PI, the controversial cryptocurrency from Pi Network, surged this week. The reason: a listing on Kraken, which added the token on March 13.
Pi Network’s PI Arrives on Kraken
The Kraken team confirmed the arrival of Pi Network (PI) yesterday. The news sent the price of PI soaring, with a 39% increase in just one day:
PI price surges following its addition by Kraken
The price of PI has seen a sharp rebound: it has risen 120% over the last 30 days. However, it is down 82% over the last 12 months. At this point, the cryptocurrency has a total market capitalization of $2.8 billion.
It should be noted, however, that shortly after its launch in February 2025, the PI cryptocurrency reached an all-time high of $2.78. This morning, it is worth only $0.29.
Pi Network, Between Enthusiasm and Controversy
Kraken’s press release highlighted the purported utility of Pi Network, in the face of widespread criticism of the project:
Pi Network is a mobile-first Layer-1 blockchain and a developer platform enabling crypto mining accessible via smartphone, with a utility-based ecosystem on a mainnet featuring identity verification.
The project has been particularly criticized for its very long development time—7 years before the tokens were released—as well as its sometimes-contested utility. The co-founders of Pi Network appear to have distanced themselves from the project. Furthermore, the lack of transparency regarding advertising revenue generated in recent years via the app has drawn criticism from early users.
This is why PI remains largely absent from major exchange platforms at this stage. Aside from Kraken recently, only OKX, Gate, and Bitget have listed PI. Other smaller platforms have listed PI, but its absence from industry giants like Binance or Coinbase is notable
