Pi Network’s native token, PI, surged over 5% to approximately $0.18, marking a three-week high. This recovery follows weeks of downward trading and coincides with a new deadline from the Pi Core Team for a mandatory protocol upgrade. The team has instructed all Mainnet nodes to upgrade to Protocol 22 by April 27 to remain connected to the network.
The Pi Network token has staged a notable recovery, trading above $0.18 after consecutive weeks of decline. This surge of over 5% in 24 hours brings the asset to a three-week peak and bolsters its market capitalization to around $1.83 billion.
The token’s price had previously skyrocketed to nearly $0.30 last month following a listing announcement from Kraken. Its subsequent immediate decline was characterized as a typical ‘sell-the-news’ event. Even a broader market rebound last week left PI lagging, pushing it to a multi-month low under $0.165 days ago.
The recent price movement aligns with a new protocol update deadline set by the development team. The Pi Core Team stated on Twitter, “The Pi Mainnet is upgrading to Protocol 22 – Deadline: Apr 27.” The announcement clarified that all Mainnet nodes must complete this step to stay connected.
These mandatory protocol updates began in late February with version 19.6. A crucial update, version 20.2 deployed in March, laid foundations for enabling smart contract capabilities. The team successfully completed version 21 in early April, continuing its scheduled development roadmap.
