Pi Network has over 18.1 million users who completed KYC verification and 16.7 million have migrated to Mainnet. Despite a price comeback, a significant correction may be imminent.
The team behind the controversial crypto project Pi Network keeps unveiling updates and announcements concerning the entire ecosystem.
PI’s price, though, hasn’t failed to stage a comeback, while some important factors suggest that a more substantial correction could be on the horizon.
Earlier this week, the Core Team revealed that more than 18.1 million users have now completed the comprehensive KYC verification, and over 16.7 million Pioneers have successfully migrated to Mainnet.
Pi Network has repeatedly emphasized its core principle that one account represents one real human being. The team believes this is a vital condition that keeps the ecosystem functioning, as mining rewards remain fair while settlements rely on actual participants.
Nonetheless, multiple users continue to complain on X that they have experienced problems with the required verification, with some claiming they have been waiting for years to complete the process.
In addition to the frequent updates on the KYC front, Pi Network has been making significant progress across the project. In February, the team introduced protocol version 19.6, followed by an upgrade to v19.9 and the highly expected v20.2, which laid out the foundations for smart contract capabilities.
At the start of the month, Pi Network disclosed the migration to protocol v22, with version 23 next in line. Some community members recently noted that the deadline for that upgrade has been extended from May 15 to May 19.
The project served as one of the sponsors of the global crypto conference Consensus 2026, while its co-founders Chengdiao Fan and Nicolas Kokkalis took the main stage.
The former highlighted how Pi Network’s infrastructure and real-human identity system can support the development of useful products in the AI era. She also pointed out that many crypto projects design tokens mainly for hype, but her entity focuses on coins that drive actual engagement and long-term value.
Over 18.1 million users have completed the KYC verification process on Pi Network.
More than 16.7 million Pioneers have successfully migrated to the Mainnet of Pi Network.
While Pi Network's price has staged a comeback, important factors indicate that a more substantial correction could be on the horizon.
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Kokkalis’s speech was also centered on the advancement of Artificial Intelligence, more specifically on the urgent challenges of maintaining trust and verifying real human identity as AI systems become capable of generating convincing bots, profiles, and interactions at scale.
Despite all the aforementioned advancements and upcoming developments, PI’s price remains suppressed well below $0.20. As of this writing, it trades at around $0.17 (according to CoinGecko), representing a 6% decline on a weekly scale.
Meanwhile, the rising amount of PI tokens stored on crypto exchanges suggests that the pullback may intensify in the near future. Data show that the total number of coins held by such centralized platforms has reached almost 540 million, with over half on Gate.io.
PI Exchange Balance, Source: piscan.io
Such a trend indicates that investors continue to shift from self-custody methods toward exchanges, thereby increasing immediate selling pressure.
