In the fast-moving world of cryptocurrency, few projects have sparked as much debate, hope, and skepticism as Pi Network. Since its launch in 2019, Pi has attracted tens of millions of users worldwide by offering a simple mobile mining experience that doesn’t require expensive hardware. For many people, Pi Coin was their very first exposure to crypto.
More than six years later, the project still has not reached full mainnet integration, and the coin has not been officially listed on major exchanges. Despite that, Pi continues to generate massive buzz, especially in developing markets. The most fascinating development in 2025 is happening in China, where an increasing number of restaurants, cafes, and small businesses are starting to accept Pi Coin as payment.
This grassroots adoption raises an important question: could China become the launchpad that finally gives Pi Coin real-world value and sparks its next bull run? In this article, we will explore Pi’s history, its current struggles, the adoption wave in China, and what this could mean for the future price of Pi Coin.
The Rise of Pi Network: Mining for the Masses
When Pi Network was introduced by a group of Stanford graduates in 2019, it carried a bold promise: “cryptocurrency for everyday people.” Unlike Bitcoin, which requires powerful mining rigs, Pi could be mined directly from a smartphone with minimal energy consumption.
This unique approach quickly attracted a global user base. By 2021, the Pi app had been downloaded tens of millions of times, making it one of the most popular crypto-related applications in the world. Its ease of use made it especially appealing in countries where traditional access to cryptocurrency exchanges and banking services was limited.
The idea was simple: build a massive community first, then roll out an ecosystem where Pi could be used for real transactions. In theory, this would solve one of crypto’s biggest challenges—mass adoption.
Price History: From Hype to Uncertainty
Pi Coin’s price journey has been anything but stable. Although Pi has not yet been officially listed on tier-1 exchanges, some smaller platforms offered Pi IOUs (I-owe-you contracts), allowing speculative trading.
At its peak, Pi Coin traded around $2.1, but it quickly dropped to about $1 as selling pressure increased and uncertainty about migration and listings grew. As of early September 2025, Pi hovers around $1.46, just below the key resistance of $1.50.
Technical analysts note that if Pi can break above $1.50 and sustain momentum, it could retest $2 or even higher. On the flip side, failure to hold this level could trigger another downward move, frustrating long-time holders.
The Token Migration Problem
One of Pi’s biggest challenges has been the token migration process. Many users who passed KYC have faced long delays or technical difficulties in transferring their mined Pi to the official wallet.
This has caused widespread frustration in the community. In March 2025, during Pi Network’s sixth anniversary, many users reported sudden errors with their balances, sparking outrage. For some, years of mining seemed to vanish overnight, further damaging trust in the project.
Without solving this migration bottleneck, Pi risks losing credibility with its most loyal community members.
The Binance Rumor and Market Reactions
Earlier this year, rumors circulated that Binance might list Pi Coin. Excitement spread quickly, driving up speculative demand. However, Binance later denied the claims, clarifying that there were no official listing plans.
This highlights another core problem for Pi: credibility. Until Pi achieves verified listings on major exchanges such as Binance or Coinbase, it will remain a speculative asset with limited liquidity.
China: The Unexpected Growth Engine for Pi
While global investors remain cautious, China has emerged as the strongest supporter of Pi Coin in real-world usage. Across multiple cities, local businesses—from tea shops to electronics stores—are beginning to accept Pi as payment.
This is significant because China has some of the strictest policies on cryptocurrency trading. Bitcoin and Ethereum remain heavily regulated, but Pi seems to have found a unique niche.
Why is China Embracing Pi?
There are several key reasons:
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Massive Community Size – China has one of the largest Pi user bases in the world. Millions of citizens downloaded the app during the early days, creating strong grassroots momentum.
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Alternative to Restricted Cryptos – With Bitcoin and Ethereum facing regulatory pressure, Pi offers a different way for people to experiment with digital money.
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Cultural Fit – The Chinese population is already highly accustomed to digital wallets like Alipay and WeChat Pay. Using Pi for small payments feels like a natural extension.
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Network Effect – As more businesses accept Pi, confidence grows. Adoption begets more adoption, creating a snowball effect.
Real-World Use Cases in China
Reports show that Pi Coin is being used in restaurants, grocery shops, cafes, and even for certain online services in China. Some businesses have integrated Pi alongside traditional payment methods, giving customers an additional choice.
While transaction volume remains relatively small, the psychological impact is enormous. It signals that Pi may finally be transitioning from a speculative mining app into a usable currency. This could provide the long-awaited breakthrough that Pi holders have been waiting for.
Technical Outlook: Can Pi Coin Rebound?
The $1.50 price level has become a crucial battleground for Pi. If adoption in China continues to grow, buying pressure could push Pi past this resistance. Analysts suggest that a sustained break above $1.50 might lead to a rally toward $2 or even $2.50 in the short term.
However, there are still major risks:
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Liquidity remains low compared to mainstream coins.
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Uncertainty about official exchange listings could limit upward momentum.
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Regulatory risks in China could suddenly shut down this adoption wave if authorities change their stance.
Challenges Pi Must Overcome
Despite encouraging signs, Pi faces significant obstacles before it can be considered a reliable cryptocurrency:
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Transparency Issues: The project is often criticized for lack of clear updates and timelines.
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Decentralization Concerns: Critics argue Pi is still too centralized compared to Bitcoin and Ethereum.
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KYC and Migration Delays: These continue to frustrate loyal users.
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Global Acceptance: Adoption outside of China remains extremely limited.
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Exchange Listings: Without listings on tier-1 exchanges, liquidity will remain a major barrier.
Future Outlook: What Needs to Happen Next?
For Pi Coin to transition from hype to legitimacy, three things are essential:
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Successful Token Migration – Users must be able to freely access and transfer their coins without technical issues.
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Official Listings on Major Exchanges – A listing on Binance, Coinbase, or similar platforms would provide credibility and liquidity.
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Sustained Real-World Adoption – The Chinese momentum must continue, and other regions need to follow suit.
If these factors align, Pi could finally enter a new growth cycle in 2025 and beyond.
Frequently Asked Questions (FAQ)
1. Is Pi Coin listed on major exchanges yet?
No, Pi is not officially listed on major exchanges like Binance or Coinbase.
2. Can I use Pi Coin for real purchases?
Yes, particularly in China, where many small businesses now accept Pi. In other countries, adoption is still very limited.
3. Is Pi Network a scam?
Pi is not widely considered a scam, but its slow development, migration delays, and lack of transparency have caused skepticism.
4. When will Pi Coin be fully unlocked?
That depends on Pi Network’s mainnet development and migration progress, which remains unclear.
5. Could Pi Coin increase in price in 2025?
If it breaks $1.50 and adoption continues to grow in China, Pi could rally back toward $2 or higher.
Conclusion
Pi Coin is at a critical turning point. After years of uncertainty, the surge in real-world adoption across China has given the project a second chance to prove its worth.
If Pi Network can improve transparency, fix migration issues, and secure listings on major exchanges, Pi Coin could become one of the most talked-about digital assets of 2025.
While risks remain high, the combination of a massive community, strong grassroots adoption, and growing merchant acceptance suggests that Pi’s story is far from over.
👉 For now, Pi Coin stands as one of the most intriguing experiments in the crypto world: will it fade away like so many others, or will China’s embrace push it into the global spotlight? The next 12 months may finally provide the answer.
