Pi Network users are closely watching Binance after a crypto researcher linked wallet activity to possible $PI token testing. With a recent spike in speculation, some believe Binance may be preparing to support the Pi Network mainnet.
A crypto community researcher on X (formerly Twitter), known as CRYPTOAD00, posted on May 7 that Binance may be testing $PI transactions. The researcher noted that the Binance Stellar deposit wallet matches a Pi Network wallet now showing activity on the Pi mainnet. The wallet address was reportedly created two months ago.
A second wallet has also seen similar activity, sending 1 PI for what appears to be Know Your Customer (KYC) and Know Your Business (KYB) verification. While no official statement has been made by Binance or the Pi Network core team, some traders are interpreting the move as a prelude to a listing.
Pi Barter Mall, a Pi community platform, also claimed on May 1 that Pi Network and Binance were in the “final stage” of negotiations. The post has not been verified by Binance or the Pi Core Team.
As listing rumors circulate, Pi Network is facing pressure from a rapid rise in circulating tokens. According to blockchain data from PiScan, more than 668 million Pi tokens are expected to unlock from May through July 2025. This includes 212.2 million in May, 222.6 million in June, and 233.4 million in July.
At the same time, Pi trading volume has dropped steeply. CoinMarketCap reports a decline from $1.3 billion in daily volume to just $45 million—a decrease of 96%. This drop suggests fewer buyers are entering the market, even as more tokens become available.
Concurrently, centralized exchanges are gradually accumulating more of the Pi token. Currently, Bitget has over 95 million PI while OKX has approximately 154 million of it. The reserves held by exchanges have more than doubled since February, which prompts fears of a selloff at unlock dates.
As of now, Binance has not shown any inclination of adding Pi Network to its catalog. This exchange has avoided disclosing more details about the activity in related wallets and users. Others in the crypto community argue that the reason why Binance remains conservative is that there are issues that are still unsolved in the Pi Network.
Issues are around Pi’s illiquidity, unlock mechanism, and the extent to which the project is centralized. In the past, Binance has not listed coins that do not have adequate trading volume or use cases, according to information obtained by Coingape.
In addition, some experts note that Pi is still unavailable for open trading in many regions, as the core team continues to finalize the mainnet phase. The Pi core team has yet to announce an official timeline for open exchange listings.
Despite market pressure, Pi supporters are watching closely for updates during Consensus 2025. Dr. Nicolas Kokkalis, the founder of Pi Network, is scheduled to appear at the event. Some expect new announcements or partnerships to be revealed during the conference.
In recent times, PI has garnered the support of several blockchain platforms. Currently, Chainlink has teamed up with the Pi Network and Telegram has started to support Pi in its crypto wallet. These could foster wider use if liquidity and trading opportunities are enhanced.
At the time of writing, Pi is trading at $0.58, with minimal price change since early May.
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