Bubble
Pi Network PI
Pi Network (PI) was trading at $0.083, ranked #76 by market cap at $909.33M, with 24h volume of $8.58M.
Data snapshot: 2026-08-03 09:00 UTC.
PI is the token of Pi Network, a project that began by letting users "mine" PI passively through a mobile app without draining battery or paying fees, building a very large user base years before the coin was tradable on open markets. Its mainnet and open trading launched in 2025, and the network is still gradually opening up KYC'd wallets and exchange listings — a rare case of mass pre-adoption arriving well before the token itself went live. Pi Network took an unusual route: years of mobile-app mining and identity verification before an open mainnet and exchange listings, which produced a very large registered user base long before the token traded freely. That history is the main thing to understand about it — supply unlocking and how many of those accounts convert into actual holders matter more to its market behaviour than typical network metrics. On this map PI is best read with attention to how much of its supply is actually circulating versus locked, since that determines what market capitalisation is really measuring.
What was mobile mining in Pi Network?
Users accumulated balances by checking into a phone app during a long pre-mainnet period. It was not proof-of-work mining; it was a distribution and identity-verification mechanism.
Why does circulating supply matter here?
A large share of the total was allocated during the pre-mainnet period and unlocks over time. Market capitalisation reflects only circulating supply, so unlock schedules affect what the figure means.
Is a large user count the same as network usage?
No. Registered accounts and active on-chain usage are different measures, and the gap between them is often large.
What is PI used for?
It is the network's native token, used for transactions and within applications built on its mainnet.
Market cap decides how big a bubble is drawn, so rank is what places PI on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #57 | Internet Computer (ICP) | $1.14B |
| #65 | Ethereum Classic (ETC) | $1.07B |
| #76 | Pi Network (PI) | $909.33M |
| #78 | Kaspa (KAS) | $744.92M |
| #81 | Algorand (ALGO) | $803.31M |