On November 20, 2025, Pi Coin captured market attention with a sharp 10% price increase, lifting its value to approximately $0.246. This surge was fueled by a significant jump in capital inflows, which hit a six-week high according to market metrics. However, this price action reflects the highly speculative and complex nature of the current Pi market, which is driven by IOU tokens on centralized exchanges rather than a fully launched, publicly tradable asset.
A Market Built on Promises
The crucial context for this rally is that Pi Network’s mainnet has not yet launched to the public. The tokens being traded on exchanges are IOUs (I Owe You), which are essentially speculative placeholders. These represent a promise from exchanges to deliver the real Pi coins if and when the network officially opens for trading. This means the current price of around $0.246 is not a product of open market price discovery for the official Pi coin, but rather the value of a speculative derivative.
This IOU market is known for its extreme volatility, with prices swinging dramatically. Major data aggregators like CoinGecko and CoinMarketCap prominently display warnings, noting that these IOUs may not be transferable across exchanges and advising users to “DYOR and proceed with caution”. The activity is a bet on the future success of the project, not a reflection of its current, functional state.
Regulatory Moves Fueling Optimism
The recent price surge appears to be closely tied to a significant regulatory development. In a quiet but strategic move, Pi Network recently published a MiCA-compliant whitepaper. MiCA, the Markets in Crypto-Assets regulation, is the comprehensive framework governing cryptocurrencies in the European Union.
This filing is a clear signal of the project’s intention to seek public trading within the EU, with key dates for a public offer set for late November 2025. Achieving MiCA compliance is a critical step for any project seeking listings on regulated European exchanges and building institutional trust. This regulatory progress is likely a key factor behind the growing investor confidence and capital inflows observed in the IOU market, as it provides a more concrete pathway to a legitimate public launch.
The Crucial Milestone Ahead
For all the excitement around IOUs and regulatory filings, the single most important event for Pi Network remains the launch of its Open Mainnet. The project is currently in an “Enclosed Mainnet” phase, where tokens cannot be freely traded on the open market. The transition to an open network is what will finally allow the native Pi coin to be listed on major global exchanges and establish a real market price.
The project has faced years of delays, with the launch previously anticipated for the first quarter of 2025. The ongoing challenge has been the massive scale of migrating and verifying its millions of users through KYC processes. Until the Open Mainnet goes live, the Pi ecosystem remains a closed loop, and the IOU market will continue to be a high-risk, speculative preview of a potential future asset.
In summary, while the recent 10% rally and regulatory progress are positive signals for the Pi Network community, they are markers on a path that has not yet reached its destination. For traders and observers, the only verified milestone that will truly transform Pi’s market presence is the successful activation of the Open Mainnet.
