The developers of the Pi Network, a crypto project that has generated discussion, continue to share news and updates about its development.
Despite recent gains, experts believe the price of PI could fall further, as several key factors point to a potential downturn.
All the New Stuff
This week, the Core Team announced that over 18.1 million users have finished the required identity verification process, and more than 16.7 million Pioneers have successfully moved to the Mainnet platform.
As a Pi Network investor, I really appreciate how much the team stresses that each account should represent just one real person. They keep saying this is key to keeping the whole system healthy and fair – it ensures everyone gets a reasonable share of the rewards, and that transactions are based on genuine users, not bots or fake accounts.
Despite these efforts, many users are still reporting issues with the verification process on X, and some say they’ve been stuck waiting for years.
Pi Network is consistently improving, not only with regular Know Your Customer (KYC) updates, but also with major project advancements. In February, they released several protocol updates – versions 19.6, 19.9, and most notably, 20.2 – which are building the groundwork for smart contracts.
Pi Network recently announced that they’re moving to a new software version, v22, and plan to release v23 soon after. The deadline for the v23 upgrade has been pushed back a few days, from May 15th to May 19th.
Major Recognition for Pi Network
The project sponsored the major cryptocurrency event, Consensus 2026, and its founders, Chengdiao Fan and Nicolas Kokkalis, presented on the main stage.
She explained that Pi Network’s technology and its focus on verifying real users could be valuable for building practical applications in the age of artificial intelligence. She also noted that unlike many cryptocurrency projects created for short-term excitement, Pi Network is designed to encourage genuine participation and lasting benefits.
As an analyst, I’ve been following Kokkalis’s recent statements closely, and a key theme was the rapid progress of Artificial Intelligence. He really emphasized the growing need to ensure we can still trust online interactions and reliably verify that we’re dealing with real people, not AI-powered bots or fake profiles. The concern is that AI is becoming so good at mimicking human behavior, it’s getting harder to tell the difference, especially as these systems scale up.
PI is Still in Red Territory
Even with all the recent progress and future plans, the price of PI is still low, staying under $0.20. Currently, it’s trading around $0.17 (according to CoinGecko), which is about 6% lower than it was a week ago.
The increasing number of PI tokens being held on cryptocurrency exchanges hints that the recent price drop could continue. Current data indicates these platforms now hold close to 540 million PI tokens, with Gate.io holding over half of that amount.
This trend suggests investors are increasingly choosing to hold their assets on exchanges rather than managing them independently, which could lead to more immediate selling and potentially lower prices.
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2026-05-14 17:05