Pi Coin (PI), the mobile-mined cryptocurrency from the Pi Network, is designed for accessibility—allowing everyday users to “mine” on their phones without draining battery or data. Launched in 2019 as a pre-mainnet project, Pi aims to create a peer-to-peer ecosystem for payments and apps, with its tokenomics emphasizing community rewards and controlled issuance. But Pi’s supply story is unique: it’s not fully circulating yet, tied to user migration and KYC verification on the mainnet. As of December 4, 2025, Pi trades at $0.2314 USD (down -0.78% in 24 hours), with a market cap of $1.93 billion—reflecting its growing but still nascent status.
If you’re wondering about Pi’s total, circulating, or max supply—and how it impacts value—this guide breaks it down with the latest data from CoinMarketCap.
Pi Coin’s Supply Breakdown: Circulating, Total, And Max Explained
Pi’s supply is capped and community-focused, but issuance is gradual to prevent dumps and reward early miners. Here’s the core metrics:
| Metric | Value | Key Notes |
|---|---|---|
| Circulating Supply | 8.34 billion PI | This is the amount actively traded and available in the market. It includes migrated mining rewards from verified users (post-KYC on mainnet). Only ~8% of max supply is circulating, creating potential upward pressure as more users migrate. |
| Total Supply | 100 billion PI | The effective total is dynamic—calculated as Migrated Mining Rewards divided by 65% (the community allocation). It grows with verified migrations but caps at 100B. Currently, it’s effectively ~12.83B based on mining progress (8.34B / 0.65). |
| Max Supply | 100 billion PI | Hard cap, Bitcoin-style scarcity. No inflation beyond this—emissions taper off via halvings. |
Why the Discrepancy? Pi’s circulating supply is low because tokens are “locked” until users complete KYC and migrate from the testnet to mainnet. As of now, only a fraction of the 35M+ Pi Network users have done so, keeping circulation tight. This “just-in-time” release prevents early floods, but it means supply can spike if migration surges.
Pi Coin Tokenomics: Allocation And Emission Schedule
Pi’s design prioritizes the community while securing the network—65% of the max supply is earmarked for miners, ensuring broad distribution. The full 100 billion breakdown:
- 65% (65 billion PI): Community mining rewards—distributed via mobile app “mining” (a lightweight consensus mechanism). This is the bulk, but issuance follows a declining exponential model: Monthly base rate halves over time (like BTC halvings), capped to reward early adopters. Only migrated (KYC-verified) rewards count toward circulating supply.
- 10% (10 billion PI): Foundation reserves—for ecosystem development, grants, and liquidity bootstrapping.
- 5% (5 billion PI): Liquidity pool—to seed DEXs and exchanges for smooth trading post-mainnet.
- 20% (20 billion PI): Core Team—vested over years to align long-term incentives.
Emission Schedule Highlights:
- Pre-Mainnet Phase: Users “mine” PI via app (no real compute)—rewards accrue but aren’t transferable until migration.
- Mainnet Issuance: Post-2025 full launch, rewards halve periodically (e.g., every 3-4 years), reducing new supply to ~1-2% annually by 2030.
- Migration Dependency: Circulating supply grows only as users verify (current rate: ~1-2M/month). If adoption hits 100M users, expect 20-30B more in circulation by 2026.
- Deflationary Kicks: Future burns from transaction fees (once dApps launch) could tighten supply further.
This setup makes Pi “inflation-proof” long-term—max supply hits by ~2040, with 90%+ emitted by 2030 if migration accelerates.
Implications For Pi Coin’s Value And Future Supply Growth
Pi’s supply dynamics are a double-edged sword:
- Bullish Angle: Low circulation (8%) creates scarcity—similar to early BTC. As mainnet apps (e.g., Pi Browser payments) launch, migration could flood supply, but halvings cap it. Analysts eye $0.50+ by 2026 if 20B more circulates without dumps.
- Bearish Risk: Sudden KYC rushes could spike supply 2-3x in months, pressuring price if demand lags. Current FDV (~$23.14B at $0.2314) implies room for growth, but volatility is high (24h range: $0.228–$0.235).
- Market Context: At $1.93B cap, Pi ranks ~150th—behind DOGE ($40B) but ahead of niche alts. With 35M+ users, real-world utility (e.g., Pi e-commerce) could absorb supply growth.
Quick Price Snapshot (for context):
- Current Price: $0.2314 USD (-0.78% 24h)
- 24h Volume: $22.1 million
- All-Time High: $2.98 (Dec 2022)
- All-Time Low: $0.000412 (Mar 2020)
Final Thoughts: Pi’s Supply – Scarcity Or Slow Burn?
Pi Coin’s 100 billion max supply is community-locked and emission-controlled, with just 8.34 billion circulating today—positioning it for potential squeezes as millions migrate. It’s not infinite inflation like some alts; halvings and KYC gates ensure gradual release, rewarding patience. If Pi Network hits 100M users and dApps, supply growth could fuel (not flood) value. But watch migration rates: Too slow, and it’s a ghost chain; too fast, and dumps loom.
Disclaimer: This is educational only—not financial advice. Crypto supplies evolve; always DYOR and check live data. Sourced from CoinMarketCap as of Dec 4, 2025.
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