Pi Network’s PI token (PI) has remained under pressure even as several major cryptocurrencies recovered over the past week.
Bitcoin and other large assets gained after easing geopolitical concerns, but PI fell by about 4% during the same period.
The token’s market capitalization has dropped to around $1.75 billion. That is far below the nearly $20 billion level reached in February last year, showing that PI has not recovered from its earlier decline.
The weak price action comes despite new ecosystem updates from the Pi Network team. The project has continued to expand smart contract tools and prepare nodes for a key protocol deadline.
Exchange inflows raise selling concerns
On-chain data shows that almost 3 million PI tokens moved from self-custody wallets to centralized platforms in the past 24 hours. The total PI balance on exchanges has now reached nearly 508 million coins.
Large exchange inflows often raise selling concerns because holders may be preparing to trade or exit positions. This does not confirm a sell-off, but it adds pressure during a weak market phase.
PI also faces heavy token unlocks over the next 30 days. Nearly 200 million coins are scheduled for release, with May 1 expected to bring the largest daily unlock of 20.9 million tokens.
Protocol 22 deadline nears
Pi Network has kept protocol upgrades at the center of its April update cycle. A PiCoreTeam notice referenced by Coindar said Mainnet nodes must upgrade to Protocol 22 by April 27 to “remain connected to the network.”
Community members said the upgrade “ensures network stability and paves the way for full smart contract functionality.” The deadline keeps attention on node readiness as Pi continues to work toward broader network utility.
In its Pi Day 2026 update, the team said Mainnet and Testnet2 moved through v19.6 on February 15, v19.9 on March 1, and v20.2 on March 13. These updates formed part of the groundwork for smart contract features.
Smart contract tools expand on Testnet
On April 17, Pi Network introduced subscription smart contract capability on Testnet. The team said the tool can support recurring blockchain-based services and business models.
Pi described the update as part of its push toward “real, recurring, utility-driven” use cases. The feature may support future apps that need repeated payments or service access inside the Pi ecosystem.
The project will also appear at Consensus 2026, where its co-founders are expected to discuss utility and digital identity.
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