Pi Network’s native token (PI) saw a sharp correction following its highly anticipated listing on Kraken, plunging over 40% from its recent highs. The token rallied near $0.30 on March 13, ahead of Pi Day (March 14), and has now declined to $0.1740 with 3.5% decline in the last 24 hours.
Despite the Kraken listing, trading activity shows the move did not attract strong participation. According to Coingecko data, the PI/USD pair recorded just $198,000 in 24-hour volume, accounting for only 0.46% of total trading activity, while the PI/EUR pair contributed another $74,000 (0.17%).
These numbers indicate that the listing failed to bring in new liquidity or institutional interest. Typically, major exchange listings act as catalysts for increased capital inflows, but in this case, participation remained muted.
This suggests that the rally leading up to the listing was driven more by speculation than by real demand.
In addition, PI supply on centralized exchanges (CEXs) has continued to rise, reaching a new high. PI reserves on exchanges climbed to 454 million tokens in March, the highest level recorded so far.
An increase in exchange supply often signals that holders are preparing to sell. Combined with the hype surrounding the listing, this created the perfect setup for a “sell-the-news” event, where early investors exit positions once a widely anticipated catalyst materializes.
The timing further amplified the sell-off, as the price drop began immediately after the token went live on Kraken, with a 30% decline within a single day, followed by continued downside pressure.
PI surged sharply in the days leading up to the listing, climbing from below $0.175 to nearly $0.30, driven by optimism around increased accessibility and global exposure.
However, once the event occurred, buyers failed to sustain momentum. Instead, the listing provided liquidity for existing holders to exit, resulting in a rapid reversal.
The token has since dropped to a two-week low, with market capitalization falling to approximately $1.70 billion, pushing it down the rankings among cryptocurrencies.
The Core Team made a statement on March 14, highlighting the project’s progress in the past few years and laying out goals for the future.
The second migration is the process of allowing users to bring additional PI tokens to the mainnet and “further participate in the ecosystem,” the team said.
Users have to ensure that their Pi Wallet has enabled 2FA through the mainnet checklist step 3 after adding a trusted email to their accounts.
Second migrations will also include referral mining bonuses for Referral Team members who have successfully passed KYC.