Pi Coin Price Crashes Another 7.5% Before Pi Network Protocol 23 Mainnet Activation

Pi Coin, the native cryptocurrency of Pi Network is facing severe selling pressure, down by another 7.5% in the last 24 hours. This comes as Pi Network is set for another protocol upgrade on Monday, May 18, which will unlock an additional 200 million tokens. It has induced additional selling pressure on the native crypto.

Pi Coin Price Loses Crucial Support At $0.16

On late Sunday, May 17, Pi Coin’s price is seeing a sharp decline after falling below the crucial support level of $0.16. As of press time, it is trading at $0.1474, while extending its monthly losses to more than 21%.

As per the technical indicators, the Pi Network price will continue to be under pressure in the near term. The altcoin faced a major rejection at $0.1637, which was previously the lowest point in April.

The token is currently trading below all major moving averages, which shows continued bearish control over the market trend. Moreover, the Relative Strength Index (RSI) has dropped and approached the oversold threshold of 30. On the other hand, the Average Directional Index (ADX) has risen to 16, indicating strengthening downside momentum.

Based on the current chart structure, analysts believe Pi Coin will see further decline toward the $0.1300 support zone.

Pi Network Protocol 23 Upgrade

As said, Pi Network will undergo the Protocol 23 upgrade on Monday, May 18. This upgrade will transform the network into a programmable Layer 1 blockchain supporting native smart contracts and decentralized applications.

The network also extended its node-related deadline to May 19 ahead of the protocol activation. Meanwhile, nearly 540 million PI tokens are currently held on centralized exchanges. It marks the highest exchange-held supply ever since Pi Network launched its open mainnet.

The sharp rise in exchange balances ahead of the Protocol 23 rollout has raised concerns among investors. Data also shows that Pi Network is expected to unlock more than 200 million PI tokens valued at over $36 million this month. Over the next 12 months, nearly 1.65 billion additional tokens are scheduled to unlock.

Pi Network Fundamental Development

Pi Network announced new developer-focused upgrades to expand AI-assisted application building within its ecosystem. According to the network, App Studio now supports “vibe coding”.

This allows developers using AI coding tools such as OpenAI Codex, Anthropic Claude Code, and Replit to integrate Pi SDK and payment functionality into AI-generated applications within minutes.

Pi Network said the integration could give developers access to distribution across its reported ecosystem of more than 60 million users.

In another development, Pi Network has also integrated Onramper into the Pi Wallet to simplify fiat access for users. The integration could allow users in supported regions to purchase PI tokens using local payment methods such as bank cards, Apple Pay, and Google Pay through KYB verified providers.