Pi Network’s PI Plunges to New 3-Month Low Despite Hype Around ‘Game-Changing’ Update

Pi Network’s native token is on the move again, but in the opposite direction of what the project’s multi-million fan base expects and hopes.

The latest leg down comes amid community expectations regarding the new protocol updates and some team announcements.

PI Dumps Yet Again

It’s safe to say that the popular altcoin has seen better days, which weren’t all that long ago. Recall that it exploded to $0.30 two months ago during the mounting hype about the upcoming listing on the veteran US exchange, Kraken. The actual development, though, became a classic sell-the-news moment as PI plummeted shortly after it went live for trading, going down to its starting position at $0.18.

The subsequent breakout attempts were not as impressive, and PI was halted at $0.20 during each of them. The last one was at the end of April, when the bears took complete control and have been dominating ever since. PI managed to find some support at $0.17 and spent a few weeks trading sideways between that lower boundary and $0.18.

However, the rejection during the weekend brought the token down to $0.155, which was a three-month low. Another such local setback arrived in the past 12 hours as the entire market crashed. However, PI’s nosedive was more painful than almost all other altcoins, dumping by another 6% to under $0.15.

Its market capitalization has plunged below $1.6 billion, pushing the asset well outside the top 50 alts by that metric.

Update Still Awaited

Aside from issuing an urgent warning about the safety of its user base and an important KYC announcement, the team behind the project recently outlined the deadline by which the protocol upgrade v23 had to be successfully migrated. Following the completion of previous updates, such as v19.6, v19.9, v20.2, and v22, the team set May 15 as the date for the latest one.

Although that date passed on Friday, there hasn’t been an official statement from the Core Team about its successful completion. There are some contradicting comments on X, with some users claiming that the update has been deployed, while others believe it might take a few more days.

Nevertheless, they all seem convinced that v23 will be a game-changer for the broader Pi Network ecosystem, as it’s expected to pave the way for native smart contracts, dApps, and a Pi Dex.