Pi Network News and PI Price Update: May 24

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Pi Network News and PI Price Update: May 24

Pi Network and its community have experienced a lot of activity recently, although a crucial update to the system, originally scheduled for almost ten days ago, is still in progress.

The native token crashed lately, but managed to halt the losses and remains at around $0.15.

Delayed New Update

On May 1st, the protocol was updated to version 22, continuing a series of improvements that started in February with version 19.6. The development team had initially planned to release version 23 by May 15th. After that date passed, people in the community began asking about the update, with some believing it will significantly improve the project.

The team first announced progress on version 23 on May 20th. They reported that most of the core components had been updated successfully, but the process is still ongoing. This update has been particularly difficult, requiring significant internal data adjustments and improvements across several key systems.

However, the Core Team also announced a new update designed to significantly benefit creators. They explained that developers and creators can reach Pi Network’s large user base of 60 million people by easily launching their AI-powered apps within Pi’s system, using a tool called Pi App Studio.

Now that it’s easier than ever to build apps – even without coding expertise, thanks to tools like Codex and Replit – our team is focusing on helping people go beyond just creating apps and actually making them useful in the real world.

Security Warning and Problem Solving

Pi Network recently issued a warning on X (formerly Twitter) about an increase in scammers pretending to be its co-founders, Nicolas Kokkalis and Dr. Chengdiao Fan. They directed users to the official, verified accounts of both co-founders, although these accounts aren’t frequently updated.

As an analyst, I’ve been following the Core Team’s efforts to address a critical problem in the crypto space. They recently highlighted, using Dr. Fan’s speech at the 2026 Consensus conference, that many new tokens are launched primarily as fundraising tools. Their concern is that too many projects are creating tokens without a clear purpose or real innovation behind them – they lack genuine utility and substance.

Pi Network says it’s taking a different approach with its tokens, viewing them as ways to attract users, encourage product involvement, and create lasting value. Their new Pi Launchpad is designed to help projects gain real users who will actively use and provide feedback on their tokens within the Pi ecosystem.

PI Price Update

As a researcher tracking this project, I’ve observed a significant drop in the price of its native token recently. It seems the delay in the planned protocol update may have contributed to this decline. Over the past couple of weeks, the token fell from a high of $0.175 on May 13th, initially to under $0.16, and then continued downwards to a low of $0.145 – a level not seen in months.

The token has fallen out of the top 50 cryptocurrencies by market value and hasn’t regained its position, even with a recent price recovery to $0.15. Positive news, like its launch on the OKX exchange in the US, wasn’t enough to spark a significant price increase, and it’s still down 13% over the last two weeks.

As a researcher following Crypto X, I’ve been looking into recent discussions about the asset’s performance. Several prominent members, including Kien Trinh, have expressed concerns. They’ve pointed out that the price has fluctuated significantly – essentially splitting 20 times – and some believe this could signal the end of its growth. Trinh specifically suggested that Pi Network may have inadvertently created a situation where it’s difficult for users to actually access and sell their holdings – what’s often called a liquidity trap.

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2026-05-24 10:40