User surge, but the coin price approaches the bottom! The one-year anniversary report of the "Pi Network Mainnet" sparks heated discussion

Author: Kurumi, “Crypto City”

One year since mainnet launch, user and node data see significant growth
Mobile mining public chain Pi Network celebrates the one-year anniversary of the Open Network launch. The Pi Core Team announced the latest ecosystem developments via X platform, emphasizing clear growth over the past year in KYC verification, mainnet migration, and developer participation.

Image source: X/@PiCoreTeam | Pi Network celebrates the one-year anniversary of the Open Network launch. The Pi Core Team announced the latest ecosystem progress via X platform.

Official data shows approximately 16.2 million users have completed mainnet migration, up from about 10.1 million in the same period last year; accounts with full KYC verification total around 17.7 million. The number of mainnet applications exceeds 300, with about 148,000 local merchants and roughly 2.1 million active consumers. In terms of network infrastructure, active nodes number around 421,000.
Additionally, App Studio has generated over 46,000 application projects, with more than 200 hackathon submissions collected. The community has staked about 111 million $PI tokens for application ranking and ecosystem support. The team has also upgraded to protocol version 19.6, with a preview that version 19.9 will be the last major update before upgrading to version 20.

Community sentiment divided, calls for faster migration and reward distribution
Despite the official emphasis on ecosystem expansion, community sentiment shows clear divisions. Some traders publicly question the project’s progress speed, demanding the prompt distribution of validator rewards and the initiation of the second migration phase. Others point out that some accounts have been locked for a long time, missing high-value sale opportunities, which puts pressure on trust in the project.
Pi Core Team states they will consider feedback from GitHub’s ecosystem token design documents and Google Forms to evaluate future optimization directions. The official emphasizes that token value should return to practical application and long-term output, rather than short-term market fluctuations.
Structurally, $PI has a maximum supply of 100 billion tokens, with 65% allocated to community mining, 20% to the core team, 10% reserved for the foundation, and 5% for liquidity. As mainnet migration resumes, about 200 million $PI tokens have flowed into exchange wallets, raising market sell pressure expectations.

Token price nears historic lows, liquidity becomes a key factor
Price performance starkly contrasts with ecosystem narratives. According to CoinGecko data, $PI is currently around $0.16, down more than 8.7% in the past week, just shy of the historic low of about $0.13. Daily trading volume is approximately $15.35 million, while the overall crypto market cap has fallen to about $2.26 trillion, a decline of roughly 27.5% year-over-year.

Image source: CoinGecko | $PI recent price is about $0.16, with a weekly decline of over 8.7%

From a technical perspective, $PI price remains below the 50-day EMA, with $0.1533 serving as a short-term key support level. If the daily candle effectively breaks below this level, the market will test the $0.13 zone.
Besides overall market weakness, some foundation-related wallets have recorded outflows of hundreds of millions of $PI within 24 hours, raising concerns among traders about potential distribution pressure. Although total locked value and monthly fee data still indicate active usage, the price trend reflects a gap between supply release and demand growth.
As the one-year anniversary of the Open Network approaches, Pi Network demonstrates growth in user and application numbers but also faces the reality of prices near historic lows. Market focus is shifting from “growth narrative” to “liquidity and distribution pace.” The progress of subsequent migrations and token releases will be key indicators to watch for the project’s future trajectory.