On December 25, 2025, the Pi Network unlocked approximately 8.7 million PI tokens as part of its predefined token release schedule. This event added fresh supply to the market, which typically introduces short-term selling pressure, especially in markets with limited liquidity. At the time of the unlock, Pi was trading near $0.20, a significant decline from its highs earlier in the year, with a 24-hour trading volume around $10 million.
Concurrently, the Pi Core Team promoted a Community Commerce Initiative to shift focus from speculation to utility. The initiative encouraged users to spend Pi tokens at participating merchants during the holiday season. Community reports suggest that more than 125,000 merchants may have taken part, aiming to demonstrate Pi's use in everyday transactions within its ecosystem.
Following the unlock, the Pi community highlighted what they perceived as price stabilization, interpreting the lack of sharp volatility as a sign of ecosystem maturity. Community figures pointed to over 19 million KYC-verified "Pioneers" and ongoing vendor interactions as evidence of growing internal demand. However, critics renewed concerns about the project's timelines, transparency, and prolonged test phases, noting that many core features remain on testnets and that the Mainnet is still in an enclosed phase, requiring KYC and migration for tokens to become transferable.
The event reignited community debates about exchanges, custody, and the balance between cautious development and the risk of losing relevance. While the unlock tested internal market dynamics, the absence of open, verified trading means claims of price stability remain unofficial and unconfirmed by the Pi Core Team.
