Pi Network’s progress remains uneven as its native token, PI, holds near $0.15. The Core Team has delayed a key protocol update, described as one of the most challenging to date, while introducing new app development tools. Security warnings about scammer impersonations of co-founders have been issued, and the token’s price has declined roughly 13% over two weeks despite new exchange listings.
Pi Network’s Core Team has delayed the deployment of its protocol version 23, which was originally scheduled for May 15. The team stated on May 20 that most major nodes had upgraded but called the update “one of the most challenging” to date. It involved multiple subsystem upgrades and optimizations requiring internal data reprocessing.
In the interim, the team announced new ecosystem tools aimed at helping creators bring external AI-created apps to Pi’s network. The project also issued a security warning about scammers impersonating its co-founders, Nicolas Kokkalis and Dr. Chengdiao Fan. During a recent conference, Dr. Fan highlighted a perceived lack of utility in many crypto tokens, contrasting it with Pi’s approach.
The native PI token has seen significant price volatility amid these developments. It fell from a local high of $0.175 on May 13 to a multi-month low of $0.145. The token has since recovered slightly to trade around $0.15, representing a 13% decline over the past two weeks. This drop occurred even after OKX made PI available in the US market for the first time.
Some commentators on social media have weighed in on the asset’s performance. Kien Trinh suggested PI’s price action could signal “the end of a beautiful love story.” Trinh added that Pi Network might have designed the perfect liquidity trap. The token has now fallen outside the top 50 cryptocurrencies by market capitalization.
