Pi Network community confidence is fracturing! Nearly half of the coin holders predict a collapse in 2026. Can the new upgrade reverse the decline?

The Pi Network (PI), which once stirred up a "zero-cost mining" craze in the crypto circle, has recently become the focus of attention in the community again—this time not due to a price surge, but because of intense debates sparked by its future prospects. The latest community survey shows that nearly half of Pi holders believe that the token may face a collapse around 2026, with the reasons primarily focusing on insufficient liquidity and the upcoming large-scale token unlock.

Although the development team has just launched several technical upgrades, including protocol updates, Linux node support, and KYC process integration, the market's confidence in PI does not seem to have significantly recovered, and the token price is still 88% lower than its historical peak.

Community Split: The Positive Conflict of Confidence and Doubt

According to recent sentiment surveys:

Pessimists: Concerned about liquidity challenges and selling pressure after token unlocks, believing that if not managed properly, prices could fall significantly.

Optimists: Still optimistic about Pi's long-term vision and application potential, believing that technological upgrades and ecological expansion can reignite growth momentum.

This divergence highlights the uncertainty of the Pi ecosystem—confidence and skepticism are simultaneously fermenting within the community.

Technical Upgrade Highlights: Protocol v23, Linux Node and KYC Integration

The latest upgrade announced by the development team is inspired by the Stellar-based protocol 23, with core improvements including:

Protocol v23 Update: Transitioning from v19 to v23, introducing a modular smart contract layer, optimizing the consensus mechanism, and supporting more complex dApp development.

Linux node support: Expand the decentralized infrastructure to Linux systems, attracting more validators to participate, enhancing network security and coverage.

KYC process embedded in the protocol: Integrating "Know Your Customer" verification directly into the protocol layer and allowing third-party institutions to assist, simplifying the user's migration to the mainnet.

These updates have improved the scalability and compliance of Pi Network on a technical level, but have not significantly boosted the token price in the short term.

Price and Market Status: Down 88% from Peak

Despite technological advancements, the market value and trading price of the PI Token remain sluggish, down nearly 90% from its historic peak. This reflects ongoing market concerns regarding its liquidity and practical application.

Core challenges: Liquidity and Token unlock pressure

Liquidity risk: Currently, the trading market for PI is limited, and the depth of transactions is insufficient, which may amplify price fluctuations.

Token Unlocking: A lack of supporting measures for large-scale unlocks in the future may trigger a sell-off, further impacting the price.

Future Observation Points

Upgrade implementation effect: Can protocol v23 and Linux nodes attract more developers and validators?

KYC Progress Speed: Whether users can smoothly complete the mainnet migration and expand the actual use cases.

Liquidity Management: Can the team bring in more exchanges and liquidity providers to alleviate selling pressure risks.

Conclusion

Pi Network is at a critical turning point—its technological upgrade paves the way for long-term development, but market confidence still requires more substantial progress to support it. As 2026 approaches, Pi must find a balance between liquidity management, token unlocking strategies, and ecological implementation to dispel the "doomsday prophecy" and rebuild community trust.