Pi Network's native token, Pi Coin, has fallen 19% since April 27, trading at $0.143 as of May 27. The decline comes despite two protocol upgrades completed in the past four weeks, each of which produced only short-lived price bursts. A third upgrade is scheduled for June 2, but traders are skeptical it will reverse the slide.
Upgrades Fail to Hold Gains
Two protocol upgrades have rolled out since late April. Both triggered brief rallies — the first pushed the token above $0.17 for a few hours, the second topped out near $0.16. Within a day each time, the price slipped back to pre-upgrade levels. The pattern shows that technical improvements alone aren't enough to sustain buying pressure in a market that's been drifting lower for weeks.
The 19% drop over the past month has erased gains from early April. Pi Coin now sits at its lowest point since mid-March. Volume has thinned, and order books show more sell orders than bids at current levels.
June 2 Upgrade on the Horizon
The third upgrade is set for June 2. The team hasn't detailed what changes it will include, but past upgrades focused on network stability and transaction throughput. If history holds, the upgrade might produce another temporary spike — then the price could head back down.
Traders are watching to see if the next upgrade contains something different, like a feature tied to real-world use or a liquidity incentive. So far, the upgrades haven't been paired with any major exchange listing or partnership announcement.
Pi Network's user base remains large, but most of those users are mobile miners who aren't actively trading. The token's liquidity is concentrated on a handful of smaller exchanges, which amplifies price swings. Without a catalyst that draws in fresh capital, short bursts from upgrades may not be enough to hold the line.
The question now is whether the June 2 upgrade can break the cycle — or if it will just be another bump on a downward road.
