The Pi Coin price, and why the number you are looking at may be wrong

Every Pi Coin price you read is three things at once: a number, the set of venues it was averaged from, and a timestamp. Drop any of the three and it stops meaning anything. That is why Pi prices get misreported more than almost any comparable asset. Two major aggregators disagree about Pi's total supply by a factor of six. Three trackers place its all-time low on three different days. An exchange once cashed out holders of something called PI at forty-two times the price real PI opened at a week later.

So this page does not tell you what Pi will be worth. No targets, no forecasts, no ranges. Instead we take the quote apart: where it comes from, what sits under the market cap, why the supply denominator changes the answer, and how thin the book gets when you try to sell into it.

The snapshot, and its expiry date

As of 27 July 2026, Pi Coin traded at roughly $0.0819 — $0.08188 on CoinMarketCap, $0.08184 on CoinGecko. Agreement to four decimals is itself a finding: this market is thin, but not fragmented. Market capitalisation sat near $896 million on about 10.94 billion circulating PI, or 10.94% of the fixed 100 billion maximum. Twenty-four-hour volume came in anywhere between $7.9 million and $12.3 million depending on whom you asked.

That paragraph began decaying as it was written. For a current price use CoinGecko's pi-network page or CoinMarketCap, then confirm it against the order book on the venue you would trade on.

Why three sites show three different Pi prices

Aggregator prices are volume-weighted averages, so the answer depends on which markets were included. Pi makes that choice unusually consequential: its liquidity is scattered across mid-tier venues, some of which trade an IOU rather than the real coin.

The clean example on 27 July 2026 is volume. Same asset, same day, three totals: $7.88m (CoinMarketCap), $8.53m (CoinGecko), $12.29m (CoinCodex, across 22 exchanges and 32 pairs). A spread about 56%, on a figure countless articles quote to two decimals as though it were measured. Three mechanisms produce it: different venue constituents, IOU markets counted in or left out, and rolling 24-hour windows that do not close at the same second. CoinGecko, for instance, keeps pi-network and pi-network-iou as separate assets, with Hotcoin alone carrying about 97% of the IOU side's volume.

None of the three is wrong. They are differently scoped. The rule follows directly, and we apply it to ourselves: name the source beside the number, every time. A Pi figure with no attribution and no date is a rumour with a decimal point.

The full Pi price record, with the disagreements left in

Pi has traded on open markets since 20 February 2025 at 08:00 UTC, when the Open Network removed the firewall that had made external transfers impossible. Seventeen months is a short record, but nearly every large move has a mechanical cause.

• 20 Feb 2025 First real price: about $1.47

  PI/USDT opened on OKX near $1.47, spiked toward $2.10 within hours, closed near $1.01 as migrated tokens met the bid. One outlet dates the launch to 19 February; OKX's notice says the 20th.

• 26 Feb 2025 All-time high: $2.98 or $2.99

  CoinMarketCap records $2.98, CoinGecko $2.99. FDV at the peak was reported above $25 billion as listings cascaded. Never revisited.

• Apr 2025 Down to roughly $0.41

  The weakest-sourced stretch of the record: no primary 2025 OHLC table could be retrieved, and secondary sources disagree.

• May 2025 A false Binance rumour takes PI past $1.70

  Listing speculation drove the price above $1.70. The rumour was false and the move unwound completely.

• 31 Dec 2025 Year closes near $0.205

  Sources give $0.2045 and $0.2048. December alone saw roughly 190 million π unlock against an estimated 11–12% monthly decline.

• 13 Mar 2026 Kraken lists: +30%, then −28% in 24 hours

  PI rallied over 30%, then fell 28% within a day from above $0.278 to $0.1969 on volume near $130 million. The cleanest "sell the listing" datapoint in Pi's record, on its most credible venue to date.

• 14 Jul 2026 All-time low around $0.071 — date disputed

  CoinGecko logs $0.07059 and CoinMarketCap $0.07072 on 14 July; CoinCodex records $0.07316 on 16–17 July, and one report describes a 17% drop to near $0.076 on the 16th. RSI touched 27, its lowest ever.

