The native token of the Pi Network ecosystem, PI, is experiencing a significant recovery, gaining over 7% daily to trade above $0.19. This rebound follows a sharp 50% correction after its Kraken listing on March 13, a classic ‘buy-the-rumor, sell-the-news’ event. The surge coincides with a major protocol upgrade and upcoming token unlocks, as the Core Team prepares for the next version update.
The PI token has rebounded strongly, gaining over 7% in value daily to trade above $0.19. This uptick follows a multi-day correction that saw its price drop by nearly 50% from a five-month peak of almost $0.30.
The token’s initial surge to that peak was driven by hype around its listing on the veteran US exchange, Kraken. Following the March 13 listing, however, PI plummeted in a classic ‘buy-the-rumor, sell-the-news’ event.
Price volatility this month coincided with key protocol upgrades by the Pi Network Core Team. The highly anticipated v20.2 update, completed before March 14, laid the foundation for enabling smart contract capabilities.
The team has now indicated preparations for the next protocol update, v21. “Node operators, please ensure your systems are up to date and stay tuned for instructions regarding the upcoming v21 upgrade,” the Core Team stated.
Current data from PiScan shows an average of below 5.5 million tokens are scheduled to be unlocked monthly. A significant release of 16 million coins is set for March 20, with fewer unlocks expected for the rest of the month.
