Pi Network’s $195 Billion Valuation Faces Liquidity Crisis , What Next For Pi Coin Price?

Pi Network’s long-awaited mainnet launch has turned into a high-volatility event, with its Pi token experiencing sharp price swings. The token started at $1.70, briefly surged to $2.00, then crashed over 50% within two hours. It now trades around $0.6596—66.56% below its all-time high (ATH). Despite daily trading volumes exceeding $1.2 billion, liquidity concerns are raising doubts about its long-term stability. However, trading volume has jumped by 479.60% in the last 24 hours.

Some see it as the next big thing, while others fear it could end up as another overhyped project.

With wild price swings, community backlash, and a controversial mining model, Pi’s mainnet debut is anything but smooth. So, what’s really going on? Let’s break it down.

Pi Coin Red Flags to Watch

Even with a staggering $195 billion valuation, Pi Coin is facing liquidity problems. Crypto exchanges don’t have enough liquidity to handle the large volume of Pi token trades. Even OKX, the most liquid exchange for Pi, has a 2% market depth of just $33,000 to $60,000. This means a $100,000 trade could cause major price fluctuations, making the market highly unstable.

Pi Network uses a smartphone-based mining system that requires an invitation to join. It also rewards users for referrals, drawing comparisons to multi-level marketing (MLM) schemes. Similar to SafeMoon, early adopters seem to be benefiting the most. Since launching in 2019, Pi Network has grown to 60 million users. Now that the mainnet is live, users can trade their tokens – but low liquidity is making price stability a challenge.

Lock-Up Program: Is It a Good Idea?

To counter selling pressure, Pi Network is offering a token lock-up program. Holders can lock their tokens for up to three years in exchange for higher mining rewards. However, this strategy is similar to what HEX did—a controversial project that lost over 99% of its value between 2021 and 2024, leaving many locked tokens worthless.

Will Binance and Coinbase Listings Boost PI?

Despite the early setbacks, some market analysts remain optimistic about Pi’s potential. Crypto exchanges like OKX and CoinDCX have already listed Pi, and there’s a push to get it listed on major platforms like Binance and Coinbase. If these exchanges support Pi, increased liquidity and credibility could drive a price recovery.

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Following the rapid price swings, some long-term Pi supporters are not happy. Crypto commentator LightYear criticized the launch, stating that new buyers got easy access to tokens that early users spent years earning. This shows that people worry the listing has gone against Pi’s main idea of rewarding users for their time and effort.

While the future of Pi remains uncertain, all eyes are on whether major exchange listings can stabilize its price and bring back investor confidence.

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