Key Takeaways:
Pi Network completed its Protocol 24 upgrade on June 3, migrating node infrastructure from Ubuntu 20 to 24 and PostgreSQL 12 to 16, yet the PI token failed to gain traction, trading at $0.127 — its lowest since Feb. 14.
"The upgrade is one of our most technically complex updates, involving multiple subsystem improvements and internal data reprocessing," a Pi Network spokesperson said, noting that all mainnet nodes were required to complete the transition by June 2 or risk disconnection.
PI has slumped 27% year-to-date, with a market capitalization of $1.36 billion as of June 4. The token trades below all major moving averages, a technical signal that sellers remain in control. Adding to the pressure, the network is scheduled to unlock more than 174 million tokens worth over $26 million in June alone, according to tokenomics data.
Protocol 24 opens the door for utility-driven demand later in 2026, but near-term unlocks and thinning liquidity favor continued price pressure. The network plans two additional upgrades this month — Protocol v25.1 on June 8 and v26.0 on June 22 — targeting node performance, scalability, and smart contract maturation.
The upgrade was first completed and synchronized on Testnet 2 before the mainnet rollout. Protocol 24 represents a significant technical acceleration for Pi Network, which has been building toward smart contract functionality for years. Three protocol upgrades in a single month mark a notable shift in development velocity for a project that has drawn comparisons to early-stage Ethereum and Solana in terms of community size, though it has yet to launch an open mainnet with full exchange support.
However, the technical progress has not translated into price appreciation. PI's decline below $0.127 puts it at levels last seen in mid-February, erasing gains from the broader crypto market recovery earlier this year. The token's slide comes as retail interest in mobile-first mining networks has waned, with users questioning the timeline for Pi's open mainnet launch and exchange listings.
The June token unlock schedule compounds the bearish setup. With 174 million tokens entering circulation, the supply overhang could keep PI under pressure unless demand catalysts emerge from the smart contract functionality that Protocol 24 and its follow-up upgrades aim to deliver.
This article is for informational purposes only and does not constitute investment advice.
