There’s a lot of controversy and speculation about the Pi Network project ever since it officially launched on mainnet in late February.

There’s been a lot of buzz and controversy surrounding the Pi Network project, especially since it finally launched on mainnet in late February. While the Pi coin price hasn't really moved much lately, remaining in the $0.75-$0.80 range over the past few days, rendering it largely unimportant, the biggest crypto YouTube channel, Coin Bureau, decided to clear the air about the project.

In their in-depth video, host Nick takes a closer look at the founders, how Pi works, how it makes money, and of course, whether that magical $5 Pi coin price is really possible.

Let’s start with the big players behind Pi. While the project is mostly associated with Stanford grads Nicholas Kokalis and Chengdiao Fan, the original team actually included four founders. Vincent McPhillip and Aurelien Schiltz were also part of the early core group. However, Vincent left the project under controversial circumstances and even filed a lawsuit, which was quietly settled in 2023. Aurelien stayed and is still actively contributing to Pi’s codebase.

One of the most crucial things to understand about Pi Network is how it actually functions. Unlike most crypto projects that use proof-of-work or proof-of-stake, Pi runs on a modified version of the Stellar Consensus Protocol. It’s extremely centralized—only 28 nodes and 3 validators exist, and all three validators are operated by the Pi core team. This level of control has led to skepticism from individuals seeking a truly decentralized currency.

As for mining Pi, it's not really mining in the traditional sense. Users tap a button once a day to demonstrate they're human and engaged in the project. It's more like a gamified rewards system than a blockchain consensus mechanism. And while millions of users have completed KYC to claim their tokens, only a portion of the total supply is currently unlocked and available for trading.

This brings us to the tokenomics. Pi has a massive max supply of 100 billion coins. Sixty-five percent is allocated for mining, while the remaining percentage is divided among the team, the foundation, and liquidity. To date, 7.2 billion coins have been mined, but only 2 billion are unlocked for users. Meanwhile, over 3 billion Pi are unlocked for the team and the foundation. This means the core team controls more of the circulating supply than the entire user base.

Now, for the question everyone wants answered: can Pi coin really reach $5?

Technically, yes, but only if certain conditions are met. The low liquidity on exchanges makes it easier to pump the price. There are only around 300 million Pi coins on known exchange wallets, which is incredibly small compared to other major cryptos. And if the team is selling coins over-the-counter (OTC) and using those funds to work with market makers, they could keep prices artificially high—at least for a while.

Nick explains that this type of price manipulation isn’t unique to Pi. It’s happened with other major projects, too. But because Pi has such low available supply on exchanges, it’s much easier to move. That’s how some people believe Pi could hit $5, even if its fundamentals don’t really justify that valuation.

The video also briefly mentions upcoming milestones that could drive more attention to Pi and possibly boost price. These include making it easier for people to migrate coins to mainnet, converting Fireside forum tokens into Pi, and onboarding more developers. However, Nick warns that Pi Network’s lack of transparency and slow communication with its community are holding it back. Even now, their roadmap seems outdated and incomplete.

There are other concerns as well. The KYC process, which Pi handles in-house, raises questions about data privacy and legitimacy. If institutions and exchanges don’t trust it, they won't get involved. And without their support, Pi’s growth could stall.

In the end, the Pi coin hype is built on a strange mix of potential and mystery. It has millions of users but very little liquidity. It promises decentralization yet remains tightly controlled by a small team. And it talks about utility, but the ecosystem is still in its early stages.

So, could Pi coin hit $5? It’s possible, especially if low liquidity continues and interest spikes from key announcements or listings. But whether it stays there—or even deserves to—depends on how much trust the project can earn from the broader crypto community.

For now, it’s a project worth watching but maybe not yet betting your house on.

News data source: kdj.com

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