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Breaking Pi Network News: New Update Delayed as PI Price Recovery Stalls

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The latest highly anticipated protocol update for Pi Network has not gone live yet, even though the official deadline set by the team expired days ago.

In the meantime, the native digital asset tried to rebound yesterday, but it was halted in its tracks and is down below another key support level.

Pi Update Goes Live

After the successful deployment of version 22, announced on May 1, the team behind the project noted that the next major upgrade should be completed by May 15. That date came and went, but there was no official confirmation from them, only some contradicting comments on X, whether it was or it wasn’t implemented.

The team finally shed some more light on its progress a few hours ago, indicating that “most major Nodes” had upgraded to version 23. After it said “big kudos” to those Mainnet Node operators who had successfully upgraded to the new version, it admitted that not all have done so and the protocol is still “expected to move to v23 soon.”

The team described the new update as one of the “most challenging” to date, as it involves multiple “subsystem upgrades and optimizations that required internal data processing.”

Ahead of the expected version 23, the team successfully implemented version 22 in early May, as mentioned above; 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 Recovery Halted

The protocol’s native token has been in a free-fall state for weeks now. It was rejected at $0.20 at the end of February and lost a few key support levels on its way down to under $0.15. It plunged to $0.145 a couple of days ago before the bulls briefly stepped up yesterday as the asset bounced to $0.155.

That recovery attempt couldn’t last long, and even with the minor market uptick seen in the past hour or so, PI has fallen beneath $0.15 once again. Its weekly losses are at over 18%, and its market cap is well below $1.6 billion, making it the 54th-largest cryptocurrency by that metric.

Pi Network (PI) Price on CoinGecko
Pi Network (PI) Price on CoinGecko

 

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