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Pi Network Whales: Unveiling the Mystery of the ODM Wallet and OKX’s Involvement

Pi Network, a cryptocurrency mined via smartphones, boasts over 60 million users globally. However, its future and the timeline for its open mainnet launch remain speculative.

Recently, the community buzzes with discussions surrounding “whales,” large-scale holders moving significant amounts of Pi, particularly involving a mysterious “ODM wallet” and the leading cryptocurrency exchange, OKX. What do these movements signify?

This article objectively analyzes these reported wallet activities and explores their potential impact on Pi Network’s future. We aim to provide accurate insights, preventing misinformation and preparing you for future developments.

Pi Network’s Whales: The Shocking ODM Wallet

Recent large-scale Pi movements, especially those involving the enigmatic ODM wallet, have caused significant ripples within the Pi Network community. Reports indicate this wallet holds a staggering 311 million Pi tokens, fueling much speculation.

Large-Scale Wallet Movements and Community Unease

In typical cryptocurrency markets, investors wielding significant coin holdings and influencing market trends are termed “whales.” Pi Network currently operates on a closed mainnet, prohibiting free trading on public exchanges. This context makes the reported large-scale wallet activity a source of both excitement and anxiety within the community.

The ODM Wallet: Its Holdings and Mysteries

The precise origins of the ODM wallet’s substantial Pi holdings remain unclear. Pi Network’s closed mainnet makes it difficult to verify detailed wallet activity via external blockchain explorers. However, some within the community suggest this activity reflects internal Pi Network movements or preparations for the open mainnet launch.

The ODM wallet’s existence, coupled with Pi Network’s massive user base, significantly influences potential future market liquidity and price formation.

OKX’s Involvement: A Testament to Pi Network’s Future?

Adding fuel to the fire is the involvement of OKX, a leading cryptocurrency exchange. Some reports suggest OKX transferred 3.5 million Pi to the ODM wallet, and further reports indicate that OKX announced Pi Network’s “listing” in February 2024. However, we must carefully consider the implications of this “listing.”

The Truth Behind OKX’s Pi Network “Listing”: Official Listing vs. IOU

As of March 2024, Pi Network remains on a closed mainnet; Pi is not officially listed on external exchanges. Therefore, OKX’s announced “listing” likely doesn’t represent actual Pi trading. Such announcements often indicate the exchange initiating IOU (I Owe You) trading based on anticipation of a future open mainnet listing. IOU trading involves users betting on Pi’s future value, akin to trading IOUs. The Pi Core Team doesn’t endorse such unofficial trading.

However, OKX’s attention to Pi Network – a top-tier exchange – suggests they value its potential. Given OKX’s strict regulatory compliance and security standards, their interest hints at Pi Network’s potential recognition as a legitimate blockchain network.

Interpreting Whale Movements: Strategic Preparations for Pi Network’s Open Mainnet

The seemingly mysterious large-scale Pi wallet movements can be viewed not just as speculative actions but as strategic preparations for the open mainnet launch – like a massive move.

Understanding Large-Scale Wallet Re-allocation: The “Move” Analogy

When moving to a larger house, do you suddenly rent a moving truck? No, you plan weeks in advance, pack, coordinate with movers, and prepare for life in the new house.

Pi Network’s situation is similar. The open mainnet transition is a “massive move,” transforming Pi Network from a community project into a global financial ecosystem. The activities of the ODM wallet and exchanges like OKX can be interpreted as “packing” and “establishing a foundation” in this “new location.”

Whales’ Insight into Pi Network’s Potential

Whales often possess deeper insights into market trends and project potential than the average investor. Their accumulation of Pi and exchanges’ related activities may signal an internally understood proximity to the global launch.

These strategic preparations aim to provide sufficient liquidity during the open mainnet transition, ensuring smooth trading.

