Although the entire cryptocurrency market has been charting gains in the past 12 hours or so, some assets have performed better than others. Pi Network’s native token is among those, as the popular alt has taken advantage of the market-wide rally and now trades at a multi-week peak of almost $0.185.
Despite the upcoming massive token unlocks scheduled for the next week or so, PI’s gains today put it among the top-performing alts. Naturally, this surge could be driven by other factors, such as the most recent updates, which we reported earlier today.
More specifically, the Core Team indicated that the protocol v19.9 migration was successfully completed, which was a major milestone announced just a couple of weeks after the project was updated to v19.6.
This means that the next protocol version is v20.2, which the team hopes will be implemented before the 2026 Pi Day – March 14.
The team reminded once again that all node operators who must use desktop computers and laptops instead of mobile devices have to upgrade to the current protocol version. Otherwise, they could be disconnected from the network.
PI’s surge to a two-week high now means that the asset has gained over 14% in the past month. This is in stark contrast to most other larger-cap cryptocurrencies, including BTC, ETH, SOL, and XRP, all of which are down monthly. In some cases, such as BNB, XRP, and SOL, the monthly declines are by double digits.
What could be a worrying sign for the PI bulls is the rising number of tokens scheduled to be unlocked in the next couple of weeks. Data from PiScan shows that the average number of coins to be released daily will be around 6.8 million, but several days will see more than 11 million.
March 7 will be a record-setting day, with almost 21 million coins to be unlocked. This could intensify the immediate selling pressure on the asset if investors decide to dispose of their long-awaited tokens.
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