Pi Network’s core team says it has cleared another protocol hurdle. The upgrade lands at a time when PI’s market still looks like it’s taking the slow train to nowhere.
On June 5, Pi Network’s official X account posted that nodes completed a “challenging migration” to protocol 24. The message thanks “all Nodes” and frames the v24 upgrade as the next step in strengthening the infrastructure that supports node operations and mainnet activity.
What Pi actually finished
Pi’s recent upgrade trail looks like a checklist of version numbers, not a marketing campaign.
- In February, the Core Team rolled out protocol version 19.6.
- Later, it moved to v19.9.
- It then introduced v20.2, which the project says lays groundwork for smart contract capabilities.
- Last month, Pi announced a migration to protocols v22 and v23, setting June 2 as the deadline to complete the transition to v24.
Now that migration is done, at least on the project’s terms. Pi’s Core Team also flags the next phase. Migration to v25 is “next in line,” with June 18 set as the completion deadline.
The project positions v24 as an infrastructure upgrade for node operations and mainnet activity. That’s the kind of change that can help a network, but it does not automatically translate into demand for the token.
Price keeps finding fresh lows
CryptoPotato reports that despite the upgrade progress, PI’s valuation has kept sliding. Earlier this week, it reportedly fell to a new all-time low around $0.12.
The same report ties the move to the broader bear market pullback that swept crypto generally. It adds three performance anchors:
- PI is down about 33% for the month.
- PI is down about 96% from a reported peak near $3 at the start of 2025.
- Market cap is around $1.3 billion, placing PI around the 58th-largest cryptocurrency.
That last detail matters because it frames the token as still trading in thin air relative to its peak narrative. Upgrades can improve the tech. They do not cancel macro pressure or token supply math.
Exchange balances jump, unlocks loom
CryptoPotato points to two mechanics that can pressure prices even when network headlines look positive.
First, it cites a spike in the number of PI coins stored on exchanges. Data referenced from piscan.io show exchange balances rose by over 500,000 in the past 24 hours. Total exchange holdings now sit above 550 million PI.
The desk’s takeaway is simple. When more assets sit with centralized platforms, the path to immediate selling is shorter.
Second, CryptoPotato highlights upcoming token unlocks. It says about 160 million PI will enter circulation over the next 30 days, with June 11 called out as the record day. On that date, 16 million coins are set to be released.
Unlocks do not guarantee a selloff. But they do give holders a reason to consider liquidation timing, especially when the market is already weak.
Key PI data cited by CryptoPotato
| Metric | Reported figure | Source mentioned |
|---|---|---|
| New reported all-time low | ~$0.12 | CryptoPotato |
| Monthly decline | 33% | CryptoPotato |
| Drop from reported 2025 peak | 96% | CryptoPotato |
| Market cap | ~ $1.3B | CryptoPotato |
| Exchange balance increase (24h) | +500,000+ PI | piscan.io (via CryptoPotato) |
| Total on exchanges | 550M+ PI | piscan.io (via CryptoPotato) |
| Token unlocks in next 30 days | ~160M PI | piscan.io (via CryptoPotato) |
| Record unlock day | June 11, 16M PI | piscan.io (via CryptoPotato) |
Gaming progress runs in parallel
Pi isn’t only talking protocol. CryptoPotato also notes a gaming push.
It says CiDi Games, described as a Pi Network Ventures portfolio company, released four new games for Pioneers: Coin Whack, Fruit Stack, Gemnova, and RainbowCubes.
That may matter for ecosystem engagement. It does not, by itself, address token oversupply risk or near-term selling pressure from exchange balance changes and unlock schedules.
What to watch next
CryptoPotato’s report ends with a forward-looking timeline that follows the technical plan more closely than the price.
- June 18 is the completion deadline for migration to protocol v25.
- June 11 is the record day for a 16 million PI unlock.
If exchange balances keep climbing into the unlock window, the upgrade news may do little to stop the market from repricing risk. If token unlocks land without a matching surge in selling, the pressure could ease. But the facts in CryptoPotato’s write-up point to supply and sell-access staying in focus, not demand magically reappearing after a software milestone.