Pi Network merchants doubled to 148,000, with a 60% annual increase in migrated users

Pi Network development team releases ecosystem data on the first anniversary of mainnet launch, showing significant growth in migrated users, KYC completion rates, and merchant acceptance, with technical indicators also indicating potential bullish signals. However, PI tokens have fallen more than 20% from the February 15 high of $0.2067, down over 90% from their all-time high.

Mainnet Anniversary Report: Ecosystem Metrics Show Significant Growth

(Source: Pi Network)

In a statement posted on X, Pi Network developers emphasized several growth metrics over the past 12 months:

Mainnet migrated users: up 60% year-over-year, surpassing 16.2 million

KYC completed users: over 17.4 million, with developers exploring AI features to accelerate verification

Network nodes: increased to over 420

Merchants accepting Pi Coin: doubled from about 70,000 last year to over 148,000, an increase of more than 100%

Local e-commerce users: exceeded 2.1 million

The developers mentioned considering launching a “KYC as a Service” feature, which would position Pi Network in a competitive identity verification race alongside Sam Altman-led projects like World and Humanity Protocol. Analysts believe that as AI application demand expands, the on-chain digital identity market potential will continue to grow.

Co-founders Nicolas Kokkalis and Chengdiao Fan listed future priorities including enhancing network utility, attracting external investment, increasing verifier rewards, and advancing the implementation of KYC as a Service.

However, the statement did not mention token burn mechanisms, further decentralization plans, or efforts to list on more mainstream exchanges—areas some analysts see as critical gaps affecting PI’s long-term valuation.

Technical Analysis: Hammer Pattern and Key Support Levels

(Source: TradingView)

From the daily chart, Pi Network recently formed a small hammer or dragonfly doji candlestick pattern, characterized by a long lower shadow and small real body, which is a common potential bullish reversal signal in technical analysis.

Currently, PI token price is slightly above the Super Trend indicator, indicating short-term bullish dominance. The token also remains above the strong reversal point of the Murray Math Line tool, providing technical support in the short term.

If the bullish pattern is confirmed, the most optimistic technical target is around $0.2067, representing approximately a 30% increase from the current level of $0.1615, aligning with this month’s high.

Frequently Asked Questions

Can user growth data directly support a price increase for Pi?

User growth and price movement are not directly mechanically linked. Increased migrated users indicate higher ecosystem participation, and more merchants can boost actual demand for Pi Coin, but ultimately, price is determined by market supply, demand, and liquidity. The token burn mechanism and listing on additional exchanges are key uncertainties, as developers have not yet provided clear plans, which remain major market factors.

What is the market significance of Pi Network’s consideration of launching KYC as a Service?

If successfully implemented, KYC as a Service would open Pi Network’s identity verification infrastructure to third parties, directly competing with projects like World (Worldcoin) and Humanity Protocol. This shift could add practical value to Pi’s valuation logic, but it remains in the consideration stage with no clear launch timeline.

What are the key technical supports and target prices for PI tokens?

Technical analysis suggests short-term support around the weekly low of $0.1564. If bullish momentum continues, the upside target is approximately $0.2067, about 30% above current levels. However, given that the token is still in a deep correction zone over 90% below its all-time high, any technical rebound signals should be cautiously evaluated within the broader market environment.