Pi Network Whale Strategies: Positive Aspects and Potential Risks

Whale activity in Pi Network presents both positive and negative aspects. Let’s objectively assess these:

Positive Aspects:
* Increased Institutional Interest and Market Credibility: Large-scale asset movements and exchange interest suggest Pi Network is a potentially valuable digital asset attracting institutional attention. This boosts Pi Network’s long-term credibility.
* Preparation for a Professional Market Launch: Concentrated liquidity from large holders could facilitate a healthy market upon the open mainnet launch, potentially mitigating extreme price volatility and fostering a stable trading environment.
* Regulatory Compliance Progress: Exchanges like OKX must adhere to strict regulatory compliance and security standards to operate. Their involvement strongly indicates Pi Network’s behind-the-scenes efforts to meet AML (Anti-Money Laundering) and KYC (Know Your Customer) requirements.

Potential Risks:
* Market Manipulation from Wealth Concentration: The concentration of over 300 million Pi in a single wallet risks price dumping if the holder deliberately sells large amounts, harming other Pi holders.
* Increased Initial Price Volatility: The open mainnet launch’s initial stages will likely see high volatility due to large-scale trading, potentially causing sharp price increases or decreases.

Your Pi: Strategies and Risk Management for Pi Holders

Amidst these significant developments, how should individual Pi holders protect assets and maximize opportunities? Let’s learn from whale strategies and act wisely.

Three Steps to Learn from Whale Strategies:

Whales don’t just hold Pi; they act strategically. Their approach, albeit on a different scale, is applicable to us:

* Accumulation: Whales quietly accumulate large amounts of Pi before widespread value recognition – similar to your current Pi mining. Continuously accumulating Pi, anticipating future value, is crucial.
* Positioning: Whales secure their positions, for example, by setting up accounts on major exchanges, anticipating the open mainnet launch. We should monitor Pi Network’s official announcements and gather information about potential exchanges.
* Strategic Selling: Whales are unlikely to sell all their Pi at once, causing market disruption. They’ll likely sell strategically, maximizing profits while maintaining market stability. We should formulate a clear exit strategy (partially selling, long-term holding, selling at a specific price, etc.).

Pi Network’s Strengths and Future Outlook

Pi Network’s appeal to whales stems from its unique strengths:

* The Power of a 60+ Million User Base: Few cryptocurrency projects boast such a massive user base. This community strength drives Pi Network’s potential to become a global financial ecosystem.
* Ecosystem Development and Practicality: Pi Network focuses on building a practical ecosystem, including developing decentralized applications (DApps) and retail payment options, beyond just Pi’s value.
* Mobile-First Approach and Inclusive Finance Vision: Pi Network’s smartphone mining makes financial services accessible to the unbanked, aiming for an inclusive financial system.

Risk Management is Key:

Cryptocurrency investment is inherently risky. Remember:

* Invest with Spare Funds: Only invest what you can afford to lose.
* Diversify: Spread investments across multiple cryptocurrencies and assets to reduce risk.
* Self-Education and Information Gathering: Stay informed about market trends and Pi Network’s official announcements.

Pi Network Future Scenarios: Pathways to Success and Challenges

Based on the information and whale activities, several possible Pi Network scenarios emerge:

Scenario 1: Positive Growth
Whales provide market liquidity and stability, promoting healthy price formation. Pi Network achieves a successful global launch with strong institutional support, and Pi’s value increases steadily. Users benefit from network growth and success, leading to widespread adoption.

Scenario 2: High Volatility
The open mainnet launch’s initial stages see significant price fluctuations due to whale activity and speculation. Some users profit handsomely, while others suffer losses due to market manipulation and uncertainty. The network eventually stabilizes, but achieving its full potential requires time and effort.

Scenario 3: Facing Challenges
Wealth concentration leads to market dominance issues, undermining Pi Network’s inclusive finance vision. New regulatory challenges or technical/operational problems hinder growth.

While the outcome remains uncertain, Pi Network’s large community, regulatory compliance efforts, and focus on practicality suggest a positive scenario. Community vigilance regarding wallet movements, demanding transparency and accountability, is crucial.

Conclusion: Pi Network at a Crossroads – Prepare for the Future

The large-scale ODM wallet activity and OKX’s involvement are significant, indicating Pi Network’s transition from a community project to a global financial ecosystem. Whale strategies reveal both market expectation and concern. Understanding these strategies and developing your own Pi holding strategy is key to navigating the future market. Prepare for price volatility, but focus on Pi Network’s long-term vision and ecosystem development.

