Pi Network: only 0.55 percent of PI trading runs through euro pairs

Anyone who has spent years collecting Pi in the app and now holds the tokens on mainnet runs into a practical problem when selling: PI trading happens almost entirely without euros. On October 27, 2026 cryptoticker.io checked all 24 trading pairs listed for PI across 16 venues and sorted them by quote currency. Two of them quote a euro price. Those two account for 0.55 percent of daily turnover.

This coincides with the project's first developer gathering of its own. On October 22 the Pi Core Team announced the Pi Ecosystem Summit, a three-day online format running from November 17 to 19 at which a hackathon is also to be presented. The price meanwhile sits 8.6 percent above its all-time low.

PI trades at $0.0767 and sits 8.6 percent above its all-time low

PI costs $0.0767, or 0.0686 euros, according to CoinGecko at around 1am on Tuesday morning. Over the past 24 hours the price added 1.86 percent; over seven days it is down 2.29 percent, and over 30 days down 16.41 percent. The weekly high came on October 22 at $0.0794, the weekly low on October 26 at $0.0752. The 24-hour range ran from $0.0744 to $0.0769.

What matters for context is the distance to the downside. The all-time low of $0.070586 dates from July 14, 2026. From the current price that leaves 8.6 percent of room. Upwards the gap is far wider: the all-time high of $2.99 from February 26, 2025 sits 97.4 percent above today's level. How the levels have shifted since is shown by the PI price prediction with its running price data.

Market capitalisation stands at $866 million, around 775 million euros. That puts PI 82nd among crypto assets by market value. The fully diluted valuation, meaning the market value once the entire allocation is released, is $1.33 billion, which is $466 million higher.

Only two of 24 trading pairs quote a euro price

For the analysis, cryptoticker.io recorded every listed trading pair for PI individually, with venue, quote currency, daily turnover and bid-ask spread. The basis is the set of pairs listed at CoinGecko as of October 27, 2026. Twenty-four pairs across 16 venues were checked. cryptoticker.io compiled this analysis itself on October 27, 2026.

The result by quote currency is unambiguous. Pairs against the dollar stablecoin USDT take 95.07 percent of converted daily turnover, spread across 14 venues. Euro pairs take 0.55 percent. In between sit USDC at 1.64 percent, the stablecoin USD1 at 1.22 percent, the Turkish lira at 0.76 percent, the US dollar as book currency at 0.59 percent and the Brazilian real at 0.17 percent.

Exactly two venues quote a euro price: OKX at 0.0687 euros and Kraken at 0.06852 euros. The bid-ask spread, the gap between the best buy and the best sell order, came to 0.12 percent at Kraken and 0.28 percent at OKX. Both are narrow for a crypto asset of this size. The problem is not the spread but the depth behind it: together the two euro pairs made around $24,700 in daily turnover.

Why a USDT pair means a second conversion for pioneers in Europe

With a USDT pair, your PI goes out against a stablecoin pegged to the US dollar rather than against euros. Only a second trade turns that into euros. Fees fall due twice in the process, and between the two steps you carry the dollar-euro exchange rate risk. On small amounts that detour can cost a noticeable share of the proceeds. Which platforms run a direct euro pair, and at what fees, is set out in the overview of the best crypto exchanges.

CoinUp.io and OKX together carry 60 percent of daily turnover

By venue the market is narrow too. The two largest, CoinUp.io at 30.2 percent and OKX at 30.0 percent, together carry 60.2 percent of turnover. Gate follows at 7.5 percent, CoinW and Bitget at 6.5 percent each, LBank at 6.2 percent and MEXC at 3.9 percent. Kraken, the only other venue with a euro pair, comes to 0.7 percent.

Two figures for total turnover do not line up. CoinGecko reports daily turnover for PI of $3.16 million. The sum of the 24 individual pairs comes to $4.50 million. The difference arises because not every listed venue feeds into the headline number. For the split by quote currency that changes nothing, since both sides come from the same pair list; for the absolute size of the market, the range of $3.16 million to $4.50 million applies.

The first Pi Ecosystem Summit runs from November 17 to 19

The Pi Core Team announced its first Ecosystem Summit on October 22. The gathering runs from November 17 to 19 as a purely online format and is aimed, according to the team, expressly at developers rather than at the wider user base. That sets it apart from Pi Day and Pi2Day, the project's existing fixtures.

According to the Core Team's announcement, the programme covers platform releases, demonstrations of individual developer tools, presentations of applications from around the project, conversations with the Core Team about the platform's future direction, and the unveiling of a hackathon. On the hackathon itself the announcement names neither dates nor entry conditions nor prize money; details are to follow during the summit. The agenda and the broadcast channel are also still outstanding.

