The Pi Network token has dropped nearly 80% since February, with co-founders Chengdiao Fan and Nicolas Kokkalis still recognised as billionaires on paper due to their substantial holdings. While the token’s market cap has shrunk significantly, the founders’ wealth is tied up in locked tokens that will not be accessible for years. The future value of the Pi Network remains uncertain as the market evolves.
The Pi Network token has witnessed a substantial decline, losing nearly 80% of its value since its peak in February. Despite this significant downturn, co-founders Chengdiao Fan and Nicolas Kokkalis remain paper billionaires due to their sizeable holdings of Pi tokens, positioning them favourably within the cryptocurrency landscape.
In contrast to cryptocurrencies like Bitcoin, which recently exceeded a valuation of $93,000, the Pi Network has failed to maintain momentum. Its market capitalisation has decreased drastically from $19 billion to approximately $4.48 billion. Moreover, the theoretical maximum market cap of Pi, assuming all tokens were in circulation, has fallen from over $300 billion to around $66 billion.
Interestingly, the founders’ wealth remains intact; they possess significant amounts of digital assets acquired early on. The Pi Network Foundation also controls 10 billion tokens, valued over $6.6 billion, which may enhance the co-founders’ financial standings. The Pi community has been allocated a substantial 65 billion tokens from the total supply of 100 billion.
However, the majority of these tokens are locked and cannot be liquidated immediately. As noted, the network plans a gradual release of these locked tokens, with unlocks scheduled to complete by May 2028. Approximately 131 million tokens will be released monthly, totalling an approximate value of $87 million at current prices.
This lock-up mechanism implies that while the founders retain significant wealth on paper, they will not have immediate access to these funds for several years. Thus, despite the market challenges faced by the Pi Network, its founders are established among the wealthiest in crypto by token valuation. The future trajectory will depend on market dynamics and the gradual unlocking of tokens.
