The team behind the controversial crypto project rolled out a major upgrade intended to strengthen the entire ecosystem.
Nonetheless, the positive news failed to trigger a rebound for PI, whose valuation nosedived to yet another all-time low.
Upgrade Completed
Pi Network has made significant progress in recent months. In February, the Core Team unveiled protocol version 19.6, followed by an upgrade to v19.9. Later on, they introduced the highly anticipated v20.2, which set the foundation for smart contract capabilities.
Last month, the team announced a migration to protocols v22 and v23, setting June 2 as the deadline to complete the transition to v24. This development was disclosed 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 message reads.
The upgrade to protocol 24 is primarily focused on enhancing the underlying infrastructure that supports node operations and mainnet activity. The Core Team revealed that migration to v25 is next in line, with June 18 designated as the completion deadline.
In addition to the protocol update, Pi Network has recently advanced further in the gaming field. As CryptoPotato reported, CiDi Games (a Pi Network Ventures portfolio company) released four new games for Pioneers. Those include Coin Whack, Fruit Stack, Gemnova, and RainbowCubes.
PI Price Outlook
Despite the aforementioned developments, PI’s valuation remains heavily suppressed by the bear market and the latest pullback, which swept through the entire crypto market.
Earlier this week, it collapsed to a new all-time low of around $0.12, representing a 33% decline for the month and a whopping 96% crash from the historic peak of $3 witnessed at the start of 2025. PI’s market capitalization has fallen to roughly $1.3 billion, making it the 58th-largest cryptocurrency.
Certain factors signal that a further correction could be on the way. Data show that the number of PI coins stored on exchanges has soared by over 500,000 in the past 24 hours, bringing the total to over 550 million. This suggests that numerous investors have transferred their holdings to centralized platforms, thus increasing immediate selling pressure.
The upcoming token unlocks are next on the list, with approximately 160 million PI set to enter circulation over the next 30 days. June 11 stands out as the record day when 16 million coins will be released. This development doesn’t guarantee a steeper downfall, but it will allow some investors to cash out tokens they have been holding for a long time.
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