Since its transition to an Open Mainnet in February 2025, Pi Coin has experienced a turbulent journey, characterized by extreme price volatility and significant structural challenges. For traders and institutional investors, the asset presents a high-risk profile, shaped by severe liquidity constraints, persistent selling pressure from token unlocks, and a notable absence from major trading platforms.
A Rollercoaster Ride Post-Mainnet
Pi Coin’s entry into the open market was dramatic. Following its Mainnet launch, the token initially surged, briefly approaching the $3.00 mark as anticipation met reality. However, this peak was short-lived. The price subsequently embarked on a steep and erratic descent, erasing over 90% of its value and settling into a consolidation range between $0.20 and $0.30. This volatility is a direct symptom of the token’s thin order books, where even modest trades can cause significant price swings, leading to high slippage and making the market particularly challenging for executing larger orders.
Structural Headwinds and Market Skepticism
Beyond price action, Pi Coin faces several fundamental challenges that contribute to its risk profile and temper institutional interest.
A primary concern is the token unlock schedule. The project has been gradually releasing a massive supply of tokens into the market. With a total supply capped at 100 billion, over 8 billion PI are already in circulation, and more than 90% of the eventual supply remains locked. Historic unlocks, like the 268 million tokens released in July 2025, have triggered immediate price drops of 25% or more. This creates a persistent overhang of potential selling pressure, as early miners and insiders may choose to liquidate their holdings.
Compounding this issue is a pronounced concentration of supply. Data indicates that the top 100 wallets control a staggering 96.37% of the circulating Pi tokens. This extreme concentration means the actions of a few large holders can disproportionately impact the entire market, increasing the risk of sharp price movements if they decide to sell.
Furthermore, Pi Coin suffers from a lack of major exchange listings. The token remains absent from top-tier platforms like Binance and Coinbase, which has severely limited its liquidity, accessibility, and credibility in the broader crypto market. This absence is often cited by critics who point to concerns over the project’s tokenomics and level of centralization.
A Market in a Holding Pattern
As of mid-November 2025, Pi Coin’s price continues to reflect this uncertainty, trading around $0.227 and trapped in a narrow range between $0.217 and $0.234. On-chain data reveals minimal transactional activity, with the top 100 transactions in a 24-hour period moving just over 9 million PI—a sign of waning investor participation and weak underlying support.
For traders and treasury managers, the current environment demands caution. The combination of low liquidity, ongoing token unlocks, and high supply concentration creates a landscape prone to sudden volatility. The path of least resistance appears dependent on the project’s ability to achieve critical milestones, such as securing listings on major exchanges or demonstrating a substantial increase in real-world utility for its token. Until then, Pi Coin is likely to remain a high-risk asset, navigating the challenges of transitioning from a community-driven project to a sustainably traded cryptocurrency.
