Pi Network distribute 50 million tokens, price hit roadblock at $1.70

Pi Network don move again with their migration process, distributing about 50 million Pi tokens to pioneer wallets. According to community reports, the tokens move from transit address to mapping address around 3 PM Beijing time, and then distribute to users. This na second phase of migration for current cycle, and e show say the network dey follow structured approach for token movement.

Many users get small balances for now, but early contributors and those wey participate for rewards get larger allocations. This kind distribution common for blockchain ecosystems wey use reward-based participation models. The migration speed and destination remain consistent with previous cycles, which suggest say the system dey operate under predefined framework to ensure stability.

But while Pi Network dey advance internal distribution, the token price don hit roadblock. After strong rally wey push price to $1.70, e meet resistance at 200-day moving average and begin fall back. The decline come amid broader market pause, with prices easing slightly after short-term surge. Market value don rise close to $2 billion as investors show renewed interest, placing Pi among top 50 cryptocurrencies by market cap according to CoinMarketCap.

The price action no happen by chance. On April 27, Pi Network implement upgrade to improve transaction speed and network capacity. Attention now dey on upcoming Protocol 23 upgrade expected May 11, wey go introduce smart contracts, allowing developers to build applications directly on network. Also, Pi Network participation for Consensus 2026 for Miami from May 5-7 don increase visibility, with co-founders Nicolas Kokkalis and Chengdiao Fan expected to attend.

Supply conditions don support recent price movement. According to data from Piscan, fewer tokens unlock toward end of April, wey reduce selling pressure. Over 10 billion PI tokens don move to mainnet, while about 6 billion remain locked. Exponential moving average indicators show token still get short-term strength, trading above 10-day, 20-day, 50-day, and 100-day moving averages. But 200-day moving average remain barrier, and RSI for daily at 60, meaning buyers dey control but still get space to push more.

If price fit break above $1.70 and stay there, e fit start another surge of over 20% to $2. But for now, Pi Network dey focus on migration and upcoming upgrades wey go shape ecosystem development.