Pi Network has launched Protocol V24 and extended the deadline for its mandatory V23 node upgrade to May 19, 2026. The Core Team cited the complexity of the database rewrite as the reason for delaying the transition from the original May 15 date. Node operators were advised to back up volumes to prevent data corruption during the migration.
The upgrade process involves a complete rewrite of existing database files, which the network described as more complex than a standard software patch. This strategic delay prioritizes long-term infrastructure health and network stability over meeting earlier timelines. The move signals an accelerated development pace despite previous criticisms regarding the ecosystem's rollout speed.
Simultaneously, the Pi Core Team removed the WorldBanksPi DApp from the Pi Browser directory. The application, which hosted over 140,000 users, promoted a fake $310,000 valuation per Pi token and utilized Ponzi-style deposit schemes. This action is part of a broader cleanup to eliminate fraudulent wealth management schemes and non-compliant third-party apps.
The crackdown aims to protect the network's credibility ahead of the Protocol 23 upgrade, which enables smart contract capabilities. The Core Team is establishing clear standards of quality and utility for legitimate builders invited to the ecosystem. This shift indicates a focus on real commercial activity rather than speculative hype.
How Are Markets Reacting to the Upgrades?
Pi Network is finalizing the V23 upgrade to align with Stellar Protocol 23 and introduce smart contract functionality. PiChain Global, an e-commerce platform within the ecosystem, successfully deployed cross-chain smart contracts on Binance Smart Chain and Optimism testnets. This development highlights new capabilities that could expand the PI token's utility on the mainnet.
Despite these technical advancements, the PI token is trading near $0.172, down 42% from its yearly high. The token declined roughly 4.03% over the preceding seven days, indicating that recent updates have not sparked renewed investor confidence. Market reaction remains muted as the token trades well below its all-time high of $2.99 set in February 2025.
Technical indicators present a mixed outlook for the asset. PI is consolidating between $0.1700 and $0.1766 in a descending wedge pattern on the 4-hour chart. The Relative Strength Index shows positive divergence at 46, while the MACD trails above its signal line. A sustained break above the $0.1766 resistance could open the way toward the May 6 high of $0.1881.
However, other technical signals suggest continued downward pressure. The RSI has slipped below the midline to approximately 45, and the MACD histogram has turned negative following a recent crossover. Price action remains suppressed beneath the 50-day and 100-day Exponential Moving Averages at $0.1777 and $0.1838, respectively.
What Are the Supply and Demand Constraints?
Quantitative forecasts project PI to trade in a narrow $0.12 to $0.20 band through 2026. A primary constraint on upside is supply, with a scheduled release of roughly 205 million tokens in February 2026 valued at over $27 million. This supply event coincided with a price drop toward all-time lows.
Structural uncertainties further weigh on the asset, as a significant portion of the 100 billion maximum supply remains locked. Exchange access is still partial, leading to fragmented price discovery and amplified slippage. The disconnect between the project's large nominal user base and actual on-chain activity limits investor confidence.
Pi Network reported that over 18.1 million users have passed native KYC checks and 16.7 million have migrated to Mainnet. The project emphasized its one person, one account model to eliminate bots and duplicate accounts. To accelerate verification, the network is testing AI-assisted tools and palm print checks for liveness verification.
The network is also pivoting toward the AI industry, including an investment in OpenMind. The smart contract industry remains highly competitive, with Ethereum dominating market share and many alternative chains failing to gain traction. The challenge remains translating these technical upgrades into sustained market demand and price recovery.
Internal operational issues are compounding these technical weaknesses. The upcoming mainnet upgrade has caused downtime on PiScan, the network's on-chain analytics platform. This disruption has strained node connectivity and negatively impacted retail sentiment.
Pi Network's social dominance dropped sharply to 0.008% despite co-founders speaking at Consensus 2026. The event failed to generate sustained retail interest, highlighting a disconnect between ecosystem promotion and retail engagement. The token's decline coincides with a broader crypto market shake-off, where total liquidations exceeded $400 million.
Speculative, community-driven tokens like PI are particularly vulnerable in this risk-off environment. The path of least resistance points toward the $0.1633 support level, with downside risk to $0.10 if unlocks continue to outrun demand.