Pi Network’s PI token, despite a 97% price decline from its February 2025 peak of $3 to around $0.08, now holds the second-highest bullish sentiment in the entire cryptocurrency market, according to CoinMarketCap. This places PI above major cryptocurrencies such as Bitcoin, Ethereum, and Ripple in community optimism. Only Kaspa ranks higher. The token’s surge to a $14 billion market cap upon its launch was followed by a steep retreat to near its all-time low of $0.07. Meanwhile, the Pi Network team has announced several ecosystem upgrades, including a migration to protocol version 25 and a deadline for node operators to upgrade to version 26 by August 11, with protocol 27 described as “the final upgrade.”
Pi Network’s PI token has surpassed Bitcoin, Ethereum, and XRP in bullish sentiment, according to CoinMarketCap. The token holds the second-highest optimism rating in the market, behind only Kaspa.
Despite this, PI has failed to join gains seen by altcoins like Cardano, Hyperliquid, and Zcash over the last 24 hours. The token has declined 97% from its historical peak of $3 in February 2025 to roughly $0.08, near its all-time low of approximately $0.07.
The crypto community’s extreme optimism toward PI is notable given its poor price performance. The original source cautions that euphoric moments in crypto often precede price plunges, as prices tend to move contrary to expectations.
The Pi Network team has announced multiple ecosystem improvements since the start of 2026. Among the latest was a migration to protocol version 25, which users claimed was in effect despite no official disclosure on the project’s X account or website.
Protocol version 26 is next, with Pi Network stating that all mainnet node operators must complete the upgrade by August 11 to remain connected. X user Ben, who has over 500,000 followers, told his audience that the upgrade is already live and that protocol 27 is next, calling it “the one they’ve called the final upgrade.”
Ben added: “Almost nobody watching PI thinks about node compliance, but that deadline tells you how much of the network is genuinely maintained versus just switched on and forgotten. I’d love to see the update rate published on the 12th.”
Previous ecosystem advancements triggered brief rebounds for PI, but bears quickly regained control. Whether upcoming upgrades will drive a meaningful rally or further underperformance remains uncertain.
