Despite the ongoing protocol updates and major high-profile appearances from the project’s co-founders at one of the most influential cryptocurrency conferences for the year, the native token experienced another painful rejection in the past 24 hours.
This behavior continues to raise questions about its overall state, as this is yet another classic sell-the-news moment.
PI’s Decline
Recall that the Pi Network protocol updates began in late February with the introduction of version 19.6. Since then, the new versions have been deployed almost like clockwork, and the latest was announced at the start of the month – v22. Moreover, the team set a deadline for the implementation of the next one in its roadmap – v23, which should be completed by May 15.
In addition, they continue to publish different posts about other aspects of the overall ecosystem, such as the completion of more than 520 million tasks from a million verified users by combining human input with AI.
Perhaps even more notable was the feature of the two project co-founders, Dr. Chengdiao Fan and Nicolas Kokkalis, at the 2026 Consensus conference in Miami. As reported yesterday, Dr. Fan took the Convergence Stage to talk about how users can align web3, AI, and blockchain for utility. She also distinguished Pi Network from other cryptocurrency projects mainly in the token usage regard.
Yet, none of those developments has managed to produce a long-lasting positive impact on the native token. PI is deep in the red today, slumping to $0.166 minutes ago. This means that the asset has plunged by over 11% since its local peak at $0.188 marked on May 6.
Pi Network (PI) Price on CoinGecko
Not the First Time
PI’s latest breakout attempt came ahead of the Miami conference, and the asset plunged immediately after both co-founders had completed their appearances. This appears to be a classic sell-the-news event for the asset, and is far from the first such occasion.
In March, massive hype built ahead of the so-called PiDay (March 14) and the major listing on Kraken. The token exploded as most of the market stagnated, going from $0.17 to $0.30 within just a few days. Once PI actually went live for trading on the veteran US exchange and PiDay passed, it plummeted instantly to its starting point, wiping out roughly $1 billion from its market cap.
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