Pi Coin News: Pi Network Confronts 134 Million Tokens Unlock — Is it a "Stress Test" or a Value Assessment?

Entering 2026, Pi Network has reached a critical moment in its development history. The project team announced that approximately 134 million Pi Coins will be unlocked and enter circulation this month. While this event is typically viewed as a major bearish signal, it has instead sparked an interesting shift in community narratives. Supporters are no longer focusing on short-term price shocks but are emphasizing the progress within the ecosystem, including over 215 active applications, 15.8 million mainnet migration users, and AI-driven KYC verification advancements.

Meanwhile, ('s [Pi Coin]https://www.gate.com/zh/price/pi-network-pi) price hovers around $0.21, with a daily trading volume of only $16 million, yet technical charts are quietly forming a potential bullish “double bottom” pattern. This article will analyze the profound impact of this token unlock on the Pi Network ecosystem and explore whether it can absorb the increased supply through practical applications, making the difficult leap from “social mining” concept to a functional blockchain network.

134 Million Pi Coins Unlock Wave: Why Is Community Narrative Quietly Shifting?

For any cryptocurrency project, large-scale token unlocks often bring market anxiety. According to the official schedule, Pi Network will release about 134 million Pi Coins in January 2026, and over 12 months, the total unlock volume is expected to exceed 1.24 billion. Such a massive potential sell pressure can unsettle any investor. However, unlike previous unlocks, the core discussion in the Pi Network community on the eve of this event has not been dominated by “panic selling,” but rather a collective narrative shift toward “ecosystem utility.”

This shift is not unfounded but based on a series of official and community-disclosed data. The project team announced that, to date, over 17.5 million KYC verifications have been completed, and about 15.8 million users have successfully migrated to the Pi mainnet. Supporters are using these figures as evidence to argue a core point: Pi Network’s ecosystem has grown large enough that the newly unlocked tokens can be absorbed by active applications and user behaviors within the network, rather than flowing directly into exchanges as sell orders. An anonymous ecosystem developer stated, “January’s unlock is more like a ‘stress test.’ If during this period, in-app transactions and activity can be maintained or even increase, it proves that Pi’s foundation is solid, and its value support is shifting from mere expectations to actual usage.”

Of course, whether this narrative will be widely accepted by the broader market remains a big question. Historical experience shows that, in the absence of strong buy-side support, massive unlocks almost inevitably impact prices. The Pi Network community’s effort aims to change the market’s valuation logic—from focusing solely on circulating supply and sell pressure to a comprehensive assessment of user base, application ecosystem, and network activity. The outcome of this “narrative battle” will largely determine Pi Coin’s market performance after the unlock.

Ecosystem Development Report Card: Can 215 Applications and AI Tools Support Valuation?

In response to skepticism, Pi Network supporters have presented a “report card” on ecosystem development. According to community-summarized data, over 215 applications are currently launched or actively used within the Pi ecosystem. These applications cover payment, e-commerce, tools, and experimental services, targeting everyday users rather than crypto traders. This strategy aims to build an internal economy where Pi Coin circulates as a medium of payment, service, and incentive, reducing reliance on secondary markets.

( Current Key Data of Pi Network Ecosystem

Users and Verification Data:

• Total KYC verifications completed: 17.5 million
• Mainnet migration users: approximately 15.8 million
• Current daily active users: to be further disclosed by official sources

Applications and Developer Ecosystem:

• Active/developing applications: over 215
• Main categories: payments, e-commerce, tools, gaming
• Recent major ecosystem investments: CiDi Games, OpenMind, etc.

Technology and Infrastructure:

• Underlying infrastructure: based on Stellar network
• Smart contract upgrades: transitioning to Stellar v23 and Rust smart contracts
• Future development focus: decentralized exchanges (DEX), automated market maker (AMM) tools

To support this increasingly large ecosystem, Pi Network has also made updates to its technical infrastructure and operational tools. The community disclosed that the project is increasingly utilizing automation and AI tools to accelerate KYC verification, aiming to address bottlenecks in mainnet migration and enhance network security checks. Additionally, audits and security tools related to Stellar infrastructure have been mentioned. The core purpose of these upgrades is to lower user participation barriers and improve overall network security and reliability, so that during the token unlock period, user engagement and retention can be maintained despite potential market volatility.

However, an unavoidable reality is that, compared to the thriving decentralized application (DApp) ecosystems on chains like Ethereum and Solana, Pi Network has yet to produce “killer apps” with broad influence and user stickiness. Although the project team actively promotes ecosystem building through hackathons and investments in game developers, the practicality and innovation of its applications still require long-term market validation. The “depth” and “breadth” of the ecosystem will be key factors in whether it can effectively absorb circulating supply and generate genuine demand.

Price and Technical Analysis: Can the Double Bottom Pattern Lead a Rebound?

