Kraken has confirmed that PI trading will begin on March 13. The exchange posted the date on X, putting fresh attention on Pi Network after years of mobile mining, a long-delayed open market debut, and a drawdown of 93% from its all-time high.
The market reacted quickly. According to the source material, PI gained nearly 2% within minutes of the announcement, and the token had already rallied 33% over the previous week as listing speculation intensified. That rebound came alongside protocol milestones, including the completion of v19.9 on March 8 and the scheduled Pi DEX launch on March 12 via v20.2.
From Open Network launch to a steep reversal
Pi Network spent six years in what it called an enclosed mainnet, where tokens could be mined but not freely traded. The Open Network went live on February 20, 2025. At that point, the project said it had more than 60 million app users and 19 million KYC-verified Pioneers.
On the same day, PI debuted on OKX at $1.47, reached $2.10 intraday, and closed around $1.01. The Pi Core Team had set a floor price of $2.00, which briefly acted as a psychological anchor before selling pressure broke through it. In late February 2025, as Bitget and other exchanges added the token, PI climbed to an all-time high of $2.99. On a fully diluted basis, the network was briefly valued at more than $25 billion.
That phase did not last. The source says heavy unlocks followed in mid to late 2025, with more than 203 million PI unlocked in a single month. Combined with limited real-world utility and the absence of listings on Binance or Coinbase, the token fell steadily and ended 2025 down more than 90% from its peak.
What the OKX debut suggests ahead of Kraken
The closest comparison for the upcoming Kraken launch is PI’s first major listing on OKX. The source describes a familiar pattern: a strong opening move, then a sharp reversal. On listing day, PI rose roughly 10% above its $2 reference price in the first few hours of trading. Within 24 hours, it had dropped 21% as early miners rushed to sell.
That selling pressure mattered because many long-term holders had accumulated tokens for years at a near-zero cost basis. Once a liquid market opened, distribution came fast. The episode remains the clearest example of how exchange access can trigger both demand and immediate supply at the same time.
Why this listing is being watched more closely
The source frames Kraken differently from earlier venues for two reasons. First, it is described as the first regulated US venue for PI spot trading, which gives US-based participants a compliant way to access the token. Second, traders are treating the listing as a signal event. If PI posts solid volume on Kraken without an instant breakdown, some in the market believe that could shape how other major exchanges assess the asset.
The article also cites crypto analyst Dr. Altcoin, who said publicly that PI could reach $0.50 to $0.75 by Pi Day on March 14, driven by the completion of v20.2 and the Kraken listing. Based on the source, that would imply a roughly 2x to 3x move from recent levels in under 48 hours. It is an analyst view, not a confirmed outcome.
At the time described in the source, PI had recovered toward $0.23 and moved above its 50-day simple moving average for the first time in months. The next test is not only whether the listing can extend momentum, but whether new liquidity can absorb selling from early holders who may finally have another large exit window.