Pi Network is moving ahead with its largest token unlock to date, releasing 134 million PI tokens in January 2026, even as demand slows and its token price continues to slide.
Key Takeaways
- 134 million PI tokens will be unlocked in January, following a relatively smooth 8.7 million token release in December.
- Pi Network has grown to over 60 million registered users and 19 million KYC-verified accounts, with 15.8 million migrated to mainnet.
- A $100 million ecosystem fund is backing developer activity, with over 215 apps live on mainnet.
- Despite technical growth, token price has plunged over 90%, and daily trading volume is low at just $8.6 million.
What Happened?
Pi Network is preparing to release 134 million tokens in January 2026, a significant increase from the 8.7 million tokens unlocked the previous month. While December’s release passed without disruption, the January event will serve as a much larger test of the network’s ability to balance rising supply with real-world demand. The challenge is compounded by falling trading activity and a steep decline in token value.
Token Unlock Comes Amid Sliding Demand and Price Drop
Despite strong growth in user metrics and app development, PI’s market performance is under pressure. The token has fallen over 90% from its 2025 highs, trading near $0.2027, with trading volume shrinking to just $8.6 million. Analysts warn this low volume is concerning for a network with a reported market cap of $1.69 billion.
One key factor limiting activity is the token’s absence from major exchanges like Binance, Coinbase, and Upbit. While some view Pi as overly centralized, others have raised concerns about its legitimacy. These issues have made it difficult for the token to gain broader market traction.
On the supply side, the pressure is growing. The 134 million token unlock in January is part of a broader trend. The network has already unlocked over 190 million tokens in December, with plans to release 1.24 billion more over the next 12 months. Of the 100 billion max supply, only 8.3 billion are currently circulating, meaning vast dilution is still to come.
Ecosystem Progress Offers Some Stability
To counterbalance supply concerns, Pi Network has expanded its ecosystem significantly. Since launching its Open Network in February 2025, it has integrated with external blockchains and allowed app-level services to function more broadly.
Key achievements include:
- Over 17.5 million users completing KYC.
- 15.8 million users migrating to mainnet.
- Launch of Pi App Studio, empowering non-developers to build apps.
- Over 215 mainnet applications, including in payments, gaming, and DeFi.
The network also launched a $100 million developer fund, with early investments going to projects like CiDi Games and OpenMind, which focus on educational and interactive applications.
Additionally, Pi Network now supports over 350,000 testnet nodes, enhancing ledger security and enabling decentralized computing experiments.
2026 Outlook: Stress Test for Long-Term Viability
Network moderators and developers say the current focus is not on price but on utility and adoption. Pi Network aims to promote sustainable usage and avoid speculative hype. Yet, the real test lies ahead. The platform must prove that expanding infrastructure, increasing app utility, and real-world integration can counterbalance the inevitable supply dilution.
The roadmap for 2026 includes:
- Ongoing app development support.
- Technical improvements in node infrastructure.
- Integration with third-party tools.
- Continued token unlocks, reaching up to 100 billion in total supply.
CoinLaw’s Takeaway
In my experience, token unlocks this large are always make-or-break moments for new blockchain ecosystems. Pi Network has done a lot right by growing its app base, expanding KYC, and giving tools to developers. But let’s be honest. Without serious demand, price pressure will only increase. The fact that trading volume is so low and top exchanges are still keeping a distance should raise red flags. I love seeing grassroots ecosystems thrive, but utility must turn into daily usage or Pi risks becoming another ghost chain with good intentions and little adoption. If you’re a holder or builder, keep an eye on January. It’s the network’s biggest test yet.
