PI · the chain mints nothing. The float grows anyway.
PI is the phone-mined coin of Pi Network, which runs its own chain. All 100B were created in a single batch on day one, 11.14B of them are counted as circulating, and 82.86B have never been mined at all.
Sell pressure. 413.02M in 90 days — none of it newly minted. It is pre-made coins crossing onto the main chain as holders finish verification, running at 4.59M a day with no schedule and no cliff.
Buy pressure. Zero — all four rows. No buyback, no burn, no burn address to burn into, and a team that publicly turned down the community campaign for one.
Net. +3.71% to market, and the same again looking forward. One of the heaviest supply loads we track, on a coin whose chain issues nothing.
The chain creates nothing. Every coin that will ever exist was made in one batch on the first day, and the chain's own total read exactly 100,000,000,000 at both ends of the quarter — identical to seven decimal places. Mining happens in the phone app, and it only hands out pieces of that batch. Nothing here is new money.
There is no unlock calendar, whatever the trackers publish. Holders pick their own lock terms one wallet at a time, and locked coins are already inside the number that defines circulating supply — so a lock expiring adds nothing. The locked pool even shrank over the quarter, 6.22B down to 6.17B, and the count kept rising anyway.
This is the whole story. Pre-made coins keep crossing onto the main chain as holders finish verification, and the project's own counter grew from 10.78B to 11.14B between two dated readings — 4.59M a day, and speeding up near the end. There is no schedule and no cliff; it simply arrives in batches. Behind it: 82.86B never mined, 6.17B locked by holders, and 10.32M of fees parked in a pool nobody can spend.
No bankruptcy estate and no court-supervised trustee holds this coin, so nothing arrives from that side.
There is no buyback and no contract that could run one. Holders campaigned hard for a buy-and-burn programme and the team said no, on the stated grounds that this project is built around handing coins to as many people as possible rather than making them scarce.
Nothing is destroyed, and there is no burn address on this chain to destroy it with. Fees do leave the wallets that pay them and pile up in a protocol pool, 8.68M to 10.32M over the quarter, but the total never falls and the count that defines circulating supply is a running migration tally, not a sum of balances. Moved, not destroyed.
No public evidence of release in window — monitored.
Locking here takes nothing off the market. A holder who locks coins is moving them inside the same counted pool, so the number the market reads does not change — and across the quarter the locked pool fell rather than grew.
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