The cryptocurrency Pi Network has set a deadline for its next major protocol upgrade while its native token, PI, continues to decline sharply. The Core Team stated the Pi Mainnet upgrade to Protocol 21 must be completed by April 6. Meanwhile, the token’s value has fallen over 3% in a day and 13% weekly, erasing gains from a recent rally and dropping below $0.18.
The Core Team behind Pi Network has set April 6 as the deadline for the Pi Mainnet to complete its upgrade to Protocol 21. All Mainnet nodes are required to complete this step before the deadline to remain connected to the network, the team stated in a post on X.
This follows a series of major protocol updates that began earlier this year, culminating in the version 20.2 upgrade which laid the groundwork for smart-contract capabilities. The token PI experienced a significant price surge in mid-March, reportedly jumping nearly 100% in days to nearly $0.30 following an announcement by exchange Kraken.
However, the price action turned into a sell-the-news event once the actual listing became official. PI crashed to under $0.20 instantly and has remained mostly below that level. It is now trading under $0.175 after another daily drop of over 3%.
Weekly losses for the token stand at 13%, essentially erasing all gains from the post-Kraken-announcement rally. Data from PiScan shows the average daily unlock of PI tokens will be relatively high for the next month, close to 7 million. Several days will see over 10 million coins released, which could intensify immediate selling pressure.
