Despite recent protocol updates and prominent appearances by the project’s co-founders at one of the year’s most influential cryptocurrency conferences, the native token experienced another sharp rejection in the past 24 hours.
This pattern continues to raise concerns about the token’s outlook, representing yet another classic sell-the-news episode.
PI’s Decline
The Pi Network began rolling out protocol updates in late February with version 19.6. Since then, new releases have arrived on a regular schedule, with the most recent update, v22, announced at the beginning of the month. The team has also set a deadline for the next scheduled release, v23, which they aim to complete by May 15.
Alongside protocol improvements, the team has published progress reports on other parts of the ecosystem, including the completion of more than 520 million tasks by a million verified users, blending human input with AI.
Another notable development was the appearance of the project’s co-founders, Dr. Chengdiao Fan and Nicolas Kokkalis, at the 2026 Consensus conference in Miami. Dr. Fan spoke on the Convergence Stage about aligning web3, AI, and blockchain for practical use and highlighted how Pi Network differs from other cryptocurrency projects in terms of token utility.
Despite these milestones and public engagements, the native token has not sustained a positive trend. PI is trading deep in the red today, slipping to $0.166 minutes ago. This represents a drop of over 11% from its local peak of $0.188 recorded on May 6.
Not the First Time
The most recent breakout attempt occurred ahead of the Miami conference, and the token sold off shortly after both founders completed their presentations. This behavior is indicative of a sell-the-news event and is not an isolated incident.
In March, significant hype built around PiDay (March 14) and the token’s major listing on Kraken. PI surged from $0.17 to $0.30 within days while much of the market was flat. However, after trading began on the established US exchange and PiDay passed, the token quickly fell back to its prior level, erasing roughly $1 billion from its market capitalization.