The native token of Pi Network, PI, declined over 11% to $0.166 despite recent protocol updates and high-profile appearances by its co-founders at the Consensus conference. This marks another “sell-the-news” event, echoing a similar price drop following a major exchange listing in March. The project continues its development roadmap, with the next protocol version deadline set for May 15.
The Pi Network token PI is among the poorest performers, declining over 11% to $0.166 despite ongoing development. This continues a pattern of painful rejections following positive news events for the asset.
Protocol updates began in late February with version 19.6, and the latest version 22 was announced at the start of May. The team has set a deadline of May 15 for the implementation of the next version, v23.
Co-founders Dr. Chengdiao Fan and Nicolas Kokkalis were featured at the 2026 Consensus conference in Miami. Dr. Fan took the Convergence Stage to discuss aligning web3, AI, and blockchain for utility, also distinguishing Pi Network from other projects in token usage.
Yet, none of those developments produced a long-lasting positive impact on the native token. PI slumped from a local peak of $0.188 marked on May 6.
The latest breakout attempt came ahead of the Miami conference, with the asset plunging immediately after both co-founders completed their appearances. This appears to be a classic sell-the-news event for the asset.
In March, the token exploded from $0.17 to $0.30 ahead of PiDay and a major listing on Kraken. Once PI went live for trading on the exchange and PiDay passed, it plummeted instantly to its starting point, wiping out roughly $1 billion from its market cap.
