PI Token Surges 30% After Kraken Listing Announcement

Pi Network's native PI token emerged as one of Friday's top-performing crypto assets, climbing nearly 30% during Asian morning trading hours following Kraken's announcement that it would list the token on its platform, according to CoinGecko data. The rally positioned PI among the session's biggest gainers across the broader digital asset market.

Pi Network operates differently from conventional blockchain projects. Rather than relying on energy-intensive proof-of-work mining, the platform uses a mobile-first model where users earn tokens by tapping a daily button within its smartphone app. The network's consensus mechanism, derived from the Stellar protocol, is built on a trust graph system where participants form identity-verified security circles — a structure designed to validate transactions without specialized hardware.

After spending years in a closed, internal ecosystem, Pi Network officially opened its externally connected mainnet in February 2025. At launch, the project reported approximately 19 million KYC-verified users, with around 10 million accounts successfully migrated to the live chain — figures that reflect one of the larger user bases among newer blockchain networks. PI is currently tradeable on major exchanges including OKX, Gate, and Bitget, alongside several smaller platforms.

Despite its growing exchange presence, Pi Network continues to attract scrutiny. In early 2025, Bybit CEO Ben Zhou publicly declined to list the token, describing the project as a scam. Zhou pointed to a 2023 warning issued by Chinese law enforcement alleging that Pi Network had specifically targeted elderly individuals, harvested personal data, and contributed to financial losses involving retirement savings.

The Kraken listing represents a significant credibility boost for Pi Network, potentially exposing the token to a much wider pool of institutional and retail traders. Whether Friday's price momentum reflects lasting demand or short-term speculation remains a key question for investors watching the asset.