Pi Network has completed its v20.2 protocol upgrade, according to the latest reports. Despite marking a key milestone ahead of Pi Day 2026, the Pi Coin price has seen a significant downturn, losing nearly 28% of its value.
Pi Coin Price Falls Even After Major Network Upgrade
The value of the Pi token is currently in the red zone. As of press time, the token is valued at $0.2101, marking a 28% drop within a single day. Despite a 6% weekly decline, the altcoin has seen a massive 56% gain over the past month.
However, the current downturn has largely caught investor attention. This is mainly because of the Pi Network coin price crash’s timing. The downturn follows the Pi Network’s much-anticipated v20.2 protocol upgrade.
It is also worth noting that today’s Pi Coin price crash comes on the heels of the token’s recent remarkable uptrend. As CoinGape reported yesterday, the Pi Coin saw a massive rally of 30%, especially driven by the Kraken listing.
Unveiling the Pi Network v20.2 Protocol Upgrade
Notably, the Pi Network team had earlier announced a series of protocol migrations for 2026. The first upgrade, v19.6, was rolled out on February 21, followed by v19.9 on March 4. The next upgrade, v20.2, was initially scheduled for March 14. But the team later moved the deadline forward to March 12.
While the revised deadline has already passed, the team has not yet released an official confirmation about the upgrade. However, many accounts on X, closely connected with the Pi Network team, claim that the v20.2 upgrade went live.
For example, JoJo, the Pi Network Global GCV Movement Developer, shared an X post, revealing the details of the upgrade. The post read, “The Pi Network node infrastructure has successfully completed the protocol migration to v20.2, marking another milestone in the sequential upgrade roadmap toward v23.”
What’s Behind This Pi Coin Price Crash?
As the current Pi Coin price crash reversed its recent hike, it has significantly sparked caution among investors. This downturn occurs despite speculations of a 40% Pi Network token hike ahead of today’s Pi Day. Now, all are left with a question- what’s driving this sudden Pi Coin price drop?
The current Pi Coin price drop is partially caused by the traditional sell-the-news reaction, which occurs after major announcements. The pattern occurs when prices increase before important news breaks, but then decrease after the announcement becomes public. Hence, it remains quite probable that traders have purchased the coins before the upgrade, executing the profit-taking strategy.
The increased selling activity serves as another major factor that drives the market downward. The Pi Network token’s trading activity saw a 24 percent increase in its 24-hour trading volume. The data shows that traders engage in active market activity by selling their assets.