Pi Network’s true value lies in its technology and its global community of pioneers. By staying informed and making rational decisions, you can successfully navigate the open mainnet era.

Pi Network’s further development is closely watched globally. We strongly recommend keeping abreast of official announcements and Pi Core Team updates.

1 Based on user numbers announced by the Pi Core Team. Verification of the definition and accuracy of active users is difficult.

2 Information discussed in some communities and reports, but not confirmed by official Pi Network announcements or blockchain explorers.

3 Same as above.

4 OKX’s reported “listing” of Pi Network does not represent an official mainnet listing; rather, it’s speculated that some exchanges initiated unofficial trading (IOUs) based on expectations surrounding Pi’s future. Pi Network remains on a closed mainnet (as of March 2024), with no official trading on external exchanges.

Pi Network’s Turbulent June 2025: The Truth About IOUs and Future Prospects

Pi Network, a cryptocurrency project capturing the attention of millions worldwide, has always oscillated between hope and uncertainty. June 2025, in particular, proved to be a tumultuous month for Pi Network. Significant price fluctuations and shifts in market sentiment sparked vigorous debate among many participants.

This article objectively and deeply explores what happened to Pi Network’s IOU price in June 2025, the underlying factors, the inherent challenges Pi Network faces, and its future possibilities. By gaining this information, you will be able to more accurately understand the current state of Pi Network and lay the groundwork for calmly assessing its future developments.

## Pi Network’s Turbulent June 2025: What Happened?

In June 2025, Pi Network’s IOU price underwent a significant correction. Its price plummeted by approximately 28%, temporarily falling from $39 to the $28 range. This sharp decline raised concerns among many investors and ignited intense discussions within the Pi Network community.

For the millions of ‘Pioneers’ who have spent time and effort mining Pi on their smartphones, this was not merely a temporary price drop. It was truly a ‘litmus test’ moment that challenged their belief in the project’s long-term potential. This price decline clearly demonstrated the speculative nature of the IOU market.

### Pi Coin IOU Price Plunge and Community Disquiet

This decline was not a sudden flash crash but a slow downward trend. As a result, investor confidence gradually eroded, sparking profound discussions within the community about Pi Network’s future and the true value of IOUs. This period of uncertainty underscored the critical importance of understanding the decisive difference between IOUs and actual Pi coins.

### Main Factors Behind the Price Drop: Pi Network’s Unique Circumstances

The primary reasons for Pi Network’s IOU price plummeting by 28% can be primarily attributed to the following two points:

1. **Profit-taking and Cooling Down of Overheated Expectations:** On-chain data (transaction history on the blockchain) indicated a surge in selling activity in the middle of the month, particularly from large holders securing their profits.
2. **Lack of Information from the Pi Core Team:** The absence of a specific open mainnet launch date or the announcement of a new roadmap further exacerbated the price decline. Automatic sell orders were triggered when the price fell below $35, accelerating the downturn.

On social media, negative sentiments like ‘Pi is a scam’ and ‘no mainnet’ became trending topics, turning perception into reality. With no positive developments, the IOU price continued to fall.

### Impact of the Overall Market Downturn on Pi Network

Pi Network’s 28% decline was not an isolated phenomenon. It was a symptom of a larger downward trend that swept across the entire cryptocurrency market. June 2025 was a challenging month for the market as a whole, characterized by significant losses, widespread fear, and general uncertainty pervading the digital asset space. The term ‘crypto bloodbath’ was frequently used to describe the market conditions.

1. **Bitcoin (BTC) Plunge:** Bitcoin, the bellwether of the cryptocurrency market, dropping over 15% sent shockwaves throughout the industry.
2. **Ripple Effect on Altcoins:** The decline in Bitcoin’s value had a cascading effect on most other cryptocurrencies like Ethereum (ETH), Solana (SOL), and Cardano (ADA), with these altcoins experiencing even steeper drops than Bitcoin.

When Bitcoin falters, highly speculative projects like Pi Network are hit the hardest. Furthermore, high interest rates and economic uncertainty created a ‘risk-off’ environment, prompting investors to review their portfolios and seek safer assets. Pi, being pre-launch and not yet fully established, was particularly vulnerable to these market dynamics. The combination of an overall market sell-off, negative macro trends, and a shift towards risk-off amplified Pi Network’s losses.

