- Kraken confirmed that it will list Pi Network on March 13.
- It is the first major exchange to list it after its mainnet launch.
- The listing comes a day before the much-awaited Pi Day event.
The Pi Network Coin price is in the spotlight after Kraken, a top global exchange, confirmed it will list the coin on March 13, a day before the much-awaited Pi Day event. This listing comes as the token has jumped by over 80% from its all-time low, beating top cryptocurrencies like Bitcoin and Ethereum in terms of performance. This article explains why this listing matters.
Kraken to List Pi Network Coin
The Pi Network price has risen since Kraken added it to its listing roadmap in February. Speculation about the potential listing rose after the company listed other tokens on that list.
The odds that the company would eventually list Pi Coin were 50-50. However, in a statement on Thursday, Kraken confirmed it would officially list it on March 13, a day before the closely watched Pi Day event.
This listing is important for three main reasons. First, Kraken is one of the biggest crypto exchanges in the world, with over $1 billion daily trading volume, and is also one of the hardest companies for tokens to get listed. It has millions of users in the United States and was recently valued at over $20 billion. As such, this listing may make it a more mainstream coin.
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Second, the listing will make Pi available to American investors and traders, something that was not possible by now. Pi is listed by companies like OKX, Gate, and BitGet, which have no major market share in the United States, a country known for its deep liquidity.
Third, this listing may push other crypto companies to list it later this year. Some of the most important ones would be Justin Sun’s HTX, Coinbase, Binance, and Upbit. Upbit is important as it would make it available to South Koreans, where Pi is highly popular.
Additionally, Kraken’s listing may lead to more liquidity and volume. While Pi’s daily volume has jumped, it remains significantly below the $100 million mark. More exchange listings may help to achieve that.
Implications for the Pi Network Price
The upcoming Pi Network listing comes as the price has surged by over 80% from its all-time low. It also comes amid the relentless whale accumulation, core network upgrades, and the upcoming Pi Day event.
Therefore, the most likely scenario is that the PI coin continues to rise in the near term. If this happens, the key target will be the January high at $0.30 and the psychological point at $0.50.
However, there is a risk of a short-term pullback in the coin. This is where an asset surges ahead of a major event, then resumes its downtrend after it occurs as early investors start to book profits.
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