The Pi Network token has fallen by over 11% in the past 24 hours, dropping to $0.166, despite recent protocol updates and high-profile appearances by its co-founders at the 2026 Consensus conference in Miami. This decline follows a pattern of sell-the-news events, where the token's price surges ahead of significant announcements or events, only to plummet afterward. The latest protocol update, version 22, was announced at the start of May, with version 23 expected by May 15. Despite these developments and the completion of over 520 million tasks by users, the token has not sustained a positive price impact. This mirrors a previous event in March, where the token's price surged ahead of PiDay and a major listing on Kraken, only to fall back to its original value, erasing approximately $1 billion from its market cap.