## The Misunderstood ‘IOU’: The Truth You Need to Know

The Pi currently being traded on some exchanges is not, in fact, the ‘real’ Pi coin. Understanding this crucial distinction is paramount for engaging in any trading activity. Even if these platforms appear to list Pi, what they are offering are essentially IOUs, not the actual cryptocurrency you have been mining.

### IOU is a ‘Promissory Note,’ Not Real Pi Coin

IOU stands for ‘I Owe You,’ signifying a type of ‘acknowledgment of debt’ or ‘promissory note.’ In the context of Pi Network, an IOU is merely a speculative placeholder representing a ‘promise for the future’ that Pi coins will be provided once the mainnet launches and actual Pi coins become transferable. Think of it like a ‘pre-sale ticket’ for an event that hasn’t happened yet. Its value is based almost entirely on speculation and expectation.

* The IOU price is driven almost entirely by the hype surrounding Pi Network, social media buzz, and general excitement.
* It does not necessarily reflect the fundamental value of the project or the potential of the Pi cryptocurrency itself.
* The IOU market is susceptible to manipulation and unpredictable price swings because it is influenced by rumors, speculation, and the actions of a relatively small number of traders.

This activity in the IOU market does not indicate actual network activity or the true utility of the Pi cryptocurrency. It is merely a reflection of speculative trading taking place on these isolated exchanges. The true value will be determined by network adoption and usage after the mainnet launch.

### Speculative Nature and Potential Risks of the IOU Market

The IOU market has low liquidity and can be easily manipulated. Low trading volume means there are few buyers and sellers. Even a relatively small transaction or a single large trade can dramatically swing the price, potentially leading to artificial ‘pump and dump’ schemes that are detrimental to inexperienced traders.

Even if there’s good news from the Pi Core Team – positive progress or significant milestones – the IOU price might not move at all if traders aren’t paying attention or if market sentiment is already biased in a certain direction. The IOU market functions independently of actual project development.

Volatility is a double-edged sword. While the IOU market offers the potential for quick gains due to its susceptibility to extreme price swings, it also carries the risk of sudden and significant losses. You could potentially lose most, if not all, of your investment in a very short period.

Many Pioneers tend to mistakenly judge the value of the Pi they’ve diligently mined through the Pi app by the IOU price, leading to unrealistic expectations. However, this can be misleading and lead to disappointment. The IOU price is not a reliable indicator of Pi’s future value.

The actual launch price of Pi, once the mainnet is live and Pi is truly tradable, could differ significantly from what the IOU market currently suggests. It could be substantially higher if demand and utility are strong, but it could also be much lower if there are massive sell-offs or a lack of real-world use cases. The IOU market can create unrealistic expectations, generate false valuations, lead to disappointment for many Pioneers, expose the community to unnecessary financial risks, and encourage speculative behavior. It is a financial and psychological minefield for those unaware of the risks involved.

Until the mainnet launches, the IOU price is merely a speculative guess, a ‘guesstimate’ based on limited information and a lot of hope. Let’s not confuse it with the real thing. Approach the IOU market with extreme caution, and remember that the true value of Pi will only become apparent after the mainnet launch.

## Pi Network’s Biggest Challenge: The Impact of Mainnet ‘Delays’

Pi Network’s biggest challenge is the ‘endless delay’ of its open mainnet. The specific launch date remains ‘coming soon,’ and the community’s patience is wearing thin.

### Concerns Over Mainnet Launch Progress

The Pi Core Team states that KYC (Know Your Customer) migration and a robust application ecosystem are necessary before the open mainnet, but progress is difficult to measure. Each delay prolongs investor anxiety and increases selling pressure.

The IOU price is like a ‘bet’ on the future of the mainnet. The longer the delay, the riskier that bet becomes. If user fatigue builds up, users might abandon the project, and the IOU price could undeniably crash. Until the open mainnet launches, Pi’s potential remains locked, and its credibility hangs in the balance.

### Impact of Delays on Credibility and Project Future

For a project’s credibility, transparency in development and adherence to its roadmap are essential. In Pi Network’s case, the lack of visible mainnet progress fuels community anxiety and may diminish mid- to long-term participation interest. This delay is not merely a technical issue; it could lead to fundamental doubts about the project’s future. Investors and developers are seeking concrete answers to when Pi will actually be usable and when its true value will be realized.

