diff --git a/libp2p/identity/identify_push/identify_push.py b/libp2p/identity/identify_push/identify_push.py
index c649c368..914264ed 100644
--- a/libp2p/identity/identify_push/identify_push.py
+++ b/libp2p/identity/identify_push/identify_push.py
@@ -40,6 +40,7 @@ logger = logging.getLogger(__name__)
 ID_PUSH = TProtocol("/ipfs/id/push/1.0.0")
 PROTOCOL_VERSION = "ipfs/0.1.0"
 AGENT_VERSION = get_agent_version()
+CONCURRENCY_LIMIT = 10
 
 
 def identify_push_handler_for(host: IHost) -> StreamHandlerFn:
@@ -132,7 +133,10 @@ async def _update_peerstore_from_identify(
 
 
 async def push_identify_to_peer(
-    host: IHost, peer_id: ID, observed_multiaddr: Multiaddr | None = None
+    host: IHost,
+    peer_id: ID,
+    observed_multiaddr: Multiaddr | None = None,
+    limit: trio.Semaphore = trio.Semaphore(CONCURRENCY_LIMIT),
 ) -> bool:
     """
     Push an identify message to a specific peer.
@@ -146,25 +150,26 @@ async def push_identify_to_peer(
         True if the push was successful, False otherwise.
 
     """
-    try:
-        # Create a new stream to the peer using the identify/push protocol
-        stream = await host.new_stream(peer_id, [ID_PUSH])
+    async with limit:
+        try:
+            # Create a new stream to the peer using the identify/push protocol
+            stream = await host.new_stream(peer_id, [ID_PUSH])
 
-        # Create the identify message
-        identify_msg = _mk_identify_protobuf(host, observed_multiaddr)
-        response = identify_msg.SerializeToString()
+            # Create the identify message
+            identify_msg = _mk_identify_protobuf(host, observed_multiaddr)
+            response = identify_msg.SerializeToString()
 
-        # Send the identify message
-        await stream.write(response)
+            # Send the identify message
+            await stream.write(response)
 
-        # Close the stream
-        await stream.close()
+            # Close the stream
+            await stream.close()
 
-        logger.debug("Successfully pushed identify to peer %s", peer_id)
-        return True
-    except Exception as e:
-        logger.error("Error pushing identify to peer %s: %s", peer_id, e)
-        return False
+            logger.debug("Successfully pushed identify to peer %s", peer_id)
+            return True
+        except Exception as e:
+            logger.error("Error pushing identify to peer %s: %s", peer_id, e)
+            return False
 
 
 async def push_identify_to_peers(
@@ -179,13 +184,10 @@ async def push_identify_to_peers(
     """
     if peer_ids is None:
         # Get all connected peers
-        peer_ids = set(host.get_peerstore().peer_ids())
+        peer_ids = set(host.get_connected_peers())
 
     # Push to each peer in parallel using a trio.Nursery
-    # TODO: Consider using a bounded nursery to limit concurrency
-    # and avoid overwhelming the network. This can be done by using
-    # trio.open_nursery(max_concurrent=10) or similar.
-    # For now, we will use an unbounded nursery for simplicity.
+    # limiting concurrent connections to 10
     async with trio.open_nursery() as nursery:
         for peer_id in peer_ids:
             nursery.start_soon(push_identify_to_peer, host, peer_id, observed_multiaddr)
diff --git a/newsfragments/621.feature.rst b/newsfragments/621.feature.rst
new file mode 100644
index 00000000..7ed27fac
--- /dev/null
+++ b/newsfragments/621.feature.rst
@@ -0,0 +1 @@
+Limit concurrency in `push_identify_to_peers` to prevent resource congestion under high peer counts.
diff --git a/pyproject.toml b/pyproject.toml
index cf000156..604949fb 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -1,4 +1,3 @@
-
 [build-system]
 requires = ["setuptools>=42", "wheel"]
 build-backend = "setuptools.build_meta"
@@ -23,7 +22,7 @@ dependencies = [
     "multiaddr>=0.0.9",
     "mypy-protobuf>=3.0.0",
     "noiseprotocol>=0.3.0",
-    "protobuf>=3.20.1,<4.0.0",
+    "protobuf>=4.21.0,<5.0.0",
     "pycryptodome>=3.9.2",
     "pymultihash>=0.8.2",
     "pynacl>=1.3.0",
diff --git a/tests/core/identity/identify_push/test_identify_push.py b/tests/core/identity/identify_push/test_identify_push.py
index 1b875e6f..b0ffb677 100644
--- a/tests/core/identity/identify_push/test_identify_push.py
+++ b/tests/core/identity/identify_push/test_identify_push.py
@@ -1,4 +1,7 @@
 import logging
+from unittest.mock import (
+    patch,
+)
 
 import pytest
 import multiaddr
@@ -17,6 +20,7 @@ from libp2p.identity.identify.pb.identify_pb2 import (
     Identify,
 )
 from libp2p.identity.identify_push.identify_push import (
+    CONCURRENCY_LIMIT,
     ID_PUSH,
     _update_peerstore_from_identify,
     identify_push_handler_for,
@@ -29,6 +33,9 @@ from libp2p.peer.peerinfo import (
 from tests.utils.factories import (
     host_pair_factory,
 )
+from tests.utils.utils import (
+    create_mock_connections,
+)
 
 logger = logging.getLogger("libp2p.identity.identify-push-test")
 
