Pi Network’s PI token falls 10% despite the rollout of the second migrations.

crypthub

3/17/2026, 8:30:54 AM

Market Turbulence

The PI token fell more than 10% in the last 24 hours, sliding to a two‑week low under $0.18. Since the celebrated Pi Day on March 14, its price has dropped about 40% despite new project updates. The decline pushed its market cap to $1.75 billion, slipping from the top‑40 to the 50th spot on CoinGecko.

Kraken Listing Impact

A week before Pi Day, Kraken announced it would list PI, sparking a rapid double‑digit rally that pushed the price near $0.30. The listing triggered a classic sell‑the‑news reaction, and the token plunged roughly 30% within a day, coinciding with Pi Day itself. An attempted rebound to $0.20 failed, and the token resumed its downward trend.

Second Migration Rollout

On March 14 the core team unveiled “second migrations,” letting users transfer additional PI to Mainnet and earn referral mining bonuses after KYC. Participation requires enabling 2FA and adding a trusted email in the Pi Wallet. While the rollout proceeds gradually, many community members remain skeptical about the promised utility.