Pi Coin supply: how many PI exist, and how many can you trade?

Four supply numbers, four different meanings

Pi Coin (PI) is the native token of Pi Network, and “how many are there” depends on which number you ask for. Max supply is the design cap: Pi’s whitepaper and its MiCA white paper say 100,000,000,000 PI “if and when fully mined”, and before Mainnet the supply was not capped at all. Total supply is meant to be what has been created, but it is defined inconsistently. Circulating supply is the part that can be traded or moved now. Fully diluted value (FDV) is price multiplied by the max supply.

The difference in “total supply” trips people up constantly. CoinMarketCap reports 100 billion and CoinGecko about 17.3 billion on the same day. Neither is a Pi statement. If you are comparing coins, use circulating supply for market cap and treat total supply as a footnote, and always write down the date you took the number.

Where the 11.24 billion comes from

Pi’s mining app records balances that are not tradable until the owner passes identity checks and migrates to Mainnet. Trackers therefore appear to build their circulating figure from migrated balances that are no longer locked, which means it is an estimate rather than a count Pi signs off on. Kraken’s PI page showed a very similar figure of about 11.243 billion on the same day, so the major data providers are evidently counting in a similar way.

The trend is clear even if the exact value is soft. The MiCA white paper put circulating supply near 8.2 billion in October 2025, so roughly three billion more coins have entered the count in about a year. Secondary reporting on a February 2026 snapshot cited 9.21 billion migrated and about 5.39 billion still locked, and a July 2026 report quoted a locked total of 6.17 billion; those are not the same measures and should not be added together. The month-by-month release pattern is covered on the unlock schedule page.

It also helps to remember what the circulating supply is not. It is not the number of coins that can be sold: coins held by long-term lockers, coins sitting in a 14-day pending period after migration and coins belonging to users who have not completed KYC are all outside what you can buy on an exchange. The KYC guide and the transfer guide describe how a Pioneer gets from “mined” to “movable”.

How the 100 billion is meant to be split

Pi’s whitepaper page gives the allocation as a community share of 80% and a Core Team share of 20%. The community part is further divided into 65% for mining rewards (past and future), 10% for community and ecosystem purposes under a future non-profit Pi Foundation, and 5% for liquidity pools. The paper states that there was no ICO or crowdfunding, and that Core Team tokens unlock at the same pace as community mining and “may face additional self-imposed lockup”.

Applied to the cap, that is 65 billion for mining, 10 billion for the ecosystem and Foundation, 5 billion for liquidity and 20 billion for the team. The MiCA white paper adds a detail: up to 10 billion for a Foundation treasury and 5 billion for a liquidity pool, “created from a genesis event”, while core contributors hold tokens “with vesting schedules” that it does not describe. The US$100 million Pi Network Ventures fund announced in May 2025 is reported by Cointelegraph to come from the ecosystem allocation.

Critics argue that the team and affiliates control much more than 20% in practice and that a few validators and nodes steer the network. One widely quoted figure of 82.8 billion coins in a small number of wallets comes from a secondary report that we could not verify, so treat it as an allegation, not a fact. The broader debate sits in the legitimacy guide.

Lockups: what stays out of the market, and why it matters

Pi describes two kinds of lockup, and both are irreversible once set. A pre-migration lockup is chosen in the mining app (Menu, then Mainnet, then Configure Lockup Rate) and applies when the transferable balance migrates; Pi’s lockup guide says it also boosts the mining rate. A post-migration lockup is created in Pi Wallet under Lockups and, according to a July 2024 Pi post, allows up to 200% of the migrated amount. The whitepaper’s multipliers run from a two-week lock to three years.

Lockup durations drive supply in a quiet way. A coin locked for six months does not disappear; it returns to the “available” pool when the term ends, and its owner can then sell it, re-lock it or move it. Expiries are individual to each wallet, which is why Pi does not publish a single calendar and why third-party trackers build their own estimates. A holder can keep re-locking, and the net effect on the market depends on how many do.

After migration there is one more waiting step. Pi’s two-factor authentication post describes a 14-day pending period for migrated coins, and without 2FA the balance goes back to the mining app. In practice that adds a delay between a milestone such as “KYC passed” and a coin’s appearance in exchange-ready supply.

What Pi says about people, not coins

Supply is ultimately a story about users, and Pi’s own numbers here are self-reported. A March 2026 snapshot in its validator-rewards post counted 16,568,774 migrated Pioneers out of roughly 18 million verified identities, and a secondary report of an April update cited more than 18.1 million KYC-verified and about 16.72 million migrated, leaving around 1.38 million verified users who had not yet migrated. Those gaps are the pipeline that feeds future supply: each verified-but-unmigrated account is a balance that may enter the count later. We found no newer official figure after April 2026, so we do not extrapolate one.

Market cap, rank and why the “rank” moves

Market cap is just price times circulating supply, and that is why two trackers can show different ranks from almost identical inputs. On 12 October 2026 PI sat at number 71 on CoinMarketCap and number 85 on CoinGecko, with a market cap around US$0.92 billion. Each platform ranks from a different universe of assets and applies its own filters.

Market cap is also easy to over-read for PI. Daily volume of about US$2.8 million is a sliver of that cap, so the headline value would not be realised if even a modest share of holders tried to sell. FDV is similarly theoretical: it assumes all 100 billion coins exist and trade at today’s price, which will not be true for years. For how supply feeds into forecasts, see the prediction guide, and for the live quote use the price page.

How to check supply yourself

If you earn PI through the app rather than by buying it, the mining guide explains how the daily mechanism ties into supply.

Updated: October 12, 2026