Pi Coin Plummets Near Record Lows Despite Major Upgrade and TOKEN2049 Momentum

Pi Network's native token struggles near all-time lows as market sentiment remains bearish despite recent developments.

Technical Upgrade Fails to Lift Sentiment

The network's latest protocol enhancement promised improved scalability and faster transactions—yet traders continue dumping positions. Volume remains thin while large holders maintain cautious stances.

TOKEN2049 Participation Backfires

Instead of generating bullish momentum, the project's planned appearance at the major crypto conference is being met with skepticism. Critics question whether the team can deliver on long-promised mainnet developments.

Market analysts note the classic crypto pattern: fundamentals rarely matter when sentiment turns sour. Another case of 'buy the rumor, sell the news'—except this time, nobody's buying.

Recently, the Pi Network confirmed that it successfully upgraded to protocol version 22 as part of a gradual upgrade process from version 19 to version 23. This upgrade will improve the network’s overall performance and security, while preparing for further developments. 

Can the New Upgrade Boost Pi Coin Price?

Pi coin is currently trading at $0.3558, which is 2.9% higher than a week ago, but still pretty close to its all-time low. The crypto’s daily trading volume has also dropped to $32 million. Now, to save it from collapsing, the PI team has developed and created new features to boost its adoption rate. 

The upgraded version 22 is one of the major developments made to enhance blockchain APIs, Core functionalities, and overall network stability. It is a crucial step in preparing the Pi Network infrastructure for a scalable and stable mainnet launch. During this period, users may face planned service interruptions. 

Pi Network announced on X, “Work is underway to upgrade Testnet1 to version 23, followed by upgrades to the Testnet2 and Mainnet blockchains from version 19 to 23.”

“Upcoming protocol upgrades will phase in through consecutive versions and may potentially require planned outages of the blockchain services. Specific outages, if any, will be announced in advance,” it added. 

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•   Pi Network Pins Hopes on TOKEN2049 — Can Pi Coin Break Toward $1?
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Emphasis on KYC Protocol 

Pi Network is known for its Know Your Customer (KYC) protocol, which is an essential procedure to identify and verify the identities of its users. To enhance this service even further, the network is evolving its mainnet. 

In early September, the Pi team said, “Pi Network’s protocol upgrades will enable functionalities including embedding KYC authority in the protocol that will maintain Pi as a KYC-verified blockchain while offering a more distributed, community-driven KYC process at the protocol level.” 

What’s Next? Participation in TOKEN2049

Pi team recently announced that it will join the TOKEN2049 conference in Singapore on October 1-2, 2025. In fact, the network co-founder, Dr. Chengdiao Fan, is set to deliver a keynote speech along with other crypto and Web3 leaders. 

Her speech will mainly discuss how blockchain can be Leveraged for real-world benefits through Web3 innovations, with a focus on community building, blockchain adoption, and practical use cases.

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FAQs

Pi co-founder Dr. Chengdiao Fan will keynote, focusing on real-world blockchain utility, Web3 innovation, and strategies for driving community adoption and practical use cases.

Pi uses a strict KYC protocol to verify user identities, with ongoing upgrades aiming to embed KYC authority directly into the blockchain for a more decentralized, community-driven process.