## Two Keys Shaping Pi Network’s Future

So, what holds the potential to turn Pi Network’s situation around? Two major keys exist that will shape its future.

### Massive Mainnet Migration Progress

The first key is the announcement of massive user migration to the mainnet. If the Core Team announces that millions of users have migrated to the mainnet, it would serve as proof that the project is making ‘real progress.’ This would counteract the negative perception of endless delays and significantly boost community trust. News of a large-scale migration would likely sweep social media, reverse sentiment, and spark an IOU price rally.

A large number of users participating on the mainnet means that a stronger, more active ecosystem will be built at launch. This is not mere hype but fundamental progress for the project. Progress in migration could be the catalyst Pi needs.

### Overall Cryptocurrency Market Recovery Trends

The second major catalyst is the recovery of the overall cryptocurrency market. If Bitcoin recovers and an ‘altcoin season’ (a period where altcoin prices surge after Bitcoin’s price stabilizes) arrives, highly speculative projects like Pi Network could see significant gains.

Pay attention to the ‘Bitcoin Dominance’ chart. A decline in this figure suggests that funds are flowing into altcoins. In July 2025, we might see investors rotating funds back into riskier assets, which could fuel a Pi price rally.

Pi’s fate hinges on both its internal progress and external market trends. If these two factors align, Pi’s price could explode. Market euphoria alone could push Pi even higher. July 2025 holds the potential to be a ‘perfect storm’ for Pi Network’s resurgence.

## Pi Network’s Position from Comparison with Other Projects

To understand Pi Network’s characteristics more deeply, let’s compare it with other cryptocurrency projects. For example, Shiba Inu (SHIB), which also declined in June 2025, is at least an operational and tradable asset with an active ecosystem. Similarly, Cardano (ADA), sometimes criticized for slow progress, is at least a functional blockchain.

However, Pi Network’s value rests entirely on its future potential, not its current utility. Pi’s greatest strength is arguably its user base of over 55 million, which will be immediately available upon launch. This is a scale most projects can only dream of. But all of its potential remains sealed until the mainnet launches.

Pi’s price fluctuates based on speculation, not fundamental utility. Its recovery depends on ultimately launching the open mainnet, not on developing superior technology compared to other projects. The June 2025 decline was due to the overall market downturn and the limits of community patience, not simply competition with other projects. Pi’s future hinges on whether it can finally launch its mainnet.

## Conclusion: A Calm Perspective on Pi Network’s Future and Next Steps

June 2025 was a tough month for Pi Network. The IOU price dropped by 28%, and community trust was shaken. Real risks, such as the endless mainnet delays and the speculative nature of the IOU market, exist and hold the potential for further pain.

However, July 2025 offers a glimmer of hope. Two significant ‘catalysts’ – a massive mainnet migration announcement and the recovery of the overall cryptocurrency market – could potentially transform Pi Network’s situation. If internal progress aligns with external momentum, it could reverse the negative trend, erase the losses of June 2025, and potentially climb to new heights.

The Pi Network project is still in its early stages, and its true value will only become apparent with the mainnet launch and the development of its ecosystem. It is paramount to understand that the current IOU price merely reflects market expectations and speculation, and to maintain a calm, objective perspective. For those interested in Pi Network’s future trends, it is advisable to carefully follow official project announcements and reliable information sources, without being swayed by emotions. Always conduct your own thorough research and consideration before deciding on your next learning steps or actions.

Why Isn’t Pi Coin Rising? 5 Challenges Facing Pi Network Amidst Bitcoin’s Surge

In 2025, the cryptocurrency market is regaining vitality, with Bitcoin showing robust movement, buoyed by factors such as the proliferation of spot ETFs. However, has this wave reached the Pi Network, which boasts one of the world’s largest communities? This article delves into five structural challenges faced by Pi Network, which answer the common question, “Why isn’t Pi’s price increasing?” We will explore these challenges with objective data.

