Pi Network’s PI Plummets Despite Updates: Investors Cry Foul Over Lack of Progress

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Pi Network’s PI Dumps to Local Lows as New Updates Fail to Boost Investor Sentiment

Over the last few months, the Pi Network team has shared many updates, rewards, and positive news, but these haven’t had a significant overall effect.

The token’s price hasn’t recovered much, even after a short increase following its listing on Kraken. Many in the community are still concerned about what the development team is doing.

Investor Sentiment Still Low

As reported by CryptoPotato, Pi Network has been consistently updated throughout the year. These updates started with moving to protocol version 19.6, continued with v19.9 in early March, and most notably, v20.2, which launched on Pi Day (March 14th, 2026). This last update was crucial because it established the groundwork for Pi Network to eventually support smart contracts.

Version 21 was expected to be finished by April 6th, and the team confirmed the migration happened around that time. They’ve also started the next phase of migration, letting users move their tokens to the Mainnet, and launched an RPC server for Pi Testnet.

Finally, the Core Team shared an update on rewards distribution. They reported that the first set of rewards was successfully sent to the Mainnet wallets of eligible validators after over a million participants completed more than 526 million validation tasks.

Even with these improvements, most comments on the Core Team’s X posts still express frustration about the slow pace of development. People are mainly concerned about two things: not being able to use their assets even after completing the required identity verification, and the continuing drop in the value of the token.

PI Keeps Dropping

Over the past few months, the only thing that really moved the price of PI was when it was listed on the Kraken exchange in March. Specifically, the excitement surrounding the listing caused the token’s value to jump significantly, going from $0.18 to nearly $0.30.

After the asset began trading, it experienced a typical ‘sell-the-news’ reaction. Initial excitement faded quickly, and the price dropped more than 50% within two days. It hasn’t been able to stay above the $0.20 level, which now acts as a barrier to price increases. Currently, the price is even lower than it was before being listed on Kraken, hitting a seven-week low of $0.165 earlier today.

Over the next month, a significant number of Pi tokens – around seven million on average – will become available, increasing the possibility of a price drop. PiScan data indicates that April 15th, 16th, and 17th will see the largest release, with over 60 million PI tokens unlocked on those three days alone.

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2026-04-13 16:16