The Value of Pi Across Exchanges Will Shock You...

Only a Fraction of $PI Is on Exchanges

According to data from Pi Scan, the total value of $PI held across major cryptocurrency exchanges sits at roughly $40 million. That figure is spread across @OKX, @Bitget, @Gate, @MEXC, @Pionex, @LBank_Exchange, and @krakenfx, with @Gate holding the largest share at over $20 million.

While the number sounds significant in absolute terms, it represents less than 0.05% of Pi Network's total circulating supply. That is a remarkably thin slice of liquidity for a network that, claims over 60 million registered users, making it one of the largest crypto communities on paper.

The reason so little $PI sits on exchanges comes down to how the network is structured. Approximately 60.41 billion $PI have already been migrated to the Mainnet, but a significant portion of supply remains locked. More than 58 billion $PI are still held off-market by Pioneers, meaning they are not actively available for trading or exchange-based circulation.

Unlocks Could Shift the Balance

That picture is expected to change as more tokens become eligible for release. As Pioneers progress through KYC verification and complete migration requirements, their locked balances convert into transferable, exchange-ready tokens. Roughly 1.21 billion $PI are scheduled to enter circulation across 2026, releasing at a pace of around 6.5 million coins a day.

The market has already felt the pressure. $PI's price fell nearly 15% to around $0.08, setting a new all-time low, with the primary catalyst being an impending unlock of 127.5 million $PI tokens scheduled for the coming weeks, per PiScan data. The expected surge in circulating supply prompted a rush to exit positions, overwhelming exchange liquidity.

For now, however, the data suggests that most Pioneers are sitting on their holdings rather than moving them to exchanges. Whether that patience holds as unlock volumes increase will be one of the key dynamics to watch across the remainder of 2026. Whether users choose to hold, sell, or utilise their unlocked tokens will play a major role in shaping future market dynamics.

Sources:
Pi Network token unlocks 2026: can demand absorb it? (crypto.news)
Latest Pi Network news and market insights (CoinMarketCap)
Pi Network Tokenomics 2026: Supply Release and Unlock Schedule (MEXC News)