### Challenge 1: The “IOU Price” Dilemma – Disconnected from the Market

Many users are most concerned about the “price” of Pi, but the figures currently displayed on some exchanges do not reflect the actual value of Pi Coin. These are “IOUs (I Owe You),” which are essentially promissory notes, where the “right to exchange for real Pi coins in the future” is traded speculatively. While this IOU price can indicate market expectations, it is decoupled from the project’s intrinsic value. Therefore, it does not directly correlate with the price increases of other cryptocurrencies like Bitcoin. Unawareness of this fact can lead users to feel left out of the broader market movement.

### Challenge 2: The Barrier of a “Closed Mainnet” – Isolated from the Outside

The primary reason Pi Network has not been listed on exchanges is its current “Closed Mainnet” phase. This means the network is confined within the Pi ecosystem, preventing free movement of coins to and from external blockchains or exchanges. Major exchanges like Binance do not list projects that cannot ensure asset security or liquidity. Until this “wall” is overcome and Pi transitions to an “Open Mainnet” accessible to everyone, it cannot acquire significant market value.

### Challenge 3: “Immature Ecosystem” – Lack of Proven Utility

The true value of a cryptocurrency is determined not by speculative price but by its utility – “what it can be used for.” Pi Network aims to expand its ecosystem of usable applications (dApps) and has set a goal of deploying 100 dApps. However, as of 2025, no killer app has emerged that strongly attracts many users, and the specific use cases for Pi Coin remain limited. The lack of clear answers to questions like “What can I buy with Pi?” or “What useful services can I access?” is a major factor in the project’s stagnating value.

### Challenge 4: “Expectation vs. Reality Gap” in a Massive Community

The Pi Network’s greatest asset is its massive community, reportedly tens of millions strong worldwide. However, due to its sheer size, a significant gap has emerged between user expectations and project progress. The impatience and frustration among users who have been mining for years, asking “When can I cash out?” are frequently seen within the community. As long as there is a discrepancy between the grand vision presented by the project team and the concrete benefits users seek in their daily lives, there is a risk of the community’s enthusiasm gradually diminishing.

### Challenge 5: Project “Progress Opacity” and Trust Issues

Many users feel a lack of transparency regarding the core team’s activities and the roadmap. The absence of clear conditions or specific timelines for the Open Mainnet transition often makes users wonder if the project is genuinely progressing. Delays in KYC (Know Your Customer) verification and reports of technical issues in the migration process also contribute to eroding trust. While regulatory compliance and security are important, insufficient visibility into progress breeds skepticism about the project.

### Conclusion: Observing a Grand Experiment with an Objective View

Pi Network appears to be left behind by the overall market surge, but this is due to five clear, structural challenges: the unique nature of IOU trading, the technical constraint of a closed mainnet, an immature ecosystem, the gap between community expectations and reality, and the opacity of project progress.

This project, which began with the ease of “mining on your phone,” has grown into a grand social experiment involving tens of millions of participants worldwide. However, its success is far from guaranteed. It is now imperative for each user to correctly understand the current challenges, avoid being swayed by excessive expectations or anxieties, and calmly observe the future of this project, making their own informed decisions.

Pi Network’s True Current State: Exploring Future Potential and Challenges Through Believers’ Voices and Objective Data

With its groundbreaking concept of easy smartphone mining, the cryptocurrency “Pi Network” has amassed tens of millions of users worldwide. However, doubts and criticisms persist, such as “When will it gain value?” or “Is the project truly progressing?” This article delves into the real current state of this project, which is swirling with enthusiastic support and harsh criticism, using the voice of a believer as a starting point, thoroughly dissecting it from objective data and multiple perspectives. No specialized prior knowledge is required. By the time you finish reading, you will have a solid compass to judge the true nature of Pi Network for yourself.

Confessions of a ‘Believer’: Significant Losses, Yet Still Believing

To understand the curious appeal and fervor of the Pi Network, let’s look at the words of a passionate South Korean supporter. He describes himself as ‘crazy about Pi Coin (또라이)’ yet analyzes the project with surprising calm.