• 27 Jul 2026 Roughly $0.0819

  About 97.3% below the all-time high, about 16% above the low set two weeks earlier.

We leave the disagreements in because the disagreement is the finding. When three reputable trackers cannot agree on the date of a low that happened a fortnight ago, you have learned something real about how well this market is measured.

Affiliate disclosure: the two buttons above open a third-party exchange in a new tab and are tagged nofollow sponsored. We may earn a commission at no extra cost to you. This is not the official Pi Network app, the official Pi Wallet, or an endorsement — and the PI instrument sold there is an IOU, not native mainnet Pi. Nothing here is financial advice.

The FDV problem: two answers, six times apart

Fully diluted valuation is price multiplied by total supply. The arithmetic is trivial; the denominator is not, and the two mainstream aggregators pick different ones.

Both are defensible; they answer different questions. But the gap is roughly sixfold — the difference between an asset priced like a mid-cap and one priced like a large-cap. Treat any headline quoting "Pi's fully diluted valuation" as unusable unless the denominator is stated in the same breath. A third figure near $1.548 billion also circulates in search results; we could not tie it to a primary page and will not repeat it.

Market cap deserves the same scepticism. Pi's ~$896 million counts only circulating tokens — not locked balances, not unmigrated mobile balances in the app, and not the 20 billion Core Team allocation that, per Pi's whitepaper, releases proportionally as community supply circulates. It prices today's float and says nothing about what is queued behind it.

Unlocks: the structural driver nobody can vote away

The dominant force on Pi's price is arithmetic, not sentiment. Third-party trackers put roughly 1.21 billion π entering circulation across 2026 — about 3.3 million π per day, or roughly $270,000 of new sellable supply daily at the 27 July price. Against $7.9–12.3 million of daily volume that is on the order of 2–3.5% of everything that changes hands, and about 11% annual dilution on a 10.94 billion base. Neither number is catastrophic alone. Together, in a market this thin, they are a headwind no product announcement has yet offset.

The reported monthly pattern for 2026: January ~135 million π (the year's peak; 134m and 136m both circulate), February ~130 million, March ~97 million, April ~85 million, July 103.7 million. Note the last one. The taper is not monotonic — July released more than April, so do not assume unlocks only shrink from here.

Liquidity, and the difference between the quote and the price you get

The aggregator number averages trades that already happened. Your price is set by whatever orders sit in the book when yours arrives. Those diverge sharply for Pi, because the book is far thinner than a $896 million market cap suggests.

Daily volume of $8–12 million against that cap is a volume-to-market-cap ratio near 0.9–1.4%. Very thin — a large holder cannot exit anywhere near screen price. Depth is unevenly spread, too. On 27 July 2026 BitMart alone carried roughly 25–39% of tracked PI volume and OKX about another 26% on CoinGecko's baseline, while Kraken — the first genuinely US-regulated venue to list PI — showed PI/USD and PI/EUR turning over roughly $11,500 combined in 24 hours, four months after listing. Tier-1 listings brought Pi legitimacy, not liquidity. Our breakdown of Pi trading platforms goes venue by venue on rails, fees and restrictions.

• The bid-ask spread is an immediate cost. Buy at the ask, sell at the bid, and you pay that gap twice before any fee. On thin PI books it widens exactly when you most want to trade.
• A market order accepts any price. On a shallow book it eats through several price levels and your average fill lands well away from the quote you saw. That gap is slippage.
• A limit order names your price. It cannot fill worse than your number, but it may not fill at all. With Pi's depth profile, that trade-off usually favours the limit order.
• Read the depth, not just the quote — on the venue and pair you would actually use.

The IOU price trap: same ticker, different asset

The most expensive way to misread a Pi price is to read the price of something that is not Pi. An IOU is an exchange-internal claim: the venue credits your account with a balance labelled PI and you trade it against other users there. No blockchain transaction sits behind it, deposits and withdrawals are disabled by definition, and your counterparty is the exchange. CoinGecko's own note is that IOUs "may not be transferable across exchanges."

