Pi Network (PI) Faces 30% Drop in a Typical ‘Sell-The-News’ Reaction After Kraken Listing
Pi Network's token experiences a significant 30% decrease shortly after its listing on Kraken, despite previous gains and community anticipations.
Although the PI community is gearing up for the upcoming Pi Day celebration, the network’s token has witnessed a drastic correction, dropping 30% in under 24 hours.
This decline occurred despite updates from the Core Team confirming a vital upgrade by the March 12 deadline.
v20.2 Update Status
The controversial project team announced its first yearly protocol migration to version 19.6 on February 21, with the next upgrade, 19.9 completed by March 4. The v20.2 update was supposed to be finalized by March 14 but was moved up to March 12. Despite this update deadline passing, no official confirmation from the team has been released yet. Nonetheless, various sources have reported its successful migration.
This critical update is not merely routine; it’s a mandatory adjustment aimed at enhancing network strength and accommodating growing demand and usage. Improved security, scalability, and reliability are expected post-completion.
PI Value Drop
The PI token had recently seen its most significant price increase. Just yesterday, it surged by 30%, reaching its highest price since late November near $0.30. Triggered by this rise were the new updates and the promise of the subsequent one. Additionally, the official listing on the prominent U.S. exchange Kraken contributed to the price bump, as such listings usually bolster token legitimacy and liquidity.
However, following this peak, PI has now reverted significantly, currently priced at $0.21—a more than 11% weekly decline.
Today’s incident symbolizes a classic ‘sell-the-news’ scenario, where asset prices soar amid excitement but fall dramatically once a listing or update has been confirmed.
Pi Network (PI) Price on Mar 14. Source: CoinGecko
In the coming days, a high volume of coins—17 million on March 17 and 16 million on March 20—will be unlocked, potentially increasing immediate selling pressure. However, the next three weeks are projected to be more stable with fewer than 4.5 million tokens unlocked on average per day.
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