What Triggered PI Token's 7% Rebound?

Pi Network (PI) token surged more than 7% to trade above $0.19 on Mar. 20 after a bruising correction that wiped nearly half its value in three days, with attention now turning to the project's upcoming v21 protocol upgrade.

Price Whiplash

PI opened March below $0.175 before climbing above $0.23 by Mar. 9, buoyed by a series of protocol updates.

Kraken then announced it would list the token on Mar. 13, sending PI to a five-month high near $0.30. The rally didn't last. Once trading went live on the exchange, a sell-the-news event triggered a multi-day slide that dragged the price back to $0.175 earlier this week — a roughly 50% decline in 72 hours.

The token bounced to $0.18 on Mar. 19 and extended gains past $0.19 the following day.

Data from shows the average daily token unlock over the next month sits below 5.5 million, though a 16-million-coin release is scheduled for Mar. 20.

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Pi Protocol Upgrades

The Pi Network Core Team has been rolling out protocol upgrades at a steady clip. Version 19.6 arrived on Feb. 20, followed by v19.9 on Mar. 4, and the closely watched v20.2 was completed before Mar. 14 — a date the community calls Pi Day.