Pi Network Token Price Surges Amid Protocol 20 Upgrade

The Pi Network's token has defied the broader crypto market downturn by rising by 2% on March 19. The increase is attributed to the successful upgrade of its Mainnet to Protocol 20, which lays the groundwork for introducing smart contracts on the network.

According to an X post, all major Pi nodes have been upgraded to version 20.2 and are supporting protocol 20. This upgrade provides the foundation for enabling smart contract capabilities, with the rollout of smart contracts expected to occur in phases. The team has hinted at the next step, which is Protocol 21.

However, a larger concern is the upcoming unlock of 16 million Pi coins scheduled for March 20. This may create selling pressure and impact the token's price. Analysts suggest that if the price of the Pi coin manages to stay above $0.17, it could move up toward $0.20.

The recent upgrade has been seen as a positive development by investors, with some speculating about the potential for further growth. However, the real test is yet to come, as the demand for the tokens will be put to the test with the upcoming unlock.