Pi Network’s Price Plummets: A Tale of Greed and Grief!

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The team behind the most curious and enigmatic crypto project has been making a lot of noise lately, unveiling updates so grand they could rival the imperial decrees of a bygone era.

Yet, PI’s price has taken a nosedive, plummeting 10% weekly, as if the very fabric of the universe is conspiring against it. Some ominous whispers hint at further despair, like a peasant’s fate in a Tsar’s court.

The Recent Progress and What’s Next?

Among the grandest feats of Pi Network this year is the protocol upgrades, a saga worthy of a epic poem. In late February, the team migrated to version 19.6, then 19.9 in early March. Version 20.2, the crown jewel, was a harbinger of smart-contract capabilities, a dream come true for the project’s ambitions. It was successfully upgraded by Pi Day (March 14), and moving to protocol 21 has become the team’s next goal, akin to scaling Mount Everest while balancing a teacup on one’s head.

Besides the protocol advancements, Pi Network’s Testnet has implemented a Remote Procedure Call (RPC) server, described as “a major step toward Smart Contracts being simulated, tested, and deployed.” One might say it’s a step closer to enlightenment-or at least a slightly less chaotic blockchain.

KYC verification and migration have also been among the main topics of discussion, a bureaucratic nightmare that has plagued the PI community. Mid-March saw the start of the second migration, a gradual rollout that allows Pioneers to bring more Pi to the Mainnet. Yet, many still struggle, their efforts thwarted by some mysterious force, perhaps the ghost of a failed blockchain.

Earlier this week, Pi Network disclosed that almost 120,000 users have completed the process. The figure sounds impressive, but many community members continue to report they can’t successfully complete the procedure, as if the very gods of crypto are laughing at their plight.

The Viral Rumors

Pi Network took center stage last month after Kraken, that paragon of crypto exchanges, decided to list PI on its platform. Other well-known trading venues, like OKX and Bitget, have also allowed services with the token, while Binance, the stoic giant, remains aloof. Last year, the biggest crypto exchange asked its users whether PI should be listed, and the vast majority were in favor. Yesterday, many X users speculated that such a development would finally happen. However, that was just an April Fool’s joke, which most community members intercepted and had no effect on PI’s price-though their collective sighs might have caused a minor earthquake.

Further Collapse Incoming?

PI currently trades at around $0.16, a shadow of its former glory, a 95% crash from last year’s $3. The broader crypto market, a tempest of uncertainty, and upcoming token unlocks threaten further doom. Over 230 million PI will be released over the next 30 days, allowing investors to cash out with the fervor of a man fleeing a burning palace.

The total number of coins stored on centralized platforms has increased by 2.1 million over the past 24 hours, bringing the total to almost 480 million. This trend doesn’t guarantee a price decline, but it increases immediate selling pressure, as if the market itself is holding its breath, waiting for the inevitable.

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2026-04-02 16:22