#夏日创作营 PI’s total market cap ranks 70th, but the unit price is only 0.08U: what do these numbers really imply?

As of July 25, 2026, PI’s total market cap is $907.9 million, ranking 70th among global crypto assets. However, the unit price is only $0.082997—about eight cents. The 24-hour trading volume is $9.74 million, the circulating supply is 10.94 billion tokens, but the maximum supply is as high as 100 billion. On one side is the “top 70 by market cap” halo, and on the other is the “eight-cent” bargain price. This contrast leaves many confused: is PI being undervalued, or is the sell pressure not over yet? Don’t rush—break down this string of numbers and it’ll be clear.

At market cap rank 70, why is the price so low?
The answer is simple: the float is too large, so the unit price gets diluted.
Circulating supply is 10.94 billion tokens, with a maximum supply of 100 billion. That means that currently, only about 11% of all PI can actually circulate in the market, while the remaining nearly 90% hasn’t been fully released. If the market cap ranking is based on circulating market cap, then $907.9 million divided by 10.94 billion tokens works out to roughly eight cents per token—exactly the level of that unit price. If PI eventually all circulates and the price stays at eight cents, the total market cap would rise to around $8 billion and could push into the top 30. But conversely, if the unlocking pace accelerates later and buy demand doesn’t keep up, price pressure would be significant too. So “market cap rank 70” doesn’t equal “very cheap.” It only suggests that PI’s holder base and circulating market-cap scale are both not small, but the price already fully reflects the reality of “an extremely large supply.”

With only a 0.63% drop in 24 hours—was it held steady, or is nobody playing?
On July 25, PI fell 0.63% over the past 24 hours—an insignificant move. But look at the trading volume: only $9.74 million. This level indicates very poor liquidity. Bitcoin’s daily trading volume often reaches hundreds of billions to over a trillion dollars, and even some projects outside the top 100 by market cap commonly exceed $100 million. With a $907.9 million market cap and daily trading volume under $10 million, it means there aren’t many people actively buying and selling.

Low liquidity has two sides: the good side is that sell pressure doesn’t look too aggressive, so the price can stay stable; the bad side is that once big orders come in and out, the price can easily get yanked up and down quickly, like a sharp needle. PI right now is more like a “holdings market” rather than a “trading market.”

Circulation rate is 11%—where did the remaining coins go?
The remaining nearly 90% of PI is either not migrated to the mainnet yet, or queued for KYC, or still locked in team, foundations, and ecosystem incentive programs. This data raises a key question: how will the future supply curve be released? If it’s slow, in batches, and linear, the market can gradually absorb it. But if there’s concentrated unlocking during a certain period and demand doesn’t grow accordingly, price pressure will be very obvious. A rank is just a snapshot—supply release is the ongoing series.

PI at $0.08— is it expensive or not?
Don’t just look at the unit price—look at the total market cap. PI’s current circulating market cap is $907.9 million, which is already not low. Tied to a maximum supply of 100 billion tokens, if the price wants to stay at eight cents even after full circulation, the total market cap would need to reach $8 billion—roughly placing it in the global top 25 to top 30, sitting at the same table as old-school projects like Litecoin and UNI. That means if PI wants to be worth eight cents even after full circulation like it is now, its ecosystem scale would need to reach the level of a first-tier chain. Does PI have that confidence? It depends on two things: first, whether the ecosystem can truly start running; second, whether the remaining supply can be absorbed by the market.

Currently, the Protocol v25, PiVerify, SoloHost, Launchpad, and SLICE test tokens that PI is pushing are all efforts toward making the “ecosystem actually useful.” But from implementation to generating real demand takes time. The market won’t buy just because there’s an upgrade—it only recognizes real cash flow and user retention. $PI ‌