PI saw a strong 5% price jump and 66% trading volume spike as it enters the first phase of its long-anticipated mainnet migration.
Pi Network (PI) rallied over 5% in the last 24 hours to trade around $0.66, along with a sharp 66% increase in trading volume.
The price increase coincides with the upcoming first phase of Pi’s long-awaited mainnet migration, a major milestone for the project that has been in development since 2019.
According to Pi Network’s team, over 12 million users have now completed their Know Your Customer (KYC) verification, clearing the way for their mining rewards and other contributions to be migrated onto the mainnet.
In a recent update on X, the Pi Core Team reaffirmed its commitment to onboard as many Pioneers, and their PI tokens, to the mainnet as possible.
The allocation structure of the Pi Supply model ensures the impartial role of any processes that affect the migration speed because all other allocation buckets track the pace of Migrated Mining Rewards.
It was intentionally designed to align the interests of all parties in the…
— Pi Network (@PiCoreTeam) April 21, 2025
The current migration phase includes transferring base mining rewards, Security Circle inputs, lockup commitments, utility app incentives, and confirmed node rewards for eligible users.
The second migration phase, which includes referral bonuses, is expected to begin after the first queue is cleared, though no official timeline has been provided.
Tokenomics Favoring Fair Growth
Pi’s distribution model is designed to grow in sync with community migration. Of the 100 billion tokens minted at genesis, only the portion linked to migrated rewards becomes usable.
Here’s the upcoming Mainnet migration work based on the network’s priorities. Learn more at https://t.co/fFqpZcgA8M pic.twitter.com/GWaFgRIj1g
— Pi Network (@PiCoreTeam) April 22, 2025
Currently, only 65% of Pi’s supply is allocated for community mining, with 10% for the foundation, 5% for liquidity, and 20% for the Core Team. No party can access more tokens until the community progresses further in its migration, stopping premature accumulation or sell offs.
Notably, long delays in reaching the mainnet have frustrated the community, but experts argue that a gradual rollout could protect the network from sudden supply shocks. They expect the second migration wave to launch in the latter half of 2025.
PI Price Outlook
PI i Network has recently faced major selling pressure, losing 30% of its value in the past month. Some analysts have also pointed out a suspicious surge in micro wallet activity, potentially leading to wash trading schemes or dumping.
On the 4-hour PI price chart, the RSI is at 62.82 with an upward gradient, indicating rising bullish momentum. This suggests buyers are gaining confidence, but a correction could occur once RSI enters the overbought region.
A bullish breakout above $0.68 with sufficient buying volume could target $0.72.
PI’s price chart | Source: Trading View
Bollinger Bands show tightening bands with the price recently touching the upper band (at around $0.6763), indicating ongoing consolidation. The middle band (20-day SMA) at $0.6635 now acts as immediate support, while resistance lies near $0.68.
Despite the ongoing price slump, many analysts are eyeing a $1 price target for PI amid the mainnet migration plans.
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