⚠️ Read this first: this article is about Pi Network (PI), which is not listed on Binance. If you want to actually buy major coins like Bitcoin or Ethereum, register on Binance first — only sign-ups through the registration link (e.g. "Register now") or with invite code BINANBT unlock the new-user rewards (a 20% trading fee rebate plus a welcome package worth up to $19,800).
Key takeaways (TL;DR):
- Pi's "mobile mining" is not mining. It is a once-a-day in-app tap that uses no computing power and validates nothing — a points system built on attention and social referrals, nothing like Bitcoin's PoW.
- The price has already fallen ~95%: from a high of about $2.99 in February 2025 to about $0.08 by October 2026, and it is still not listed on Binance or Coinbase.
- 60 million registrations ≠ 60 million users: only about 18 million completed KYC and about 16.7 million migrated to mainnet — most people never actually ended up holding a tradeable asset.
- Whether it is a scam depends on what you treat it as: "a zero-cost lottery ticket" is fair; "a safe investment" is a misunderstanding. This guide gives you a reusable framework.
Table of contents
- What is Pi Network? In one sentence
- Is "mobile mining" actually mining?
- The price truth: from $2.99 to $0.08
- Why it keeps falling: three structural reasons
- Is it a scam? A more useful framework
- Who should stay away, and who may take a small informed gamble
- 💰 Binance rebate: invite code BINANBT
- FAQ
- Further reading
What is Pi Network? In one sentence
Pi Network is a "tap in and earn points on your phone" project that turned its points into a tradeable token in February 2025 — and the token peaked on launch day, then fell more than 90%. It was started in 2019 by a Stanford-affiliated team, and its core pitch is "mine crypto for free on your phone", drawing in ordinary people with no technical background to open the app once a day and accumulate "Pi".
As of October 2026, Pi Network reports about 60 million registered users, of whom about 18 million have completed KYC verification and about 16.7 million have migrated to the mainnet1. Its token, PI, currently trades only on some exchanges such as OKX, Bitget, HTX and Kraken, and is not listed on Binance or Coinbase2. That fact alone is a signal worth pausing on: the two largest exchanges by volume have still not listed it.
Is "mobile mining" actually mining?
No. Pi's "mining" has nothing to do with Bitcoin mining — it is just a daily check-in with a different name. Bitcoin mining consumes real electricity and hash power to solve puzzles and validate transactions; miners pay a hard cost, which is exactly why they earn block rewards. Pi's "mining" is you opening the app and tapping once a day. Your phone solves nothing and validates nothing; the "mining rate" is just a number derived from how long you stay active and how many people you invite.
That leads straight to a consequence: the Pi you "mine" is backed by no real computation or validation work. Where does its value come from? From the team's promised future ecosystem, and from the consensus built by social referral. That is the same "consensus pricing" logic as a meme coin — value is held up by consensus and expectations, and collapses the moment that consensus fades.
The price truth: from $2.99 to $0.08
Pi's price has traced a textbook "peak at launch": after the open mainnet went live on February 20, 2025, the price briefly hit an all-time high of about $2.99, then slid steadily to about $0.07–$0.08 by October 20262. Anyone who bought near the top is now down 95%–97%.
This is not a normal pullback — it is persistent bleeding from supply far outrunning demand. A few numbers side by side make it clear:
- Circulating supply is about 10.5–11.3 billion PI against a max supply of 100 billion, meaning only about a tenth of the total is already in circulation, with a vast amount still waiting to enter2;
- about 1.22 billion PI are scheduled to unlock in 2026, roughly 6.5 million a day of sell pressure2;
- the market cap briefly reclaimed about $1 billion, then fell back to around $866 million–$958 million, ranking about 82nd2.
In one line: Pi's price was not crushed by one "dump" — it was ground down by continuous, predictable supply.
Why it keeps falling: three structural reasons
The decline is not accidental. It comes from three structural problems that are unlikely to reverse any time soon.
1. Supply: tokens unlock every day, so sell pressure never stops
Pi uses a slow-release design, but that design is itself the ceiling on price: roughly 6.5 million new PI unlock every day, and real buy-side demand cannot keep up. As long as demand growth lags the unlock rate, price can only drift down. It is the same logic as printing money — print faster, and each unit buys less.
2. Holdings: heavily concentrated, with retail as the buyers
Pi's holdings are extremely uneven: about 80% of early users hold fewer than 10 PI, while fewer than 10,000 accounts hold over 1 million PI2. A small number of early whales hold the overwhelming majority of tokens, and a little selling from them can absorb a lot of retail buying.
3. Demand: thin real utility means no actual use case
For a token to be worth something long term, people need to actually use it — payments, DeFi, on-chain apps. Pi claims 300+ mainnet apps, but real usage and transaction volume are nowhere near enough to support a 100-billion-token supply1. Without real demand to absorb selling, price rests on "expectation" alone — and expectation is the most fragile thing there is.
Is it a scam? A more useful framework
"Is it a scam?" is the wrong question. The right question is: what do you pay, what might you get, and can you bear the risk? That framework is far more useful than slapping a "scam" label on it.
- What do you pay? Time (daily check-ins) + personal data (KYC requires an ID and face scan) + your social graph (referring people). Pi never asks for a deposit, so in the narrowest sense of "stealing your money", it is not a Ponzi.
