MrNasdog Pressure Framework · full analysis
100B max cap. 10.59B circulating (~10.59% of cap). KYC-migration overhang is the load-bearing row. No price talk — just the structural read.
Pi Network launched in 2019 as a mobile-first mining app and ran off-chain for years before Open Mainnet. The whitepaper sets a 100B hard cap with allocation 65% community mining / 20% Core Team / 10% Foundation / 5% Liquidity. Roughly 10.59B PI is on-chain today; the remaining ~14B was mined off-chain pre-mainnet and only enters circulating supply once each Pioneer completes KYC + migrates.
That mechanic — the KYC migration overhang — is the load-bearing sell row. Scheduled monthly unlocks observed so far: Feb 130M + Mar 97M + Apr 85M + May ~28M. The larger un-migrated backlog tapers in alongside these. Last 90 days Sell #2 = ~1.24B PI; we project next 90 days ~700M as the wave decelerates (~16M of ~19M KYC'd Pioneers already migrated, and the Second Migration wave launched on Pi Day Mar 14 2026 is referral-bonus only).
The Pressure Framework asks one structural question:
Net 90d % = (sell total − buy total) / circulating × 100
Sell from four sources (protocol inflation, vesting / migration unlocks, corporate / Foundation discretion, long-term locked). Buy from four matching sources (programmatic buyback, protocol fee burn, Foundation buying, new long-term locks). For PI, the buy side is structurally zero — there is no buyback, no fee burn, and Foundation is a net seller, not a buyer.
Last 90 days · sell total
14.92% of circulating
Next 90 days · sell projected
~8.93% of circulating
SOURCE #1
Last 90 days
Declining exponential per-Pioneer base rate — the protocol's native inflation lever. The base rate is recomputed monthly under the whitepaper's decay curve, so this row shrinks structurally as the network ages.
Next 90 days
Same mechanic, lower base rate. Whitepaper-deterministic.
SOURCE #2
Last 90 days
~14B PI was mined off-chain pre-mainnet. Each Pioneer must complete KYC and migrate before their balance enters circulating supply. Observed monthly unlocks: Feb 130M + Mar 97M + Apr 85M + May ~28M, plus the larger backlog tapering. This row dominates Sell #1 by ~3.6×.
Next 90 days
Decelerating. ~16M of ~19M KYC'd Pioneers already migrated. Second Migration wave (Pi Day Mar 14 2026) is referral-bonus only. We project ~700M / 90d as the wave tapers.
SOURCE #3
Last 90 days
Whitepaper rule: "Each allocation tracks community Migrated Mining Rewards issuance pace" — 10B Foundation + 20B Core Team unlock proportionally to community mining. But no Foundation wallet is publicly enumerated. The actual deployment is untrackable. Foundation supplemented validator rewards by 10M PI on Pi Day 2026 — one disclosed event, no standing schedule.
Next 90 days
Same opacity. Surfaced as a permanent ⚠ rather than buried as a zero.
Is this rule-based? Partially. The proportional-tracking rule is in the whitepaper, but with no enumerated wallet and no published cadence, the actual on-chain deployment cannot be measured. Per Step 4 — keep primary as the final answer and alarm the user honestly. If the Foundation ever publishes a wallet registry, this row gets a number.
SOURCE #4
Last 90 days
No bankruptcy estate. No scheduled long-term lock release in the window.
Next 90 days
Same — no lock release on the schedule.
Last 90 days · buy total
0.00% of circulating
Next 90 days · buy projected
0.00% of circulating
SOURCE #1
Last 90 days
No buyback mechanism exists in the protocol. The framework offers no buy-side scheduled row.
Next 90 days
Same — no programme announced.
SOURCE #2
Last 90 days
Transaction fees are nominal (~0.01 PI/tx). There is no aggregated burn-address disclosure and no EIP-1559-style base-fee burn.
Next 90 days
Same — no fee-burn mechanism announced.
SOURCE #3
Last 90 days
Foundation is a net seller / disburser, not a buyer. The Pi Day 2026 10M PI validator-rewards deployment is a Foundation OUT-flow, not an accumulation.
Next 90 days
Same expectation — no accumulation programme.
SOURCE #4
Last 90 days
Pioneers can voluntarily lock 6mo / 1yr / 3yr for bonus mining yield — this removes PI from active circulation. Anecdotally many Pioneers lock 90-100% for 3 years (a strong free-float reducer), but the aggregate locked supply is not publicly aggregated. Material but not quantifiable.
Plug the totals back in:
Last 90 days = (1580M − 0M) / 10590M × 100 = +14.92% to market
Next 90 days = (~946M − ~0M) / 10590M × 100 = +8.93% to market
PI carries the heaviest sell pressure in the framework today. ~14.92% of circulating supply went to market over the last 90 days, and even with the migration wave decelerating, we project ~8.93% over the next 90 days. The buy side is structurally zero — no buyback, no fee burn, Foundation is a net seller. The only thing dampening the ledger is the Pioneer lockup mechanic (unquantified).
Foundation custody opacity is a structural ⚠. The whitepaper commits Foundation + Core Team to a proportional-tracking unlock rule, but no wallet is enumerated and no deployment cadence is published. Sell #3 cannot be measured — we surface this on the page rather than burying it as a zero. Per Step 4 (our research is the final answer), we keep primary and alarm the reader; if the Foundation ever publishes a wallet registry, the row gets a real number and the ⚠ comes off.
Mining emission shrinks structurally as the per-Pioneer base rate decays each month. KYC migration tapers as the un-migrated backlog is worked down. So the directionally correct read is: PI's sell pressure stays heavy through 2026 but is structurally declining. The Foundation deployment row remains opaque and unpredictable.
MrNasdog Pressure Framework analysis of PI, Metrics 1 & 2. Data + explanation only. Not financial advice. Updated May 27, 2026.