Pi Network’s ’Sleeping Giant’ Still Snoring: Stalled Protocol 23 Sparks Investor Skepticism in 2025

Pi Network's much-hyped Protocol 23 upgrade remains stuck in limbo—and patience is wearing thin.

When will the 'sleeping giant' wake up? Analysts slash price targets as development delays mount.

The stalled protocol raises existential questions: Is Pi Network building the future or just another crypto pipe dream? Meanwhile, Bitcoin ETFs hit new ATHs while Pi holders wait for their 'mainnet moment.'

One hedge fund manager quipped: 'At this rate, even FedNow will achieve global adoption first.'

While the broader crypto market has moved into the green zone, Pi Network is facing downward pressure, with Pi coin trading around $0.2297, down more than 2% in 24 hours. The token failed to hold above the important $0.25 resistance, which also aligned with the 0.618 Fibonacci level.

Pi’s market cap has slipped to $1.91 billion, and trading volume has dipped more than 16%.

Experts Say Pi Network Is Moving Too Slowly

Crypto commentator Dr. Altcoin recently said that Pi Network continues to behave like a “Sleeping Giant” because progress from the Core team remains slow. He pointed out that Protocol 23 is still stuck in the testnet phase.

“Protocol 23 remains stuck in the testnet phase, and at this rate, major updates like the PiDEX upgrade are unlikely to be realised before Q2/Q3 2026,” Dr Altcoin wrote.

New Partnership Offers a Bright Spot

Despite internal delays, Pi Network has announced a strategic partnership with CiDi Games, a developer focused on Web3 gaming. The deal includes an investment from Pi Network Ventures, which has now made its second major funding MOVE after backing the AI robotics firm OpenMind AGI.

The partnership will  bring more real-world applications into the Pi ecosystem, especially in gaming and user engagement.

Why Some Supporters Still Believe in Pi

Not everyone is discouraged. One Pi community commentator argued that Pi Network is actually solving the real problems the crypto industry faces today. The wider market expected prices to surge once ETFs launched, regulations improved and institutions like Wall Street entered the space. But this cycle proved otherwise.

According to them, the market is now realizing a hard truth that crypto valuations are disconnected from reality. Most blockchains have big narratives but no real users. PI Network is the opposite. It has real users, real needs and real usage.”

The commentator said that this makes Pi one of the most undervalued and misunderstood projects in the industry.

The Road Ahead

For now, Pi Network faces a mix of pressure and potential. Price weakness and slow development continue to weigh on sentiment, but growing partnerships and strong user activity still give supporters hope that the “Sleeping Giant” may eventually wake up.