PI Network’s 12M Mainnet Migration Milestone Overshadowed by Valuation Struggles

[TRADE_PLUGIN]PIUSDT,PIUSDT[/TRADE_PLUGIN] PI News - Pi Network has achieved a significant milestone with over 12 million users migrated to its mainnet, yet its path to reaching a $1 valuation remains challenging. The network's circulating supply stands at 8.04 billion PI tokens—representing less than 10% of its 100 billion maximum supply—amid concerns about structural inflation and intense competition. cryptocurrency analyst Kosasi Nakamoto points to PI's 17% price decline over the past 30 days, attributing the drop to accelerated migrations and a 45% quarterly slump resulting from differentiation shortcomings. Despite Protocol 23's Linux-based nodes and decentralized KYC implementation, these features have failed to counter competitive pressures from projects like Remittix, which offers 0.1% remittance fees and clearer institutional support. The launch of PiOnline's gaming/DeFi ecosystem highlights ongoing adoption efforts, but market dynamics indicate that speculative valuation may not withstand competition from utility-driven alternatives. Nakamoto observes, "When real-world use cases compete with promises, capital follows functionality," emphasizing Pi Network's critical need for demonstrable economic traction.