He confesses to having lost a large sum, approximately 40 million Korean Won (equivalent to about 4.5 million JPY at current rates), in past Pi Network-related transactions. However, it’s crucial to note that this loss was not from selling Pi he mined on his smartphone. This was a failure in a high-risk market trading the “future value” of Pi, which officially has no value yet. Under normal circumstances, one might resent the project, but he continues to share information about Pi Network daily. Why? Perhaps because he sees the potential for a “grand social experiment” in this project, something beyond a mere speculative asset. This episode symbolizes the complex psychology that draws many people to Pi.

Pi Network’s ‘Now’ as Seen Through Objective Data

Let’s set aside emotional arguments for a moment and calmly analyze Pi Network’s current position based on publicly available data and facts.

The True Nature of ‘Price’ in the Market: What is IOU?

You might have seen Pi seemingly listed with a price on some crypto information sites or exchanges. However, as of June 2025, Pi Network is not listed on any major exchanges, and there is no official price.

So, what is the displayed price? It is primarily what is called an “IOU (I Owe You).” This is:

  • a promise being traded: “If Pi truly gets listed in the future, we will hand over the actual Pi coins at that time.”
  • In other words, it is a type of rights trading betting on the project’s future, and its price fluctuates significantly based on market expectations and speculation.
  • You must understand that if the project fails, its value will become zero, making it a very high-risk asset.

Current IOU prices are traded at around 85 to 90 JPY per Pi on some exchanges, but it is crucial to strongly recognize that this is by no means the confirmed value of Pi.

The Major Hurdles of KYC and Migration Progress

For Pi Network to become a ‘real cryptocurrency,’ it must go through the unavoidable processes of ‘KYC’ and ‘Migration.’

  • KYC (Know Your Customer): This is the ‘identity verification’ procedure. It is essential to prevent one person from fraudulently mining coins with multiple accounts and to maintain the network’s integrity.
  • Migration: This is the process of moving Pi mined on the test network to the official network (mainnet), where it has the potential to hold actual asset value.

According to official information and reports, over 18 million people have completed KYC, but some sources suggest that less than half of those users have completed migration. As the process targets tens of millions of users, it is taking a long time, and many users are currently eagerly awaiting their turn.

Why the Criticism? Three Major Hurdles Pi Faces

While there is significant anticipation, Pi Network also faces harsh criticism. Here, we will organize the main challenges the project must overcome from three perspectives.

1. Stalled Development and Opaque Roadmap

One of the users’ biggest frustrations is the delay in development. The launch of the “open mainnet,” which would allow free transactions for anyone, has been repeatedly postponed from its initial schedule. Furthermore, the official roadmap (development plan) often lacks specific completion dates, increasing dissatisfaction and anxiety about “when it will finally materialize.”

2. A ‘Pie in the Sky’? Lack of Practical Utility

For a cryptocurrency to hold value, practical utility – “what it can be used for” – is essential. However, Pi Network faces a significant challenge in this regard. The promised DApps (decentralized applications) ecosystem development is not progressing as expected, and places where Pi can be used to purchase goods or services are currently limited to a very small part of the community. There are harsh criticisms that as long as this “useless” state continues, it will be difficult for Pi to attain true value.

3. Dissatisfaction with Lack of Communication from the Core Team

The lack of communication between the ‘core team’ leading the project and the user community is also a concern. Many users feel that when KYC delays or technical issues arise, there is often little clear explanation or swift response from the core team. Such an attitude contributes to increased distrust in the project.

Why Hope Persists: Pi’s Uniqueness Compared to Bitcoin

Despite facing so many challenges, why do tens of millions of people not give up hope? The answer lies in Pi Network’s unique philosophy and fundamental differences from Bitcoin.

  1. Differences in Philosophy and Design
    Bitcoin was created by an anonymous individual named Satoshi Nakamoto, idealizing “decentralization” with no specific administrator. In contrast, Pi is operated by a team led by Dr. Nicolas Kokkalis, who holds a Ph.D. from Stanford University, and the project’s early stages are proceeding under strong centralized management.
  2. Differences in Barriers to Entry
    Bitcoin mining now requires high-performance specialized computers and vast amounts of electricity. In contrast, Pi aimed for thorough democratization of access, allowing “anyone, anywhere, with just a smartphone” to participate. This ease of access is the biggest factor that enabled the formation of a massive user community that no other project has achieved.