- What might you get? A token that has already fallen ~90%, is not on major exchanges, and unlocks new supply every day. What you are betting on is the possibility it lists on Binance/Coinbase someday, or that its ecosystem takes off.
- What is the biggest controversy? First, the "mobile mining" framing is misleading — it makes people believe they are "mining" real value for free. Second, Pi has used KYC to collect a massive amount of real-name user data, and the use and security of that data is itself a risk exposure.
Bottom line first: Pi is not a classic scam, but it wraps a high-risk speculative bet in a "free, no-cost passive income" story. Most people's actual outcome: a few years of tapping, a token that fell 90%, and their real identity handed over along the way.
Who should stay away, and who may take a small informed gamble
The short answer: separate "I already accumulated Pi and want to take a shot" from "I want to start from zero now". The former can be observed at low cost; the latter is rarely worth it.
| Your situation | Recommendation | Why |
|---|---|---|
| Signed in since 2019, passed KYC, already hold Pi | Decide for yourself after understanding the risks | You are an early participant; your main cost was time |
| Want to start "mobile mining" Pi from zero now | Not recommended | ~6.5M PI unlock daily and no major exchange listing; the time cost far outweighs the potential return |
| Want to "buy the dip" in Pi for a rebound | High risk, only money you can lose entirely | A 95% drop does not mean it will recover; supply pressure is not over |
| Want to invest in crypto properly | Buy major coins on Binance | Liquidity, compliance and transparency are all far better than Pi |
One test that settles it: any project that requires you to "refer people" to multiply your rewards deserves one question first — if it could genuinely create value on its own, why would it need you to recruit others to sustain it?
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FAQ
Is Pi Network a scam?
You cannot reduce it to a simple yes or no. It is not a classic Ponzi — you never deposit money and registration is free. But the "mobile mining" marketing is misleading, and the token fell from about $2.99 to about $0.08 after launch, a drop of over 95%, and it is still not listed on Binance or Coinbase. Treating it as "free sign-in tokens, a zero-cost lottery ticket" is fair; treating it as a "safe investment" is a misunderstanding.
Can I really mine Pi and make money just by tapping my phone?
No. Pi's "mining" is just tapping once a day in an app. It uses no computing power and validates no transactions — it is a points system built on attention and social referrals, nothing like Bitcoin's energy- and hash-power-intensive PoW mining. What you actually pay with is your time and your KYC personal data, not mining cost.
What is the Pi coin price now, and can I sell it?
As of October 2026, Pi trades around $0.07–$0.08, down roughly 95%–97% from its high of about $2.99 in February 2025. It is only listed on some exchanges such as OKX, Bitget, HTX and Kraken, and is not on Binance or Coinbase, so the compliance and funding hurdles for users in some regions are higher.
How do I buy Pi coin? Can I buy it on Binance?
Not on Binance right now — Pi is not listed on Binance or Coinbase. As of October 2026 it trades mainly on OKX, Bitget, HTX and Kraken. If you want to buy major coins (BTC, ETH, USDT, etc.) on Binance with the registration link or invite code BINANBT, that is a safer and far more liquid path.
How many users does Pi Network have? Did they all make money?
The official figure is around 60 million registered users, but only about 18 million have completed KYC and about 16.7 million have migrated to the mainnet — meaning more than two-thirds of registered users have never actually migrated on-chain to hold a tradeable asset. And most of those who did migrate could not sell at the top; the price has since fallen more than 90%.
Why does the Pi coin price keep falling?
Three structural reasons. First, supply keeps unlocking: about 1.22 billion PI unlock during 2026, roughly 6.5 million a day of sell pressure. Second, the tokens are highly concentrated: about 80% of early users hold fewer than 10 PI. Third, real on-chain utility is thin, so there is not enough genuine demand to absorb the selling. The price is not falling because of one "dump" — it is supply far outrunning demand.
Further reading
- What Is Bitcoin? A 2026 Beginner's Guide
- What Is Dogecoin (DOGE) and How to Buy It
- What Is XRP and How to Buy Ripple
- How Much Money Do You Need to Buy Crypto for the First Time?
- Spot vs Futures: What's the Difference?
- Binance Registration 2026: Sign Up, KYC and Deposit
- More beginner content: the beginner hub
Disclaimer: This content is for educational purposes only and is not investment advice. Pi Network (PI) is a high-risk, highly volatile project whose token has already fallen sharply and is not listed on major exchanges; participating in "mobile mining", KYC verification, or buying PI can all expose you to asset loss, personal-data and compliance risk. Make your own decisions, and note that all figures are dated October 2026 and should be checked against official announcements and live prices2.
Footnotes
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Sources: Pi Network official announcements and mainnet migration data, October 2026; public articles by Gate.io / Bitget on "one year after Pi Network's open mainnet" (about 60 million registrations, about 18 million KYC, about 16.7 million migrations, 300+ mainnet apps). ↩ ↩2
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Sources: CoinMarketCap / CoinGecko market data and community articles for Pi (PI), queried October 2026: price about $0.07–$0.08, ATH about $2.99, circulating supply about 10.5–11.3 billion, max supply 100 billion, about 1.22 billion PI unlocking in 2026, listed on OKX/Bitget/HTX/Kraken, not on Binance/Coinbase, about 80% of early users holding under 10 PI. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7