The team behind Pi Network has completed a critical migration to protocol version 24, a major technical upgrade intended to strengthen the ecosystem’s infrastructure. Despite this positive development and recent expansions into gaming, the project’s PI token has continued its severe decline, recently hitting a new all-time low of approximately $0.12. This represents a 96% drop from its early 2025 peak of $3, with increased exchange balances and upcoming token unlocks signaling potential for further selling pressure.
The Pi Network Core Team has successfully completed a complex migration to protocol version 24, as disclosed on the project’s official account. “Great job to all Nodes! This was one of the most challenging migrations,” the team stated.
This upgrade focuses on enhancing the infrastructure for node operations and mainnet activity. The migration to protocol version 25 is scheduled for completion by June 18.
The network has also advanced in gaming with four new releases from portfolio company CiDi Games. These developments have not reversed the token’s severe downward price trajectory.
PI’s valuation recently collapsed to a new all-time low near $0.12. This marks a 33% monthly decline and a 96% crash from its historic peak of $3 at the start of 2025.
Data shows the amount of PI on exchanges has surged by over 500,000 coins in the past day, exceeding 550 million total. This increase suggests heightened immediate selling pressure from investors.
Approximately 160 million PI are scheduled to enter circulation through token unlocks over the next 30 days. A record 16 million coins will be released on June 11 alone.
