Pi Network Completes Major Milestone Amidst Price Plunge
The team behind the controversial cryptocurrency project has rolled out a significant upgrade aimed at bolstering its entire ecosystem. However, this positive development has failed to spur a recovery for PI, whose valuation has plummeted to a new all-time low.
Recent Protocol Advancements
Pi Network has demonstrated considerable progress in recent months. In February, the Core Team introduced protocol version 19.6, followed by an upgrade to v19.9. Subsequently, they launched the highly anticipated v20.2, which laid the groundwork for smart contract functionalities.
Last month, the team announced a migration to protocols v22 and v23, setting June 2 as the deadline for transitioning to v24. This update was shared on Pi Network’s official X account earlier today, June 5.
“Great job to all Nodes! This was one of the most challenging migrations,” the announcement stated.
The upgrade to protocol 24 primarily focuses on enhancing the underlying infrastructure that supports node operations and mainnet activity. The Core Team has indicated that migration to v25 is the next step, with June 18 designated as the completion deadline.
Expansion into Gaming
In addition to protocol updates, Pi Network has recently made further strides in the gaming sector. CiDi Games, a company within the Pi Network Ventures portfolio, has released four new games for Pioneers: Coin Whack, Fruit Stack, Gemnova, and RainbowCubes.
Persistent Price Suppression
Despite these developments, PI’s valuation remains heavily impacted by the prevailing bear market and the recent market-wide pullback across the cryptocurrency landscape.
Earlier this week, the token’s price collapsed to a new all-time low of approximately $0.12. This represents a 33% decrease for the month and a staggering 96% drop from its historic peak of $3, recorded at the beginning of 2025. PI’s market capitalization has consequently fallen to around $1.3 billion, positioning it as the 58th-largest cryptocurrency.
Indicators of Further Correction
Several factors suggest that an additional price correction may be imminent. Data indicates a substantial increase in PI coins held on exchanges, with over 500,000 coins added in the past 24 hours, bringing the total to over 550 million. This surge suggests that a significant number of investors have moved their holdings to centralized platforms, potentially increasing immediate selling pressure.
Upcoming token unlocks also present a potential challenge, with approximately 160 million PI tokens slated to enter circulation within the next 30 days. June 11 is projected to be a notable day, with 16 million coins scheduled for release. While this does not guarantee a steeper decline, it could provide an opportunity for some investors to liquidate long-held tokens.
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