diff --git a/CHANGELOG_PENDING.md b/CHANGELOG_PENDING.md
index 183b9d60b..98acd282c 100644
--- a/CHANGELOG_PENDING.md
+++ b/CHANGELOG_PENDING.md
@@ -19,6 +19,7 @@ Special thanks to external contributors on this release:
 ### FEATURES:
 
 ### IMPROVEMENTS:
+- [pex] \#3037 only log "Reached max attempts to dial" once
 
 ### BUG FIXES:
 - [p2p] \#2967 Fix file descriptor leaks
diff --git a/p2p/pex/pex_reactor.go b/p2p/pex/pex_reactor.go
index 057aadaa2..0b043ca83 100644
--- a/p2p/pex/pex_reactor.go
+++ b/p2p/pex/pex_reactor.go
@@ -471,7 +471,11 @@ func (r *PEXReactor) dialPeer(addr *p2p.NetAddress) {
 	attempts, lastDialed := r.dialAttemptsInfo(addr)
 
 	if attempts > maxAttemptsToDial {
-		r.Logger.Error("Reached max attempts to dial", "addr", addr, "attempts", attempts)
+		// Do not log the message if the addr gets readded.
+		if attempts+1 == maxAttemptsToDial {
+			r.Logger.Info("Reached max attempts to dial", "addr", addr, "attempts", attempts)
+			r.attemptsToDial.Store(addr.DialString(), _attemptsToDial{attempts + 1, time.Now()})
+		}
 		r.book.MarkBad(addr)
 		return
 	}