14 March 2025

We are still in uncertain times. The market isn’t favouring one side over the other – the bulls are in slumber and the bears are hyperactive. We believe that the second half of March will be decisive – the bulls should be able to pull through if things go well – ending the prolonged irrationality of 2025 so far.

Today also marks the celebration of irrationality – Int’l Pi Day. Are you celebrating this or Holi or that it’s a Friday? Or all of it?

In line with this, we cover a namesake project that has evolved into a network with meaning in the crypto ecosystem. Pi Network.

Let’s dive into it.

Top-3 stories of the week:

1

2

3

The newsletter is put together by Giottus Crypto Platform. You can read all the previous issues of Cryptogram here.

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WEEKLY MACROS

• Total crypto market cap - $2.68 trillion - DOWN 7.3%    

• Bitcoin price - $81,997 - DOWN 6.9%

• The dollar index (DXY) - 103.95 - Unchanged

• Bitcoin Dominance - 61.6% -  UP 0.5%

• Crypto Fear and Greed Index - 27 - Market is in Fearful State

THE HOT TAKE

Pi Network’s Rapid Ascension

Pi Network has been making waves in the crypto space, hitting major milestones and seeing strong community support. From surpassing 4 million followers on X to making it onto CoinMarketCap’s top rankings, Pi is proving its community power.

Pi Coin is currently trading at $1.7 with a market cap of $12 billion. Analysts are predicting a potential 3x-10x rally ahead. Is this just hype, or is Pi Network gearing up for massive gains? Let’s break it down.

The Origins of Pi Network

Pi Network was founded in 2019 by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan with a clear mission:

• Make crypto accessible to everyone

• Eliminate barriers to entry like high electricity costs and expensive mining hardware

• Build a decentralized ecosystem that allows everyday users to mine and use Pi as a digital currency

Unlike Bitcoin, which requires advanced mining rigs, Pi can be mined using a simple mobile app, making it one of the most user-friendly crypto assets ever created.

How Pi Network Works

Pi uses a Proof-of-Consensus (PoC) model instead of traditional mining methods like Proof-of-Work (PoW) or Proof-of-Stake (PoS).

Here’s how users contribute to the network:

• Pioneers – Regular users who tap a button daily to mine Pi

• Contributors – Users who build "trust circles" to improve network security

• Ambassadors – People who refer new users and expand the network

• Nodes – Advanced users who run Pi's blockchain on their computers

Pi mining does not require heavy computational power, making it energy-efficient and sustainable compared to Bitcoin.

Pi Tokenomics

Pi Network’s tokenomics model is designed to reward users for participating early, referring others, and helping the network grow—all while ensuring long-term sustainability. Let’s break it down without the complex math!

Pi’s total supply isn’t a fixed number like Bitcoin’s 21 million. Instead, Pi’s supply grows with the number of users, making it more flexible and scalable.

Total Pi Supply = Mining Rewards (M) + Referral Rewards (R) + Developer Rewards (D)

Each of these categories has a specific role:

• M (Mining Rewards): Pi is pre-minted for every new user who joins (up to 100 million users). Over time, this supply is slowly unlocked as they stay active and contribute to the network

• R (Referral Rewards): When you invite someone, both you and your invitee share a small bonus pool of Pi. But you can only claim your part when both of you are actively mining, preventing abuse

• D (Developer Rewards): A portion of Pi is reserved for the Pi Core Team to support ongoing development

Mining Supply Decreases Over Time (Early Birds Get More!)

Pi Network rewards early adopters more generously, but the mining rate drops as more people join (just like Bitcoin’s halving system).

• The first users got the highest rewards because the network was still small

• As the network grows, mining rewards decrease, making Pi scarcer over time

Within days of mainnet launch, Pi Coins gain global adoption

Merchants worldwide are increasingly embracing Pi Coin as a payment method, with notable adoption in China, Vietnam, South Korea, Thailand, and the United States. In China, a BYD dealership now allows customers to purchase cars entirely using Pi, while businesses in Vietnam and South Korea have integrated Pi Coin for partial payments.

Vietnam is witnessing a surge in Pi Coin transactions, with small businesses incorporating it into daily commerce. For instance, Queanh Gia Coffee now accepts Pi, demonstrating its growing real-world utility. A user on X even shared that a breakfast set could be purchased for just 0.003 Pi, showcasing the token’s affordability and practicality in everyday transactions.

Despite market volatility, Pi’s price action shows relative strength

Pi Coin has regained momentum despite losing some of its strength since its February high. Yesterday, it surged to an intraday high of $1.79 as trading volume increased.

A major milestone for Pi Network was its massive airdrop on February 20, 2025, coinciding with the launch of its Open Mainnet. Following the launch, Pi Coin experienced major price swings—soaring to $1.97, then dropping to $0.737 the next day before recovering to $1.29.

At its highest point, the total value of distributed PI tokens reached $13.8 billion. So far, 7.13 billion tokens have been released, with another 188 million PI tokens set to be unlocked in March for over 1 million users.

Just a week ago, Pi Coin was ranked below 3,000 on CoinMarketCap. Now, it has surged to 11^th   place, surpassing major crypto assets like Chainlink (LINK), Hedera (HBAR), and Stellar (XLM).

Is Pi Coin a Good Investment? Pros & Cons

Pi Network has great potential but also comes with risks that investors should consider.

Why Pi Coin Looks Promising:

• Huge User Base – Over 45 million active users

• No Upfront Cost – You can mine Pi for free on your phone

• Energy-Efficient – Unlike Bitcoin, Pi mining consumes minimal energy

• Potential Exchange Listings – Binance, Coinbase, and OKX may list Pi soon. However, you can already buy PI on Giottus

Potential Risks & Concerns:

• Centralization Issues – The core team still controls many aspects of the network

• Regulatory Uncertainty – Governments could impose restrictions

• Market Volatility – PI has already experienced significant price swings

Key Takeaway

Pi Network is emerging as a game-changer in the crypto space, growing from a simple mobile mining app to a global digital currency with a market cap exceeding $12 billion. With over 45 million active users and increasing merchant adoption in China, Vietnam, and South Korea, Pi is proving its real-world utility. Unlike traditional crypto assets, Pi’s energy-efficient mining method makes it accessible to everyone, removing barriers to entry. The successful Open Mainnet launch and massive airdrop have propelled Pi Coin into CoinMarketCap’s top rankings, signalling strong momentum and future potential.

As excitement builds, many see PI as a promising investment with the potential for exponential growth. Analysts predict a significant price surge, especially with possible listings on major exchanges like Binance and Coinbase. While regulatory and market risks exist, Pi Network’s expanding ecosystem and growing adoption suggest it could be on the path to becoming a mainstream project. With a strong community and innovative approach, Pi Coin is positioning itself as a major player for the near future.

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If you have any questions or feedback for us, write to us at [email protected]. You can check out the previous issues here.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.