Pi Network token faces volatility amid Protocol 26 upgrade

Pi Network's native token, PI, has experienced recent price volatility, dropping below the $0.09 support level to trade around $0.086. Despite this dip, the asset had previously seen a resurgence, climbing above $0.096 earlier in the week. The token's market capitalization has fallen below $950 million, placing it as the 67th largest cryptocurrency by market cap.

Parallel to price movements, the Pi Network is undergoing a significant technical transition with the Protocol 26 upgrade. The Core Team set a deadline of August 11 for Mainnet node operators to complete the upgrade; those who failed to meet the deadline faced disconnection from the network until the necessary software was installed.

Broader market sentiment has been influenced by cooling inflation data in the United States. Softer Consumer Price Index (CPI) readings have increased expectations for more favorable monetary policies, which can boost interest in speculative digital assets.