Pi Token Surges 7% Amid Rumors of Upcoming Protocol Upgrade

After plummeting nearly 50% in just three days, the Pi Network (PI) token staged a remarkable rebound, surging over 7% to reclaim $0.19 on March 20.

The price whiplash began when PI opened below $0.175 on March 13, but then climbed to a five-month high near $0.30 following Kraken's announcement that it would list the token. However, once trading went live on the exchange, a 'sell-the-news' event triggered a sharp decline.

Despite this setback, PI has bounced back with renewed attention turning to the project's upcoming v21 protocol upgrade. The Pi Network Core Team has been rolling out protocol upgrades at a steady clip, laying the groundwork for smart contract support and gradually introducing utility-based applications.