@@ -175,6 +182,7 @@ async def test_identify_push_to_peers(security_protocol):
         host_c = new_host(key_pair=key_pair_c)
 
         # Set up the identify/push handlers
+        host_a.set_stream_handler(ID_PUSH, identify_push_handler_for(host_a))
         host_b.set_stream_handler(ID_PUSH, identify_push_handler_for(host_b))
         host_c.set_stream_handler(ID_PUSH, identify_push_handler_for(host_c))
 
@@ -204,6 +212,20 @@ async def test_identify_push_to_peers(security_protocol):
             # Check that the peer is in the peerstore
             assert peer_id_a in peerstore_c.peer_ids()
 
+            # Test for push_identify to only connected peers and not all peers
+            # Disconnect a from c.
+            await host_c.disconnect(host_a.get_id())
+
+            await push_identify_to_peers(host_c)
+
+            # Wait a bit for the push to complete
+            await trio.sleep(0.1)
+
+            # Check that host_a's peerstore has not been updated with host_c's info
+            assert host_c.get_id() not in host_a.get_peerstore().peer_ids()
+            # Check that host_b's peerstore has been updated with host_c's info
+            assert host_c.get_id() in host_b.get_peerstore().peer_ids()
+
 
 @pytest.mark.trio
 async def test_push_identify_to_peers_with_explicit_params(security_protocol):
@@ -412,3 +434,72 @@ async def test_partial_update_peerstore_from_identify(security_protocol):
         host_a_public_key = host_a.get_public_key().serialize()
         peerstore_public_key = peerstore.pubkey(peer_id).serialize()
         assert host_a_public_key == peerstore_public_key
+
+
+@pytest.mark.trio
+async def test_push_identify_to_peers_respects_concurrency_limit():
+    """
+    Test bounded concurrency for the identify/push protocol to prevent
+    network congestion.
+
+    This test verifies:
+    1. The number of concurrent tasks executing the identify push is always
+       less than or equal to CONCURRENCY_LIMIT.
+    2. An error is raised if concurrency exceeds the defined limit.
+
+    It mocks `push_identify_to_peer` to simulate delay using sleep,
+    allowing the test to measure and assert actual concurrency behavior.
+    """
+    state = {
+        "concurrency_counter": 0,
+        "max_observed": 0,
+    }
+    lock = trio.Lock()
+
+    async def mock_push_identify_to_peer(
+        host, peer_id, observed_multiaddr=None, limit=trio.Semaphore(CONCURRENCY_LIMIT)
+    ) -> bool:
+        """
+        Mock function to test concurrency by simulating an identify message.
+
+        This function patches push_identify_to_peer for testing purpose
+
+        Returns
+        -------
+        bool
+            True if the push was successful, False otherwise.
+
+        """
+        async with limit:
+            async with lock:
+                state["concurrency_counter"] += 1
+                if state["concurrency_counter"] > CONCURRENCY_LIMIT:
+                    raise RuntimeError(
+                        f"Concurrency limit exceeded: {state['concurrency_counter']}"
+                    )
+                state["max_observed"] = max(
+                    state["max_observed"], state["concurrency_counter"]
+                )
+
+            logger.debug("Successfully pushed identify to peer %s", peer_id)
+            await trio.sleep(0.05)
+
+            async with lock:
+                state["concurrency_counter"] -= 1
+
+            return True
+
+    # Create a mock host.
+    key_pair_host = create_new_key_pair()
+    host = new_host(key_pair=key_pair_host)
+
+    # Create a mock network and add mock connections to the host
+    host.get_network().connections = create_mock_connections()
+    with patch(
+        "libp2p.identity.identify_push.identify_push.push_identify_to_peer",
+        new=mock_push_identify_to_peer,
+    ):
+        await push_identify_to_peers(host)
+    assert state["max_observed"] <= CONCURRENCY_LIMIT, (
+        f"Max concurrency observed: {state['max_observed']}"
+    )
diff --git a/tests/utils/utils.py b/tests/utils/utils.py
new file mode 100644
index 00000000..6e23ecdd
--- /dev/null
+++ b/tests/utils/utils.py
@@ -0,0 +1,14 @@
+from unittest.mock import (
+    MagicMock,
+)
+
+
+def create_mock_connections() -> dict:
+    connections = {}
+
+    for i in range(1, 31):
+        peer_id = f"peer-{i}"
+        mock_conn = MagicMock(name=f"INetConn-{i}")
+        connections[peer_id] = mock_conn
+
+    return connections