Pi Network’s PI token (PI) remains under pressure despite several major cryptocurrencies recovering over the past week.
summation
- About 3 million PI tokens were moved to centralized exchanges, raising concerns about short selling.
- Approximately 200 million PI tokens will be unlocked over the next 30 days.
- Pi Network’s Protocol 22 deadline and smart contract updates remain major ecosystem events.
As geopolitical concerns eased, large-scale assets such as Bitcoin rose, but PI fell about 4% during the same period.
The token’s market capitalization fell to approximately $1.75 billion. This is far below the $20 billion level reached in February last year, showing that PI has not recovered from its initial decline.
Weak price action came despite new ecosystem updates from the Pi Network team. The project continues to expand its smart contract tools and prepare nodes for key protocol deadlines.
Concerns over selling increase due to influx into exchanges
On-chain data shows that nearly 3 million PI tokens were moved from self-custodial wallets to centralized platforms in the last 24 hours. The total PI balance on the exchange has now reached nearly 508 million coins.
Large exchange inflows often raise selling concerns as holders may be preparing to trade or liquidate their positions. This does not confirm selling, but puts pressure on a bearish phase in the market.
PI will also face massive token unlocks over the next 30 days. Nearly 200 million coins will be released, with the largest daily unlock of 20.9 million tokens expected to occur on May 1st.
The Protocol 22 deadline is approaching.
Pi Network kept protocol upgrades at the center of its April update cycle. The PiCoreTeam notice mentioned by Coindar states that mainnet nodes must upgrade to Protocol 22 by April 27 “to maintain network connectivity.”
Community members said the upgrade “ensures network stability and paves the way for full smart contract functionality.” The deadline draws attention to node readiness as Pi continues to work toward broader network utility.
In the Pi Day 2026 update, the team revealed that mainnet and testnet2 passed v19.6 on February 15th, v19.9 on March 1st, and v20.2 on March 13th. These updates formed the foundation for smart contract functionality.
Extending smart contract tools on testnet
On April 17, Pi Network introduced subscription smart contract functionality to testnet. The team said the tool can support repeatable blockchain-based services and business models.
Pi described the update as part of a push toward “real-world, iterative, and utility-driven” use cases. This feature can support future apps that require recurring payments or access to services within the Pi ecosystem.
The project will also appear at Consensus 2026, where the co-founders are expected to discuss utility and digital identity.
Disclosure: This article does not represent investment advice. The content and materials presented on this page are for educational purposes only.