Pi Network is back in focus after its team released a fresh update on Know Your Customer checks. The project said more than 18.1 million users have passed native KYC, while over 16.7 million Pioneers have migrated to Mainnet. The numbers gave the network a new growth marker, but the timing also exposed a harder reality: PI token price action remains weak, and traders are still looking for proof that user verification progress can translate into sustained market demand.
More than 18.1 million cleared KYC, but some migrations are still stuck
Pi Network has long tied KYC to its “one person, one account” model. The system is meant to screen out bots, fake users, and duplicate accounts before balances move onto Mainnet. That remains central to the project’s case for being a large blockchain community built around identity-verified participation. Even with the latest figures, though, not every user has made it through the pipeline.
The latest statement also tried to address accounts caught in Tentative KYC. According to the team, that status does not mean rejection; it means extra review is still needed before approval can be granted. The explanation may ease some concerns, but it does not remove the frustration reported by users who say they have spent months waiting in that category. For them, the bottleneck is still there.
AI-assisted verification is expanding beyond basic checks
Pi Network has also been building AI-assisted verification tools. In a January update, the project said millions of Pioneers had been unblocked for Mainnet migration, and palm print checks were being tested as a possible added security layer. The team said these tools could be used for liveness checks, account recovery, password resets, and related safety procedures.
That points to a broader effort to make verification more automated and more granular. Still, the market is watching two simpler questions. Can more users complete migration without long delays, and can the network turn verified accounts into real utility on-chain?
PI trades near $0.172 as rebound remains limited
Price data has yet to confirm a stronger turnaround. According to crypto.news, PI was trading near $0.172, with a market capitalization of about $1.79 billion and 24-hour volume near $13.82 million. The token ranked No. 50 by market cap, but it was still down 4.03% over the last seven days. That leaves the recent bounce looking narrow rather than trend-changing.
The gap from prior highs is still wide. PI remains far below its all-time high of $2.99 recorded in February 2025, though it is still above its February 2026 low of $0.131244. For traders, that keeps attention on whether the token can hold its current range instead of slipping back toward earlier lows.
Token unlocks and real usage are still the main pressure points
Supply remains a major concern. In a May 11 analysis, crypto.news said more than 174 million previously locked PI tokens were expected to enter circulation before the end of that month. The same analysis said PI could revisit the $0.15 area if weakness persisted. That overhang helps explain why the KYC update did not trigger a stronger repricing.
There have also been development-side updates. Crypto.news reported in April that Pi Network completed a mainnet v21 upgrade and launched a testnet RPC server so developers could test applications before deploying to mainnet. Those changes may support future network use, but for now the market is still treating KYC progress and infrastructure work as incomplete catalysts rather than enough on their own.