Pi Network can be described as a grand experiment aiming to become “the world’s most widely adopted cryptocurrency” through an entirely different approach than the world Bitcoin has created.

Outlook on the Upcoming Important Event: ‘Pi2Day’

Every year on June 28th, a significant date for the community named ‘Pi2Day’ (derived from being twice the value of Pi ≈ 3.14), some announcements related to the project are expected.

The community speculates that the introduction of ‘KYB,’ a corporate identity verification system, or new initiatives to expand the ecosystem might be announced. However, these are currently mere speculations. In recent years, despite the anticipation for events, objective data shows a declining trend in actual interest, so excessive expectations should be avoided. Whatever announcements are made, their content will undoubtedly be a crucial indicator for the project’s future.

Conclusion: How Should We View the Future of Pi Network?

Synthesizing the information presented so far, Pi Network can be summarized as follows:

  • A Grand Social Experiment: It is an unprecedented, high-risk, high-return long-term project advocating the ideal of “currency for everyone.”

    • – Piles of Challenges: The hurdles to overcome are high, including KYC and migration delays, an opaque roadmap, and lack of practical utility, so it cannot be viewed optimistically.
    – Its Greatest Asset is ‘People’: However, on the other hand, its vast and enthusiastic global community is a unique asset that no other project possesses.

The purpose of this article is not to definitively state whether “Pi will succeed” or “fail.” Rather, it is to present the fact that the key to success lies in “whether it can resolve its numerous challenges and transform its massive community into a practical economic zone,” and to highlight both possibilities.

Use this article as one piece of information, and I encourage you to follow official information with your own eyes. Without being swayed by excessive expectations on social media or unsubstantiated criticisms, calmly assess the project. That intellectual curiosity will undoubtedly be your most reliable strength in discerning the true nature of new technologies to come.

Pi Network Price Trends: IOU Surpasses $80, Potential for Value Increase with 2024 Mainnet Launch

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We will inform you about the latest developments of Pi Network, which is attracting attention in the cryptocurrency market. On CoinMarketCap’s IOU platform, the price of Pi Network has recorded $80, showing a steady upward trend towards its all-time high of $330.

The deadline for KYC application is tomorrow. Please apply with plenty of time as processing may be delayed due to time differences or servers.

→ Extended to the end of December.

Click here for application method
How to apply for PiNetwork KYC (Identity Verification) and points to note

What is IOU: Current Status of Pi Network Trading

IOU (I Owe You) functions as an indicator showing a promise of future transactions. Trading in the current IOU market is an important indicator for predicting the value after the full-scale deployment of Pi Network in the future.

Relationship with Bitcoin and Uniqueness

Recently, the possibility of moving approximately 2,000 BTC from a wallet from the early days of Bitcoin has been suggested, and it has been pointed out that this movement may be related to the Pi Network project. Points to note in particular:

Major Achievements over the Past 5 Years

Since its establishment, Pi Network has achieved the following important results:

  • Establishment of a global user base
  • Development of a unique mining system
  • Realization of mobile mining
  • Establishment of a community-driven growth model

Current Challenges and Progress Towards Practical Use

To make Pi Network practical, the following challenges are being addressed:

  • Compliance with laws and regulations in each country: Discussions with regulatory authorities are ongoing
  • Merchant network: Expansion of global partnerships
  • Reliability of the payment system: Continued demonstration experiments on the testnet

Significance of Mainnet Launch at the End of 2024

The launch of the mainnet will be a significant turning point for Pi Network in the following respects:

  • Full-scale start of actual transactions
  • Stabilization of value
  • Establishment as a global payment system

Price Prediction and Market Outlook

Among market experts, the following predictions are made regarding the price after the mainnet launch:

  • Short-term target: Around $100
  • Medium-term target: Possibility of reaching $300
  • Long-term value: Stable growth based on practicality

Future Outlook and Points of Interest

The following factors will be important for the future development of Pi Network:

  • Progress of the roadmap until the mainnet launch
  • Expansion of global partnerships
  • Adoption status as a practical payment system
  • Status of regulatory environment development

While awaiting the official announcement from the Pi Network team, market attention is focused on the progress of the project and price trends. Further development is expected, especially towards the mainnet launch at the end of 2024.