The team behind the controversial crypto project has completed a major upgrade designed to strengthen the network’s infrastructure and support future features.
Despite these technical advances, PI’s price has not recovered and instead dropped to a fresh all-time low.
Upgrade Completed
Pi Network has advanced through a series of protocol updates in recent months. In February the Core Team released protocol v19.6, followed by v19.9, and later introduced v20.2, which laid the groundwork for smart contract support.
More recently, the team migrated the network to protocols v22 and v23 and set a deadline of June 2 to finish the transition to v24. The move to v24 was announced on Pi Network’s official X account on June 5.
“Great job to all Nodes! This was one of the most challenging migrations,” the message reads.
Protocol 24 focuses on improving the underlying infrastructure that supports node operations and mainnet activity. The Core Team also disclosed plans to migrate to v25, with a completion deadline set for June 18.
Beyond core protocol work, Pi Network has continued expanding into gaming. Pi Network Ventures portfolio company CiDi Games released four new titles for Pioneers—Coin Whack, Fruit Stack, Gemnova, and RainbowCubes—adding to the ecosystem’s consumer-facing offerings.
PI Price Outlook
Despite the upgrades and gaming progress, PI’s price remains under pressure from the broader bear market and a recent market-wide pullback.
Earlier this week PI fell to a new record low near $0.12, a roughly 33% decline for the month and about a 96% drop from its peak near $3 in early 2025. Market capitalization has contracted to approximately $1.3 billion, placing PI near the 58th spot by market size.
Several indicators point to potential further downside. Exchange balances show a notable inflow: more than 500,000 additional PI were moved to exchanges within 24 hours, pushing the exchange-held supply above 550 million. That movement increases the immediate selling supply available on centralized platforms and can pressure the market.
Token unlocks are also scheduled in the near term: about 160 million PI are set to be released into circulation over the next 30 days. June 11 is notable as the largest single-day unlock, when roughly 16 million PI become liquid. While unlock events do not automatically trigger a steep decline, they provide additional supply and give long-term holders an opportunity to sell.