Pi Coin’s Value Plummets 80% Yet Miners Remain Committed to the Network

TLDR

• Pi Coin’s price dropped over 80%, losing more than $16 billion in market value.
• 22 wallets hold over 10 million Pi each, representing a large supply concentration.
• Pi Network continues upgrades, including protocol changes and KYC improvements.
• Despite price drops, the Pi community stays active with events and ecosystem projects.

Pi Coin, a cryptocurrency that initially sparked significant excitement, has seen a steep decline in value since it began trading on external exchanges in February 2025. After briefly reaching nearly $3 per token, its price has now fallen to $0.35 by mid-September, losing over 80% of its value. Despite this drop, the Pi Network continues to maintain a strong and dedicated user base. Miners and supporters of the network are still optimistic about the future, keeping their belief alive in the project’s potential for long-term growth and adoption.

A Sudden Price Drop and Market Dynamics

Pi Coin’s initial surge in February 2025 raised expectations of a new contender in the crypto market. The token, which can be mined using just a mobile app, attracted millions of users eager to get in early on what seemed like a revolutionary project.

However, the excitement quickly faded as the price began to drop. By mid-September, Pi Coin had fallen to just $0.35 per token. This 80% decrease in value wiped out billions in market capitalization.

The Pi Network, which still boasts 15.9 million registered accounts, has been heavily reliant on its mining model. Users can earn Pi by engaging with the mobile app, which does not require specialized hardware.

This low barrier to entry has contributed to the network’s widespread adoption. Despite the declining price, Pi’s community remains active, and miners continue to hold their tokens in the hope that the project will eventually gain real-world utility and value.

Concentration of Wealth Among Pi’s Holders

Data from PiScan shows a concerning trend for Pi Coin’s long-term prospects: a small number of wallets control a large portion of the coin supply. Just 22 wallets hold over 10 million Pi each, with the Pi Foundation controlling the largest share. At its peak in February 2025, the Pi Foundation’s primary wallet held more than 52 billion Pi, valued at over $18 billion.

The distribution of Pi Coin is notably uneven, with millions of accounts holding very few coins. Around 84% of accounts fall into the lowest tiers, known as “microbe” or “plankton,” holding fewer than 100 coins.

This concentration of wealth could pose risks for the stability of the market. Large holders or “whales” can influence the price significantly, and a sudden sell-off could drive the price even lower.

Ongoing Development Despite Market Setbacks

While Pi Coin’s market value has declined, the Pi Core Team continues to focus on improving the network’s technical infrastructure. In September 2025, the team announced the migration of the Pi protocol from version 19 to version 22, with further upgrades planned. These upgrades aim to improve the blockchain’s performance and scalability.

Moreover, Pi Network has been expanding its ecosystem with initiatives like the Pi App Studio and Pi AI Studio, which are designed to attract developers and foster innovation within the network.

Pi’s transition to Mainnet is also an ongoing project, with plans for broader functionality and the introduction of a more distributed KYC process. Despite the price drop, these upgrades reflect the team’s commitment to building a legitimate and usable platform.

Community Support and Long-Term Optimism

Even with the drop in price, the Pi community remains strong. Events such as PiFest and Pi2Day continue to generate excitement and engagement among users. These events feature merchants and projects that are experimenting with Pi as a payment method, which helps maintain morale within the community.

In addition, the Pi Network will participate in the TOKEN2049 conference in Singapore, where co-founder Dr. Chengdiao Fan will present. The team’s focus on real-world blockchain applications aims to reinforce the project’s vision of inclusivity and utility. 

Although the network has not yet seen widespread adoption, the continued support from the Pi community suggests that the project could still have a future, even amid the market challenges it faces.

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