Pi Network's native token, PI, was changing hands at approximately $0.0818 on October 9, holding just above the closely watched $0.08 level, according to a Coingape report.

Protocol 28 Activation Ahead

The report points to the upcoming activation of Protocol 28, scheduled for October 16, and asks whether the network upgrade could set the stage for a rally in PI. It does not specify the technical changes included in the new protocol version.

Protocol activations are routine milestone events for blockchain networks, changing the rules the underlying software follows and offering a visible indicator of whether development work is progressing on schedule. Because the report does not detail what Protocol 28 contains, the scope of the upgrade should become clearer through the Pi Core Team's official communications as the activation date approaches.

Background Pi Network

Pi Network launched in 2019, developed by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan, and allows participants to mine PI through a smartphone application. After an extended enclosed mainnet phase, the project opened its mainnet to external connectivity on February 20, 2025, at which point PI began trading on external exchanges.

The token briefly climbed to a peak near $3 shortly after the open-mainnet launch before retreating sharply. At current levels near $0.08, PI trades at a fraction of that early valuation. The network has a maximum supply of 100 billion PI, a scale that shapes how PI's per-token price compares with assets built with far smaller or fixed supplies — a distinction frequently raised when interpreting token prices across the crypto market.

The October 16 activation of Protocol 28 is the next milestone highlighted in the report. With the date set, the near-term markers to watch include whether the upgrade goes live as scheduled and what technical specifics about Protocol 28 the Pi Core Team discloses, details that currently remain outside the report's scope.