Pi Network's native token climbed 4% in the past 24 hours to nearly $0.09 on August 12, outperforming Bitcoin, Ethereum, Ripple, and Solana. The move comes as rumors swirl that the project has completed an ecosystem update — specifically protocol version 26 deployment. The Core Team hasn't issued an official announcement.
The price move
PI's market cap sits just below $1 billion, making it the 65th-largest cryptocurrency. That's a notable jump for a token that's been stuck in a bear market. The 4% gain puts it ahead of nearly all top 100 assets, a rare bright spot in a week where most majors are flat or down.
What's driving the rally
The surge is tied to speculation that protocol v26 is live. Pi Network urged all mainnet node operators to complete the upgrade by August 11 to stay connected. That deadline has passed, and X users Rizo and amrOnChain claim the upgrade is already in effect. amrOnChain said Testnet 2 is now on protocol v26 and the node has been upgraded.
The upgrade chatter
AmrOnChain also noted that from v19 to v26, eight successful upgrades have been completed, with only one remaining before the network is fully up to date. That's a specific detail that suggests the project is close to a full rollout. But without an official confirmation, it's hard to verify. The Core Team's silence leaves room for doubt.
Chart talk and caution
Market observer Crypto With Gopal claims PI has formed a large triangle pattern, with price compressing between descending resistance and rising support. A clean breakout above $0.10 could trigger a more substantial pump to $0.15, a level last seen at the end of May. But caution is advised — PI has been rejected several times after showing signs of life, and the reigning bear market isn't helping.
The big question is whether the Core Team will confirm the v26 upgrade. Until they do, the rally is built on speculation. Node operators who missed the August 11 deadline might find themselves disconnected, which could add pressure.
