PI has dipped below $0.15 once more in the last few hours.
The long-awaited update for the Pi Network protocol has yet to be implemented, even though the deadline established by the team has passed several days ago.
Recently, the native cryptocurrency attempted to recover yesterday but faced obstacles, resulting in it falling below another critical support threshold.
Upcoming Pi Update
Following the successful launch of version 22 on May 1, the project team indicated that the subsequent significant upgrade was scheduled for completion by May 15. However, that date has come and gone without any formal announcement, only mixed messages circulating on X about the status of the implementation.
Earlier today, the team provided a clearer update, revealing that “most major Nodes” have transitioned to version 23. They congratulated the Mainnet Node operators who successfully upgraded, but acknowledged that not everyone has completed this transition, with the protocol expected to move to v23 soon.
The team described this new update as one of the “most challenging” they have encountered, involving numerous “subsystem upgrades and optimizations that required extensive internal data processing.”
Big kudos to Mainnet Node operators for upgrading to v23.
Most major Nodes have now been upgraded, and the protocol is expected to transition to v23 soon.
This was one of the most challenging upgrades to date, as it involved multiple subsystem upgrades and optimizations that…
— Pi Network (@PiCoreTeam) May 20, 2026
In anticipation of the upcoming version 23, the team successfully rolled out version 22 in early May, as previously mentioned; version 21 in April; version 20.2 in late March; and versions 19.9 and 19.6 in early March and late February, respectively.
PI’s Recovery Stalls
The native token of the protocol has been in a downward spiral for weeks. It faced rejection at the $0.20 mark at the end of February and lost several critical support levels during its decline to below $0.15. Just a couple of days ago, it plummeted to $0.145, but there was a brief bullish effort yesterday, allowing the asset to bounce back to $0.155.
Unfortunately, this recovery was short-lived; despite a small market uptick in the last hour, PI has once again dropped below $0.15. It has suffered weekly losses exceeding 18%, and its market capitalization sits below $1.6 billion, ranking it as the 54th-largest cryptocurrency by market cap.
