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

As of July 25, 2026, PI’s total market cap is $907.9 million, ranking 70th among global crypto assets. But 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 coins, while the maximum supply is as high as 100 billion. On one side, there’s the halo of “top 70 by market cap”; on the other, it’s “eight-cents” cheap. This contrast leaves many puzzled: is PI being undervalued, or is the selling pressure not done yet? Don’t rush—take these numbers apart and you’ll see clearly.

Ranked 70th by market cap—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 coins, with a maximum supply of 100 billion. That means the PI that can actually circulate in the market is only about 11% of the total; the remaining nearly 90% hasn’t been fully released. The market-cap ranking is based on circulating market cap: $907.9 million divided by 10.94 billion coins lands right at the eight-cent level. If PI were to fully circulate in the future and the price were to stay at eight cents, the total market cap would rise to the $8 billion range, letting it potentially break into the top 30. But the flip side is that if the unlock pace speeds up later and buy-side demand doesn’t keep up, price pressure could be substantial too. So “ranked 70th by market cap” doesn’t mean “very cheap”—it only indicates that PI’s holder base and circulating market-cap scale are both not small, but the price already reflects the reality of “massive supply.”

Down 0.63% in 24 hours—stabilized, or nobody’s trading?
On July 25, PI fell 0.63% over the past 24 hours, a small drop. But look at the trading volume: only $9.74 million. This volume level suggests very poor token liquidity. Bitcoin’s daily trading volume can easily be hundreds of billions or even tens of billions of dollars, and even some projects outside the top 100 often exceed $100 million. With a $900 million market cap and daily trading volume under $10 million, it means there aren’t many people actually buying and selling.
Poor liquidity has two sides: the good part is that sell pressure isn’t that aggressive, so the price can stay steady; the bad part is that once large orders come in and out, the price can be pushed up or down quickly, like a needle. PI right now is more like a “position-driven market” rather than a “trading-driven market.”

Circulation rate is 11%—where did the remaining coins go?
The remaining nearly 90% of PI is either not yet migrated to the mainnet, or stuck in the KYC queue, or locked in team, foundation, and ecosystem incentive programs. This data raises a key question: how will the future supply curve be released? If it’s released slowly, in batches, and linearly, the market can digest it gradually. But if a certain period sees concentrated unlocks while the demand side doesn’t grow correspondingly, price pressure will be very obvious. Ranking is just a snapshot—the release of supply is a series.

PI at $0.08—how expensive is it, really?
Don’t look only at the unit price—look at the total market cap. PI’s circulating market cap is currently $907.9 million, which isn’t low. Relative to a maximum supply of 100 billion, if after full circulation the price still wants to stay at eight cents, the total market cap needs to reach $8 billion. That’s roughly enough to rank in the global top 25 to top 30, sitting at the same table as legacy projects like Litecoin and UNI. This implies that if PI wants to be worth eight cents even after full circulation, its ecosystem scale would need to reach the level of a major public chain. Does PI have that kind of backing? It depends on two things: first, whether the ecosystem can truly run; second, whether the remaining supply can be absorbed by the market.
Currently, the Protocol v25, PiVerify, SoloHost, Launchpad, and SLICE test tokens PI is pushing are all efforts toward making the ecosystem “useful.” But from deployment to generating real demand takes time. The market won’t buy just because there’s an upgrade—it only cares about real cash flows and user retention. $PI ‌