PI was violently rejected at $0.30 and it is the lowest performer today.
Although the general public is preparing today for the so-called Pi Day celebration, the main symbol of the ecosystem has experienced one of the most painful adjustments, it has been directed south by 30% in less than 24%.
The crash occurred even after reports of a critical upgrade that was due on March 12th being successfully completed.
v20.2 Update complete?
The team behind the controversial project announced their first protocol migration of the year to v19.6 on February 21st. The next one, v19.9, was successfully pushed on March 4th, and they explained that v20.2 will be implemented by March 14th. However, they tightened the deadline to March 12 a few days later.
Although the second deadline passed on Thursday, there has been no official update on its status from the team. However, multiple reports from accounts designated to cover Pi news have confirmed that it was successfully delivered. v20.2 is not a regular technical update; it’s a mandatory protocol fix designed to strengthen the network and ensure it can support growing demand and usage.
The team promised that after its completion, the security, scalability and reliability of the blockchain infrastructure should be improved.
PI Plummets
The original token of the project has become the most significant acquisition in the last few days. Just yesterday it jumped 30% to its highest price since late November at around $0.30. Most of these achievements are probably due to the following practical updates and promises. However, there was another big reason behind PI’s wild run – the official listing on the veteran US exchange Kraken.
Similar listings usually increase the underlying token as it helps to legitimize it and increase liquidity. However, this significant increase in the price of PI came to an end, as the asset erased almost all recent gains and fell to $0.21. In fact, it has even turned red on a weekly basis, down more than 11%.
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Today’s crash seems to be a classic “sell on the news” moment, where the underlying asset gets hit and misses after the update/listing becomes official.
The schedule for upcoming token openings over the next few days is very high, with 17 million and 16 million coins to be released on March 17 and 20, respectively, which could increase immediate selling pressure. However, the next three weeks are expected to be quieter, with the average number of tokens opened per day dropping to 4.5 million.
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