While fundamental narratives are fiercely contested, the performance of [Pi Coin]https://www.gate.com/zh/price/pi-network-pi) in the secondary market appears relatively calm, even somewhat sluggish. As of the most recent trading day, PI’s price hovered around $0.2115, with a slight rebound from the lows of $0.1952 in October and December last year. Its price remains over 90% below its all-time high. More noteworthy is its trading volume, which increased by 30% in 24 hours but only reached $16 million in absolute terms. For a project claiming a market cap of over $1.7 billion, this liquidity is quite thin.

The reasons for this situation are multifaceted. First, Pi Coin is still only listed on a few exchanges like Gate and MEXC, and has not been listed on any major global top-tier CEXs, greatly limiting liquidity and audience reach. Second, ongoing token unlock plans act like a “Damocles sword,” causing most external funds to remain on the sidelines, hesitant to enter. Lastly, as previously mentioned, doubts about its “ghost chain” (lack of real on-chain activity) persist, undermining investor confidence.

However, from a purely technical perspective, a faint glimmer of hope is emerging. On the daily chart, PI’s price has twice bounced off near $0.1952, forming a classic “double bottom” pattern. The neckline is approximately at $0.2823. Meanwhile, momentum indicators like PPO and RSI have shown bullish divergence signals, with lows in these indicators during sideways price movement. These technical signs suggest that selling momentum may be waning, and bulls and bears are reaching a weak equilibrium at this level.

Technical analysts believe that if PI’s price can hold above the $0.1952 support and volume gradually increases, a rebound toward the neckline at $0.2823 is highly probable. The first key resistance is around the psychological level of $0.25. Of course, all this depends on macro market conditions remaining stable and the Pi ecosystem not showing signs of collapse during the unlock. Conversely, if the critical support at $0.1952 is broken, a bearish structure will be reinforced, and the price could start a new downtrend.

In-Depth Analysis: What Is Pi Network? Its Core Vision and Challenges

For outsiders or new investors, Pi Network often appears mysterious and controversial. To understand its current crossroads, one must start from its origins and core model. Pi Network was founded in 2019, with its biggest innovation being the concept of “mobile mining,” allowing users to earn Pi Coins through simple interactions (like daily clicks) on a mobile app, without consuming computing power or electricity. This extremely low participation barrier quickly attracted tens of millions of registered users worldwide, forming a large community.

Its tokenomics is also distinctive. The total supply of PI is not fixed but is issued through a mining mechanism that adjusts dynamically based on user growth. Early on, the project used social mechanisms like “security circles” to simulate PoW security models. Its core vision is to build a more inclusive digital currency and smart contract platform led by ordinary people rather than large farms or institutions. Technologically, Pi Network did not build a blockchain from scratch but chose to develop on the proven Stellar network, with plans to gradually introduce Rust smart contracts and DeFi tools.

However, Pi Network faces enormous challenges along with its vision. First, the “everyone can mine” model, while attracting massive users, has led to extremely dispersed token distribution and very low early acquisition costs, planting the seeds for heavy secondary market sell pressure later. Second, the long transition from testnet to mainnet, from non-tradable tokens to tradable assets, has tested community patience and led to doubts about “hype.” The biggest challenge is proving that it is more than just a successful user growth experiment, but a blockchain network capable of generating real economic activity and value. This token unlock is a severe test of that “proof.”

Future Outlook and Strategic Considerations: How to Proceed Post-Unlock?

Looking ahead over the coming weeks or months, Pi Network’s development path can be divided into two levels: fundamental ecosystem development and market price. While interconnected, their driving logic differs.

On the ecosystem front, the 1-2 months following the January unlock are critical observation windows. Market analysts will closely monitor key indicators such as: whether the mainnet migration slows or regresses due to unlock uncertainty; whether total transaction counts and volumes within the ecosystem grow in tandem with increased circulating supply—directly testing the “ecosystem absorption” hypothesis; and whether the project’s promised technological upgrades, especially the migration to Stellar v23 and the introduction of Rust smart contracts, proceed as scheduled and create a more developer-friendly environment. Positive results in these areas could help Pi Network shed the “ghost chain” label and build a preliminary value narrative.

On the price and trading side, investors should maintain rationality and caution. For current holders, the price is near key support levels, with bullish divergence signals present. Blindly cutting losses is not advisable; instead, setting a stop-loss around $0.1952 and observing whether the price can rebound after the unlock event is prudent. For those on the sidelines, waiting for clear positive signals such as application breakthroughs, major partnerships, or token listing on mainstream CEXs is wise. Short-term traders can focus on the $0.1952 to $0.2823 range, but should be aware that in a market with limited liquidity, volatility may be amplified, increasing risk.

Long-term, Pi Network’s story is fundamentally an experiment in whether “user scale can translate into network value.” It has nearly all the user base that blockchain projects dream of, but how to convert these users into builders and value creators rather than mere token claimants remains the ultimate challenge for the project team and core community. The January unlock is both a challenge and an opportunity for the market to reassess its intrinsic value. Regardless of the outcome, this process will provide a highly valuable case study for how the blockchain industry evaluates “community-driven” projects.