Pi Network, launched in 2019, was marketed as “the people’s Bitcoin” with mobile mining that required no expensive equipment. The token briefly surged to around $3 in February 2025, but has since fallen roughly 95% from that peak. As of February 6, 2026, Pi traded around $0.144, after dipping to about $0.13 in the same session, and the project has not launched a mainnet or secured listings on major exchanges such as Binance or Coinbase.
Analysts point to a combination of supply and liquidity concerns. By February 6, 2026, Pi’s total supply stood at about 8.86 billion coins, up from 8.3 billion the prior month, with a theoretical maximum of 100 billion. Exchange-traded volumes for Pi on IOU markets such as OKX and CoinEx have contracted to the low hundreds of thousands to a few million dollars per session, underscoring liquidity risk. Early on, Pi traded on some centralized venues at about $1–$3, fueling debates about its value, though those IOU trades did not reflect a true mainnet token, and major exchanges have yet to list Pi.
Pi Network also sought to build a broader ecosystem—Pi Wallet, Pi Browser, payments apps, and an internal marketplace—but the project remains in development with unclear practical use cases. Critics have argued that Pi lacks verifiable blockchain fundamentals and that the ecosystem remains largely theoretical, limiting its appeal as a genuine asset. In the broader market context, Bitcoin has fluctuated in strength, with prices cresting near $61,000 at times, while Pi has traded far below those levels.
Separately, meme coins illustrate a different dynamic in crypto markets. Memecoins rely on hype around public figures and symbols and can draw substantial exchange inflows despite uncertain fundamentals. For example, Trump-themed meme coins have a fixed supply around 200 million and have at times traded as high as $21, though they now trade around $3.3; they illustrate how supply dynamics and exchange liquidity can influence prices beyond fundamentals. Pi’s large supply and the ongoing debate about its value stand in contrast to the often scarce supply seen in meme coins.
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