In the same announcement the Core Team gives figures on the state of the project: more than 60 million active pioneers, more than 300 applications on mainnet, more than 420,000 nodes and more than 18.1 million users who have completed identity verification. These figures come from the project itself and cannot be verified from outside.

Protocol 28 went live on mainnet on October 16

The technical step before that lies eleven days back. Pi runs on an adapted version of the Stellar software, and Protocol 28 takes over the Stellar release of the same name. According to the Core Team the upgrade improves how the network handles delays in transaction data and lets developers update groups of smart contracts together and amend stored data. Node operators had to switch by October 13. Which parts ran to which deadline is set out in the article on Protocol 28 and its deadlines.

The completion remains open. The Core Team declared the mainnet switch finished on October 22, while the project's public node page still listed the switch as ongoing a week later. How many of the nodes cited are actually running Protocol 28 is not published by the project. For balances, circulating supply and mining in the app the switch has no consequences, on the team's account.

6.08 billion PI sit outside circulation

The second reason for the thin trading depth lies on the supply side. In circulation are 11.29 billion PI. The total allocated to date comes to 17.37 billion PI. The difference of 6.08 billion tokens, or 35.0 percent of the allocated holding, is not yet freely tradable. Measured against the maximum supply of 100 billion PI, 11.3 percent is in circulation today.

The Core Team publishes no official monthly schedule for further releases. Estimates from various analytics services for the current year diverge widely, and none can be checked against a source from the project. All that is verifiable is the gap between circulation and the allocated holding, and it does not close by itself: every release meets a market whose euro side currently turns over a five-figure dollar sum per day.

Buying route, custody and leverage: the legal frame for PI in Germany

Since July 1, 2026 trading venues may only offer their services in the EU with authorisation under the Markets in Crypto-Assets Regulation, MiCA for short. For a PI purchase that means one thing first: check whether the provider is allowed to take on German customers at all before you transfer money. Without that authorisation a provider may neither take on nor continue to serve German customers.

On custody, PI is a special case. Mining happens in the app, and the tokens land first in the project's wallet, access to which is tied to completed identity verification and migration to mainnet. Only after that can they be moved to a trading venue. A balance held at an exchange is legally a claim against the provider and not property in your own hands. Statutory deposit protection does not apply to crypto assets.

Leveraged products on PI are precarious at this market depth. A market whose euro side turns over around $24,700 a day can be moved with comparatively small orders. A leveraged position can then be liquidated, meaning force-closed, before the price returns to your entry. If you work with leverage regardless, set the stop before the order rather than after it.

The one-year holding period applies to PI as to any other crypto asset

For tax purposes the German tax office treats PI like any other crypto asset. Under current law, a gain from a private disposal transaction stays tax-free if more than a year lies between acquisition and sale. Below that period, an exemption threshold of 1,000 euros per calendar year applies to all private disposal transactions together. Once it is exceeded, the entire gain becomes taxable, not only the portion above the line.

With mined tokens, the date of acquisition is where this turns practical: what counts is when the individual token accrued to you, not when you opened the account. Collecting small amounts daily over years calls for clean records. Tools that assign such inflows to the right period automatically take that work off your hands. A second point applies to PI: the detour via a USDT pair is a separate event for tax, because a swap from one crypto asset to another counts as a disposal.

The levels: $0.0706 to the downside, $0.0794 to the upside

Downwards the line is clearly marked. The all-time low of $0.0706 from July 14 is the lowest point the price has ever reached; below it there is no price history from which a floor could be read. Closer sits the weekly low of $0.0752 from October 26, which the price has since left behind.

Upwards two levels are visible. The weekly high of $0.0794 from October 22 is the nearer one; above it begins the round $0.08 mark, where the price lingered several times in October. These are observations from the price history to date and not price targets. The next date with possible bearing on the project is the summit from November 17.

PI in euros: OKX and Kraken are the only two routes

What the analysis means for you comes down to three steps:

1. Settle your selling route before you want to sell. Of 24 trading pairs, two quote a euro price. If you want euros, check first whether your provider runs a euro pair for PI or whether the route goes via USDT. The platforms' fee models are set out in the overview of the best crypto exchanges.
2. Check the provider's authorisation. Since July 2026 every platform serving EU customers needs MiCA authorisation. Which providers hold one is listed among the regulated crypto exchanges.
3. Document the inflows from mining. For the one-year period, what counts is the day the individual token accrued to you. A tax tool assigns such amounts automatically, before the tax return comes due.

(As of October 27, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)