The community expected that Pi Network (PI) listing on Kraken would improve liquidity, attract new investors, and drive significant price appreciation. However, the actual results completely contradicted those optimistic predictions.
Several key data points help explain the decline seen this week.
Kraken trading volume remains negligible
According to market data, after Kraken officially announced its PI listing on March 13, 2026, the token price began to decline sharply. From a peak of around $0.30, PI has fallen more than 40% in just a few days and is currently trading around $0.174 on multiple exchanges.
Pi price performance after Kraken listing. Source: TradingView
This performance went against the expectations of many analysts who believed that access to the US market through regulated exchanges like Kraken would bring in new capital inflows and improve liquidity.
Investor Jackie Nekton said, “Kraken’s listing will be more than just an exchange. It will signal Pi Network’s step onto the global stage. From mobile phones to physical markets, that journey is just beginning.”
In fact, during the first few days of trading, Kraken’s PI trading volume was only a fraction of the overall market. According to market data from CoinGecko, Kraken’s PI/USD pair recorded a 24-hour trading volume of approximately $198,135, which is only 0.46% of the total trading volume. On the other hand, the volume of the PI/EUR pair was only $74,330, accounting for 0.17%.
Pi network market. Source: CoinGecko.
Although it may be too early to draw firm conclusions, these numbers suggest that the Kraken listing has yet to attract a large wave of new investors.
Furthermore, the supply of PI on centralized exchanges (CEX) continues to increase and reaches new highs. According to exchange reserve data, PI holdings increased to 454 million tokens in March 2026, marking the highest level in recent history.
CEX’s Pi Reserve. Source: Pisan
This increase reflects increased selling pressure from long-term holders, especially following regular token unlocks and the hype surrounding Pi Day. When exchange supply is plentiful, new listings become more of an exit opportunity than a bullish catalyst, potentially leading to a classic “selling the news” scenario.
Protocol 20 upgrade lays the foundation for smart contracts
However, it’s not all negative. A recent update based on Protocol 20 completed the upgrade of all mainnet nodes to version 20.2, providing the foundation for enabling smart contract functionality.
All major Pi nodes have been upgraded to version 20.2 and support protocol 20. Pi has also completed an upgrade to protocol 20 of its mainnet blockchain.
Protocol 20 provides smart contract functionality and the foundation that enables the deployment of smart contracts… pic.twitter.com/fxxqgABmdI
— Pi Network (@PiCoreTeam) March 18, 2026
Deployment of smart contracts will occur in stages, focusing on real-world applications and utilities. This development could spark new expectations as the Pi ecosystem becomes more tangible, including the possibility of internal DEX and utility-driven products.
If these real-world applications are successful in attracting users, PI’s liquidity and long-term value may increase more sustainably in the near future.
The post PI falls 40% after Kraken goes public — what went wrong? appeared first on BeInCrypto.
