The latest highly anticipated protocol update for Pi Network has not yet gone live, despite the official deadline set by the team having passed several days ago.
Meanwhile, the network’s native token attempted a rebound yesterday, but that recovery stalled and the asset has slipped below another important support level.
Pi Update Progress
Following the successful rollout of version 22, announced on May 1, the Pi Network team stated that the next major upgrade should be completed by May 15. That deadline passed without a clear confirmation from the team, with mixed and sometimes conflicting comments appearing on X about whether the upgrade had been fully implemented.
Shortly before publication, the team provided more clarity, stating that “most major Nodes” have upgraded to version 23. They praised Mainnet Node operators who completed the upgrade, while acknowledging that not all nodes have transitioned yet and that the protocol is still “expected to move to v23 soon.”
The team characterized this release as one of the most complex upgrades so far, noting it included multiple subsystem upgrades and internal data processing optimizations. Those changes required a careful, staged rollout to ensure network stability and proper synchronization across nodes.
Big kudos to Mainnet Node operators for upgrading to v23.
Most major Nodes have now been upgraded, and the protocol is expected to move to v23 soon.
This was one of the most challenging upgrades to date, as it involved multiple subsystem upgrades and optimizations that…
— Pi Network (@PiCoreTeam) May 20, 2026
Prior to the expected v23 rollout, the team had completed a rapid cadence of releases: v22 in early May, v21 in April, v20.2 in late March, and v19.9 and v19.6 in early March and late February, respectively. Each iteration delivered incremental improvements and fixes as the project advanced toward a more mature Mainnet.
PI Price Recovery Stalls
Despite development progress, PI’s market value has been under pressure for weeks. The token encountered resistance at $0.20 in late February and subsequently lost several support levels, slipping below $0.15. A recent low of $0.145 was recorded a few days ago before a short-lived bounce lifted the price to about $0.155.
That rebound was short-lived. Even with a modest positive shift in the broader market in the most recent hour, PI has once again dropped below $0.15. Over the last seven days, the token is down more than 18%, and its market capitalization has fallen well under $1.6 billion, placing it near the mid-50s in the cryptocurrency rankings by market cap.
Looking forward, the market will be watching for the full and final migration to v23 and any accompanying communications from the Pi team that clarify timelines and the expected benefits of the update. Until then, uncertainty around the upgrade and broader market conditions may continue to weigh on PI’s price.