3.36 Million Users Verified, Yet Prices Fall: What Pi Network’s Latest Update Means for Crypto Enthusiasts

Cryptocurrency never stands still — and 2025 is proving to be one of its most unpredictable years yet. One of the most talked-about projects, Pi Network, has just hit a major milestone: over 3.36 million users have successfully completed KYC verification, according to Coinpedia via TradingView.

Yet, in a twist that underscores the complexity of crypto markets, Pi’s price continues to fall — slipping from an all-time high near $2.98 to around $0.20. For crypto enthusiasts, the situation raises an important question: How can a project grow in users while shrinking in market value?

Let’s explore the key developments and what they signal for the broader blockchain ecosystem.

The Good News: Millions Verified and an Open Network

In February 2025, Pi Network officially transitioned from an “Enclosed Mainnet” to an Open Network, allowing external connectivity and real-world use of its token (PI). The project’s founders, Dr Nicolas Kokkalis and Dr Chengdiao Fan, both Stanford-trained engineers, have consistently aimed to build a mobile-first blockchain ecosystem that enables crypto participation without expensive mining rigs (Coin Bureau, 2025).

The recent verification of 3.36 million users marks a huge operational step forward. Pi introduced an AI-driven KYC system that processed roughly 4.76 million pending cases — bringing its total verified base to millions of real humans, not bots or fake accounts (TradingView, 2025).

This scale of verified participation places Pi among the largest verified crypto communities worldwide, rivaling even early user bases of Ethereum and Solana in their formative years.

The Market Reality: Price and Liquidity Challenges

Despite such progress, market confidence has not yet caught up. According to Coinpedia’s analysis, Pi’s trading volume fell sharply — from about $3 billion per day at its peak to under $13 million currently, with prices around $0.20 per token (TradingView, 2025).

The Coin Bureau review explains that Pi’s liquidity is still “uneven” and exchange listings remain limited — factors that make it difficult for users to convert tokens into stable value. Moreover, concerns about centralised control and opaque tokenomics have caused scepticism among investors, even as community participation grows.

This divergence between community growth and market performance is a key learning moment for crypto enthusiasts: mass adoption does not automatically equal market value. Real liquidity and transparent governance remain the defining ingredients of long-term viability.

Why the KYC Breakthrough Still Matters

From a regulatory and trust perspective, Pi’s verification milestone is a strong positive sign. KYC (Know-Your-Customer) systems — though sometimes unpopular — are critical for bringing crypto projects closer to mainstream financial compliance.

In regions like Africa and Southeast Asia, where smartphone adoption is high but access to traditional banking remains limited, Pi’s mobile-based participation and KYC process could set a new standard for inclusive digital identity in crypto.

The success of the new AI-KYC system shows that blockchain innovation can scale responsibly, balancing growth with accountability.

The Broader Picture: What to Watch Next

Both sources agree that Pi Network’s long-term future depends on three critical factors:

• Merchant adoption: How many real businesses begin accepting PI for goods and services?
• Developer engagement: How fast does its DApp ecosystem expand now that the network is open?
• Liquidity evolution: Will exchange listings broaden, and will market depth recover?

According to Coin Bureau, Pi’s ambition is to become a “socially-driven, trust-based blockchain economy” — but its success hinges on moving beyond mobile mining into genuine economic utility.

What Crypto Enthusiasts Can Learn

For crypto investors and learners alike, Pi Network is a case study in both promise and peril.
It exemplifies the drive to make blockchain accessible to ordinary smartphone users — a mission that aligns with global digital-inclusion goals. But it also highlights the harsh reality that growth metrics must be backed by transparency, liquidity, and practical value to sustain confidence.

Enthusiasts should therefore:

• Track on-chain activity and developer announcements, not just user counts.
• Assess whether price movements reflect underlying fundamentals, not hype.
• Stay alert to updates from reliable, research-driven outlets such as Coin Bureau and Coinpedia.

Final Thoughts

The story of Pi Network reminds us that crypto success isn’t defined by user numbers alone. Instead, real progress is measured by the quality of participation, the transparency of governance, and the depth of liquidity.

While the price of PI may have fallen, the verification of millions of users and the steady move toward open-network functionality show that the project is evolving — not evaporating. For crypto enthusiasts seeking to understand what true development looks like, Pi Network’s journey in 2025 is a story worth watching closely.