Pi Network’s native token fell this week as the project released roughly 8.7 million PI tokens into circulation on Dec. 25, coinciding with expanded merchant participation in its holiday commerce initiative. The price slump unfolded against broader market caution and ahead of macroeconomic data releases.
Data from PiScan shows that the unlock — collectively worth around $1.76 million at current prices — represented the largest scheduled token release in December. Additional distribution planned for the month could increase circulating PI supply by approximately 54.7 million tokens, valued at about $11.07 million based on prevailing exchange pricing.
PI Price Declines as Supply Increases
At the time of writing, PI was trading near $0.203, down from a November high of $0.279 and an annual low of $0.192 posted earlier last week. The token recovered briefly to about $0.214 over the weekend before easing lower as market participants monitored U.S. initial jobless claims data.
Pi’s token exhibited a bearish setup leading into the Dec. 25 unlock, according to price charts. After peaking in November, the token declined roughly 31% to its annual low, then consolidated through mid-December. Today’s distribution added to supply inside the network’s ecosystem as trading activity remained concentrated on a limited number of exchanges that support PI trading.
Exchange data currently lists PI with a circulating supply of approximately 8.37 billion tokens and a market capitalization near $1.72 billion. Trading activity has been visible on platforms that list PI, though overall liquidity remains thinner than for larger, more widely traded assets.
Holiday Commerce Initiative Reports Expanded Acceptance
Pi Network reported that its holiday commerce event drew participation from more than 125,000 merchants who accepted PI tokens for goods and services. According to the network’s announcements, merchants set their own pricing and promotions using Pi’s payment infrastructure as part of expanded ecosystem activity during the holiday period.
In conjunction with the token unlock and commerce push, Pi Network is rolling out an updated wallet interface to selected users and business accounts. The updated design aims to streamline navigation and token visibility, with broader availability planned in the coming weeks.
Pi’s Open Mainnet — launched earlier in 2025 — continues to support development activity across decentralized applications. Project documentation notes more than 215 applications operating within the network’s ecosystem, including tools related to commerce and nascent decentralized finance functions.