Because the rails are shut, the arbitrage channel that normally pins a derivative to its underlying does not exist. Nobody can buy real PI elsewhere and deliver it into the IOU market. Demand is captive, and the float is whatever the exchange's ledger says.

As of 27 July 2026 the IOU price tracked native spot almost exactly, near $0.0819, because a real reference price now exists to anchor it. That is a feature of the moment, not a property of IOUs. Which venues run which kind of market keeps changing, so check before funding: our Pi Coin exchange audit tracks native versus IOU status venue by venue, and where to buy Pi Coin covers regional access. To hold rather than trade, read the Pi Wallet guide first.

What has actually moved the Pi price

Four kinds of event account for nearly every large move. None is a chart pattern.

Listings, and the sell-the-listing pattern

Kraken on 13 March 2026 is the textbook case: over 30% up into the event, then 28% down within a day. The February 2025 launch cascade did the same at larger scale. Analyst targets of $0.50–$0.75 circulated ahead of Pi Day 2026 and did not materialise. A listing adds a venue, not a buyer.

Unlocks

December 2025's roughly 190 million π release coincided with an estimated 11–12% monthly decline. July 2026's 103.7 million accompanied a 17% single-day drop on the 16th and that week's all-time low. Correlation is not proof, but the mechanism is not mysterious: supply arrives on a schedule, demand does not.

Rumours, in both directions

The May 2025 Binance rumour pushed PI above $1.70 and then gave all of it back. Late August 2025 ran the other way: claims that OKX would suspend PI margin borrowing and delist entirely by 27–28 August, with MEXC following. It was debunked, no pairs were removed, and OKX still trades PI today — yet one outlet published the delisting as fact. That is the best single illustration of why Pi coverage should be treated as stale or unsourced by default. Even Binance's February 2025 vote-to-list, which passed with roughly 86% support on between 226,000 and 295,000 votes depending on the report, became a sell catalyst when it closed and nothing happened: PI fell about 20% to around $2.15.

Security incidents

On 30 December 2025 the Core Team suspended the wallet's payment-request feature after a social-engineering campaign drained more than 4.4 million π. The chain behaved as designed; the failure was human.

Why we publish no Pi price prediction

Because it would be a guess wearing the costume of research, and you would be the one acting on it.

Consider what a credible forecast needs here: a reliable volume figure (aggregators differ by 56%), a settled supply denominator (they differ sixfold), a primary unlock schedule (none is published), and a market whose largest venue is not shutting down mid-year. None of those holds. Add that Pi's own MiCA white paper, filed October 2025, states plainly that the asset "may lose its value in part or in full, may not always be transferable and may not be liquid." When the issuer's legal disclosure reads like that, a twelve-month target from a content site is not analysis. It is advertising inventory.

You will still meet predictions everywhere. Read them like this:

• No stated method. A 2027 number with no supply, volume or adoption assumption behind it came from no model.
• Wide ranges dressed as precision. "$0.15 to $2.50" is not a forecast, it is a hedge that cannot be wrong.
• Stale inputs. Articles describing PI as trading "around $0.12 to $0.14 in 2026" were right earlier that year and wrong by late July.
• Affiliate alignment. A bullish target beside a sign-up link is marketing with a chart attached. This site runs affiliate buttons too — which is exactly why no numbers are attached to them.
• Indicators as prophecy. Pi's RSI hit 27 in July 2026, its lowest since launch. That describes what happened; it forecasts nothing.

How to check a live Pi Coin price properly

Four minutes, in this order, every time.

• Read two aggregators, not one. CoinGecko and CoinMarketCap side by side. Note the volume spread rather than picking the flattering number.
• Confirm you are on the native asset. On CoinGecko, pi-network is the real coin and pi-network-iou is not. Check the slug in the URL, not the heading.
• Open the order book on your own venue. The aggregator average is not your fill price. See how fast the book thins either side of the quote.
• Check the withdrawal rail before the price. Confirm the venue supports native PI withdrawals to a G… address, and whether it requires a memo. Several venues with active PI markets have no working on-chain rail at all.
• Date-stamp whatever you write down, including anything copied from this page.

Frequently asked questions