Pi Network’s native token PI rose 5% in the past 24 hours to $0.086, outperforming a broader cryptocurrency market that turned red after bitcoin slipped to a multi-week low near $62,400. The gain followed a reminder from the Core Team that the blockchain is migrating to protocol version 26, with a deadline of August 11 for validators to upgrade. Despite this short-term rally, PI remains down over 97% from its all-time high, and its market cap sits below $1 billion, ranking as the 68th-largest cryptocurrency.
The cryptocurrency market turned red after bitcoin’s rejection on Friday and a subsequent drop to a multi-week low, but Pi Network’s native token was an exception. PI rose 5% daily after the team issued an important reminder.
The Core Team announced on X that the Mainnet has begun migrating to protocol version 26. The post stated: “Reminder: the Pi Mainnet is upgrading to Protocol v26. All Mainnet node operators must complete the upgrade by August 11 to remain connected to the network.” Protocol v26 is described as a major milestone that improves contract safety, state management, interoperability, and cryptographic capabilities.
This upgrade is among the biggest since v20.2, which laid the groundwork for smart contract building. Protocol v26 comes before the final planned upgrade, protocol v27, likely to be introduced in late August or September.
The Core Team set the August 11 deadline earlier this week, implying protocol v25 was successfully deployed. PI jumped after the initial announcement and again over the past 24 hours, challenging $0.088 before settling at $0.086. This performance comes despite bitcoin’s dip to $62,400.
Nevertheless, the broader picture around PI remains painful. The asset is down over 97% since its all-time high from February last year. Its market cap is well below $1 billion, making it the 68th-largest asset by that metric.
