubters. If those 200 million tokens hitting exchanges are from long-time holders bailing after waiting years, or new users who see no reason to hold, that’s a damning vote of no confidence.

User Growth vs. Value Disconnect: A Deeper Dilemma

Here’s where we play devil’s advocate. Despite the grim price action, there’s something to admire in Pi pulling nearly 18 million verified users into a space where most altcoins can’t crack six figures. In developing regions, where mobile phones outnumber bank accounts, a project like Pi could theoretically disrupt traditional finance. Imagine millions using Pi for microtransactions or remittances, bypassing bloated banking fees—that’s a decentralization dream worth rooting for. But dreams don’t pay the bills, and right now, the token’s value isn’t reflecting any of this potential. Growth without a mechanism to translate into demand—whether through burning tokens, locking them in apps, or creating real utility—is just noise. Pi’s mobile-first gamble might carve a niche, but not if holders keep dumping faster than you can say “mass adoption.”

As Bitcoin maximalists, we can’t help but raise an eyebrow at projects like Pi. Bitcoin is the ultimate middle finger to centralized control, a store of value forged through decentralization and scarcity—no foundation wallets dumping millions on a whim. Pi’s murky distribution and questionable transparency feel like a compromise at best, a red flag at worst. That said, not every blockchain needs to be Bitcoin. Ethereum fills the smart contract gap, Solana pushes speed, and maybe Pi could own accessibility—if it survives its own growing pains. The crypto space thrives on experimentation, even if most experiments crash and burn. The question is whether Pi’s model is a bold step toward inclusion or a half-baked idea crumbling under market weight.

Broader Crypto Context: Pi’s Struggle in 2025

Pi’s woes aren’t happening in a vacuum. The broader crypto market in 2025 has its own turbulence, with Bitcoin holding steady above key levels but still vulnerable to macro pressures like interest rate hikes or regulatory noise. Altcoins, especially newer or less proven ones, often bear the brunt of bearish sentiment, and Pi’s price crash feels like a textbook case of project-specific flaws amplified by a jittery market. Supply shocks post-mainnet aren’t unique to Pi—many altcoins face token unlock dumps as early holders or teams cash out after long lockups. Ethereum tackled similar issues by slashing issuance and burning fees, creating a deflationary tilt. Could Pi learn from that playbook, perhaps by introducing mechanisms to reduce circulating supply or incentivize holding? Without such moves, it risks being sidelined as just another overhyped token in a sea of forgotten altcoins.

Future Outlook: Can Pi Pivot Before It’s Too Late?

We’re all for accelerating decentralized tech and disrupting the status quo, but projects like Pi must prove they’re not just smoke and mirrors. Foundation wallet dumps without a shred of explanation? That’s not just sloppy—it’s damn near disrespectful to users left holding the bag. Crypto isn’t a feel-good startup pitch; it’s a battlefield where fundamentals win. If Pi Network wants to claw its way back, it needs to tackle supply pressure head-on—whether by locking up tokens, clarifying distribution, or giving users a real reason to hold rather than sell. Leaning on “we’ve got millions of users” as a crutch won’t cut it. The anniversary highlights raw potential, but 200 million tokens hitting exchanges speaks louder than any update. Pi’s mobile mining pitch sounded revolutionary—until the market responded faster than a pump-and-dump scam. Is this democratization or digital disappointment? Time, and the cold hard charts, will tell.

Key Questions and Takeaways on Pi Network’s Crisis

• Why is Pi Network’s price collapsing despite huge user growth?
  A flood of 200 million Pi tokens onto centralized exchanges after mainnet migration resumed, paired with unexplained outflows from foundation-linked wallets, is driving sell-off fears and crushing value.
• Does Pi Network still hold promise with over 16 million mainnet users?
  Yes, the sheer scale of adoption and app development shows potential, but it’s meaningless without tokenomics that stabilize price or deliver tangible utility to match the hype.
• What’s fueling the selling pressure on Pi tokens?
  The resumption of mainnet migration unleashed 200 million tokens for trading, suggesting early holders or new users are cashing out rather than believing in long-term value.
• Can Pi recover from this bearish nosedive?
  Recovery is possible if demand outpaces supply, but Pi must hold above the $0.1533 support level to avoid sinking deeper to $0.13 or lower—real utility is the only long-term fix.
• Does this anniversary reflect strength or fragility for Pi in the crypto race?
  It’s a split decision: ecosystem metrics flex muscle, but the price slump and supply mess expose critical weaknesses that could doom Pi unless urgently addressed.