#Gate广场五月交易分享

Pi Coin May Outlook—Is the Mainnet Upgrade Coupled with Large Unlocks a Signal to Sell?

The Pi Network core team officially announces a major mainnet upgrade, requiring all node operators worldwide to migrate to Protocol 23 before the deadline of May 15. The new protocol is expected to improve the Pi Network ecosystem by adding native smart contract functionality, thereby bringing more applications and real-world use cases. This move is seen as a significant positive for Pi Coin; however, coincidentally, 185 million tokens will be unlocked in May, valued at nearly $148k. Will the protocol upgrade become a main driver for “positive news to facilitate selling”? What will be the future trend of Pi Coin? Let’s discuss.

Current Price and Trends

‌Current Price‌: Pi Coin is approximately $0.18 (as of May 3, 2026), recently fluctuating between $0.17 and $0.20. The price has been relatively stable over the past month.

Short-term Fluctuations‌: Influenced by the Protocol 23 upgrade news, Pi Coin briefly surged to $0.20 at the end of April but then retreated to around $0.18. This volatility reflects market optimism about the upgrade but is also constrained by the potential selling pressure from the 185 million tokens unlocking in May. Trading volume has slightly increased recently, indicating cautious but active investor sentiment.

Impact of Protocol 23 Upgrade

‌Technical Upgrade Benefits‌: The core of Protocol 23 is the introduction of native smart contract functionality, transforming Pi Network from a basic payment network into a programmable blockchain platform. Smart contracts support decentralized applications (dApps), decentralized exchanges (DEX), and real-world asset tokenization (RWA), which could significantly enhance the ecosystem’s practicality and attractiveness.

‌Node Upgrade Requirement‌: All global node operators must complete the upgrade by May 15, or they will be disconnected from the network. This mandatory measure strengthens expectations of network stability, but some older hardware nodes may face upgrade delays.

‌Market Sentiment Impact‌: Similar to early Ethereum smart contract upgrades, such technological milestones often provide short-term price boosts. If the upgrade proceeds smoothly, it could attract developers, promote new applications, and create a positive feedback loop.

Factors Supporting Future Trends

‌Ecosystem Expansion Potential‌:

After the smart contracts go live, Pi Network can support lending protocols, NFT marketplaces, and on-chain KYC functions, directly competing with mainstream blockchains like Ethereum.

Large Existing User Base: Over 15.8 million verified users have migrated to the mainnet, providing a potential user pool for dApps. If merchant acceptance increases from the current 148k to over 500k, Pi Coin’s practical utility will be enhanced.

‌Liquidity Improvement‌:

Protocol 23 may promote integration with decentralized exchanges (DEX), reducing reliance on external platforms and increasing Pi Coin’s trading depth and liquidity.

Recently, 305,547 PI tokens have been withdrawn from exchanges (a bullish signal), indicating some holders are inclined to hold long-term.

Main Risks and Challenges

‌Short-term Selling Pressure‌: The 185 million tokens unlocking in May could lead to selling pressure if holders choose to sell, potentially suppressing price rebounds. Historical data shows Pi Coin is sensitive to internal events like upgrade deadlines, leading to volatility.

‌Technical Execution Risks‌: Node upgrades require global coordination; some operators may experience disconnections due to hardware or network issues, affecting network stability. Delays or vulnerabilities in deploying smart contracts could undermine market confidence.

‌Competition and Adoption Bottlenecks‌: Pi Network needs to demonstrate it can surpass the “social mining” label and compete with mature chains like Ethereum and Solana. Currently, the ecosystem applications are limited, and merchant adoption must grow exponentially to support the price.

Future Market Predictions

Overall, the protocol upgrade offers long-term benefits by expanding the ecosystem and attracting developers, especially as Protocol 23 could facilitate DEX integration, enabling Pi Coin to list on more exchanges and attract capital inflows, improving liquidity. This could be a remedy for Pi Coin’s long-standing stagnation and declining popularity. However, the large token unlock in May might lead major holders to sell on positive news, so observing the price behavior after the unlock is advisable. Entering in late May could be a good strategy.

Short-term (May–June): As the Protocol 23 upgrade approaches (deadline May 15), the price may test resistance levels at $0.20–$0.25. However, token unlocks and profit-taking could cause a pullback, with support levels around $0.16–$0.17.

Mid-term (second half of 2026): If the smart contract ecosystem begins to take shape (e.g., DEX launches, dApp numbers increase), Pi Coin could break through $0.30.