It was an eventful week or so for Pi Network and its native token, perhaps led by the completion of the latest protocol version migration and the announcement of the upcoming one.
At the same time, PI went on another volatile rollercoaster but has mostly failed to capitalize on the broader market’s rally in the past few days.
Protocol Updates and More
The major news on the protocol upgrades front began on May 1 when the team confirmed the successful implementation of version 22. The official announcement came just a few days after users hinted on X that the protocol update was deployed. The team noted that the next one will be migrated soon, but didn’t provide further details at the time.
Hours later, they explained that protocol version 23 will be completed by May 15. As always, Pi Network Nodes were reminded to complete all necessary steps before the deadline, as they might be disconnected from the network if they don’t.
Separate from the protocol updates, the Core Team behind the popular project explained how it continues to merge human input and artificial intelligence. In a blog post at the time, they informed that despite the growing adoption of AI, with numerous companies slashing human resources to cut costs by replacing them with the emerging tech, Pi Network wants to get the most out of both worlds.
As such, it continues to encourage its large user base to complete validation tasks alongside AI. The results, according to the team, are quite impressive, with over 526 million such tasks completed by a million verified individuals on the network.
“Unlike many other KYC tools, Pi’s KYC uniquely combines AI automation with the power of its massive distributed human workforce to accomplish accurate and efficient verification for over 18 million people in over 200 countries and regions. The over 18 million identity-verified people, in turn, may also further join the marketplace of such a workforce,” the team said.
PI Price Update
The project’s native token exploded at the end of April, surging from under $0.17 to a monthly peak of $0.20. The subsequent rejection, though, was quite brutal, as it drove it south to its starting point within hours on April 29/30. It tried to rebound in the following days and now sits around $0.18.
However, its gains are very modest compared to the broader crypto market. Bitcoin rocketed to a 3-month peak at over $81,000, while some alts, such as TON and M, have jumped by double digits in the past few days.
Data from PiScan shows that the next several days could be painful for PI token holders due to the large number of assets scheduled to be released. Four days in a row will see over 10.5 million tokens unlocked, which could increase the immediate selling pressure from investors who have been waiting for a long time for their coins.
Aside from a few brief upticks in the next 20 or so days, though, the average number of daily token unlocks will ease to under 6 million.
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