PI, the native crypto asset of the Pi Network, rose over 30% to $0.29 as market participants anticipated its trading debut on Kraken, one of the largest US crypto exchanges.
The rally lifted PI’s market capitalization to $2.7 billion, pushing it ahead of established altcoins such as Uniswap’s UNI, Bittensor’s TAO, and Polkadot’s DOT, according to CoinMarketCap data.
The token moved up from around $0.22 on Thursday after Kraken first revealed the listing and extended its gains once the launch time was confirmed.
Volume spiked as PI’s price climbed, rising over 130% in the past 24 hours to $144 million. The token is now among the top five gainers of the day with TRUMP, RIVE, NIGHT, and FET.
Kraken confirmed that trading would commence on March 13 at 15:00 UTC, with deposits already enabled and the platform currently operating in post-only mode.
Launched in 2019 by Stanford graduates, Dr. Nicolas Kokkalis and Dr. Chengdiao Fan, Pi Network enables users to mine crypto on mobile devices and personal computers using a user-friendly, energy-efficient consensus model based on the Stellar Consensus Protocol.
The platform introduces four key user roles, including Pioneers, Contributors, Ambassadors, and Nodes, allowing participants to collectively validate transactions and earn Pi tokens daily.
According to the project’s whitepaper, the Pi Network aims to create a fair and accessible crypto ecosystem. Its tokenomics are designed to reward early contributors while maintaining wide distribution through mining, referrals, and developer incentives.
The network prioritizes decentralization, trust, and meritocratic distribution of rewards while keeping transaction fees optional and fair. Pi wants to scale beyond existing blockchain networks while maintaining fast transaction finality and security.
Commenting on the Kraken listing, Kokkalis expressed appreciation for the strong support and excitement surrounding the project.
He said he would continue sharing updates, research, and market analysis through his timeline to keep followers updated on progress within the Pi ecosystem and crypto developments.
Source: https://cryptobriefing.com/pi-token-kraken-listing-impact/
