The recent acceleration of interest in GameFi has renewed attention toward Pi Network, yet the project simultaneously confronts structural selling pressure that could shape its transition to an open market. The increased visibility comes from new partnerships, regulatory steps and rising exchange balances that suggest mounting liquidity stress and a growing sell wall.
Liquidity, supply pressure and unlock dynamics
Public platform data indicate 430.8 million Pi currently held in exchange wallets, valued at approximately $109 million, with net inflows exceeding 631,200 Pi in a 24-hour span, signaling immediate selling pressure. Daily trading volume near $30 million versus an estimated circulating supply of 3 billion Pi underscores vulnerability to large sell orders. Supply risk intensifies under the unlock schedule: 145 million Pi were released in November and 173 million are planned for December — the highest monthly issuance expected through 2027 — which contributes directly to a growing sell wall.
A defining factor is the enormous number of tokens held by users who mined Pi at nearly zero cost, incentivizing rapid liquidation when price opportunities emerge. The pre-mainnet environment and IOU trading further fuel speculation and encourage early conversion to liquidity.
The project highlights milestones intended to boost confidence: a GameFi collaboration with CiDi Games, venture investments in OpenMind, and a MiCA-aligned white paper aimed at European listings, while the Open Network launch set for 20 February 2025 stands as the next major technical and market checkpoint.
Despite momentum, questions persist regarding governance, tokenomics transparency, use-case depth and an alleged 1.2 million Pi sale by core contributors, factors that increase the incentive for holders to secure profits ahead of volatility.
Industry commentary suggests that mitigating the sell wall will require real utility to sustain demand, transparent lock-ups for major holders, and responsible supply management that may include burns if aligned with long-term goals.
Ultimately, Pi Network finds itself in a moment of heightened attention but equally substantial selling pressure driven by exchange balances and upcoming unlocks.
