Pi Network’s price has dropped 10% weekly despite multiple recent protocol updates and new migration efforts. The team completed its anticipated protocol version 20.2 upgrade, which enables smart contracts, and set a deadline of April 6 for the next major update. Meanwhile, growing exchange balances and upcoming token unlocks totaling nearly 230 million coins over 30 days suggest increased selling pressure may persist.
The team behind Pi Network has unveiled several important updates this year, including protocol migrations to versions 19.6 and 19.9 in late February and early March. The most significant update, version 20.2, was completed by March 14, laying the foundation for smart-contract capabilities on the blockchain. The team has now set a deadline of April 6 for moving to protocol 21.
The project’s Testnet has also implemented a Remote Procedure Call (RPC) server, described as a “major step toward Smart Contracts being simulated, tested, and deployed.” In mid-March, the team revealed the start of a second migration process for users. This process allows Pioneers to bring additional Pi to the Mainnet, with almost 120,000 users having reportedly completed it so far.
Despite these developments, PI‘s price has fallen by 10% over the past week. It trades at around $0.16, representing a sharp 95% decline from its all-time high of $3 last year. Pi Network gained attention last month when Kraken listed the token, while other exchanges like OKX, Bitget, MEX, and Gate.io also offer services.
Community speculation about a potential Binance listing surfaced online but was revealed to be an April Fool’s joke. Data shows that approximately 230 million PI will be unlocked over the next 30 days, potentially allowing investors to cash out. The total number of coins stored on centralized exchanges has also increased, rising by 2.1 million in just 24 hours to nearly 480 million, which can increase immediate selling pressure.
