Pi Network crypto up 50% after prolonged slump

Data from cryptocurrency exchange Bitget shows the price of Pi has risen sharply since March 12, climbing from $0.2 to $0.3 by March 14.

It represents a 130% rise from its January low of $0.13, though analysts say the token is unlikely to return to last year’s peak of $3 any time soon. The rally is among the strongest since the Pi Network project opened its mainnet, allowing users to transfer Pi to exchanges for trading, in February 2025, prompting renewed optimism in its community.

Hoang Anh, an administrator of a Facebook group dedicated to Pi Network with more than 200,000 members, said discussions in the group surged by 300% from the previous week. He said the price increase followed an announcement by crypto exchange Kraken that it would list Pi Network.

"The project has also released some positive updates, such as a new protocol upgrade for Pi Node and the introduction of AI-assisted features."

Van Thanh, a member of Anh’s Pi Network group, said: "Pi’s price has not risen much but remains a positive signal that the team behind the project continues to work on development."

Pi Network's token price displayed on the crypto exchange Bitget trading app. Photo by VnExpress/Vinh Khang

But some users remain cautious about the rally.

"Pi rose because of the Kraken listing, but this is still a relatively small exchange, and so the momentum may not last long," user Minh Vu wrote in the group. "People should avoid the fear of missing out and wait for clearer signs of progress from the Pi Core Team."

Ignacio Aguirre Franco, marketing director at Bitget, said the sharp price movement shows Pi Network continues to attract strong attention from its community, which has more than 60 million registered accounts and over 10 million users who have completed identity verification. But its ecosystem remains incomplete, and liquidity and trading mechanisms have not yet been fully established on a global scale, he said.

The history of the cryptocurrency market shows many projects have experienced rapid price increases driven by community enthusiasm only to face strong volatility when expectations are not met, he said. "Even though the current rally may create optimism, users should continue to monitor factors such as network development progress, market adoption and policy changes before making financial decisions."

The price surge comes as Pi Network marks its seventh anniversary. The project celebrates March 14, known as Pi Day, as a milestone and often announces major updates around the date. Despite launching its mainnet, the project still lacks key blockchain features, including smart contract functionality and open-source transparency.

To date the development team has only introduced limited updates, including a domain name auction feature, the PiFest shopping campaign and a few small-scale applications. Experts had warned Pi’s price could decline as the project continues to unlock large numbers of tokens each day, increasing supply. It has a total supply of 100 billion tokens, with about 9.7 billion currently in circulation, up sharply from more than 8.3 billion in January and 8.82 billion in February.

It has drawn scathing criticism from several prominent figures in the crypto space. Bybit CEO Ben Zhou called Pi "more dangerous than meme coins" and said his exchange would not list it. Justin Bons, founder of Cyber Capital and a well-known crypto analyst, has labeled Pi Network a "scam" and warned users to avoid it.

In late 2025 seven financial associations in China issued warnings about cryptocurrency risks, citing Pi as an example of a "valueless virtual asset."