$PI Faces 600M Token Unlock as Community Raises Market Concerns

Pi Network is heading into rough waters. Over the next five months, it plans to unlock more than 600 million $PI tokens. This includes 139 million in August, 116 million in September, 93 million in October, 102 million in November, and a massive 170 million in December.

Chart: Pi Coin on July 16, 2025. Source: Coinmarketcap

On top of that, daily migrations are pumping an extra 3 to 5 million tokens into circulation. With $PI already under pressure, many in the community fear this surge could crash the price further. On July 16, $PI traded at $0.4456, down 4.3% for the week.

Community Sounds the Alarm

Pi Network supporters aren’t holding back. In a viral thread, user @pinetworkmember warned, “Expect way more volatility and most likely a hard time for $PI’s price action over the coming months.”

Their main concern? There’s no real demand to meet this ballooning supply. Liquidity is thin. Buyers are few. Exchanges remain hesitant. And the Pi Core Team (CT), according to critics, isn’t doing enough to change that.

While the Pi App Studio has introduced low-cost app development, the ecosystem remains largely isolated. “They don’t want to give up control,” one member said. “That’s what hurts them. They’re not ready to truly decentralize.”

Real Costs for Real Users

For millions of Pioneers, that lack of openness comes with a price. Many users have spent years mining $PI and promoting the network. Now, as unlocked tokens hit the market with limited utility or exchange support, those efforts seem less valuable.

Just one day before, on July 15, Pi Network unlocked 7.7 million tokens. This triggered further concern about what each new batch of tokens means for Pioneers and long-term market stability. As @pinetwork_world put it, “Pi Unlocks 7.7 Million Tokens in a Single Day: What It Means for Pioneers and the Market.” The answer, for many, is simple: dilution.

What’s Next for $PI?

At a market cap of $3.43 billion and a circulating supply of 7.7 billion tokens, $PI’s fundamentals look shaky heading into this unlock storm. Its fully diluted valuation stands at a steep $44.55 billion, far ahead of current demand. Unless the Pi Core Team opens the ecosystem to outside developers, exchanges, and investors, critics say volatility will worsen. 

The ecosystem needs real-world adoption, not just more tokens. Still, some remain hopeful. If Pi Network pivots toward genuine decentralization and better market integration, it could regain community trust. But time is ticking. And for a project that once promised to reshape crypto for the masses, $PI must now prove it can weather its biggest test yet.