PI Network’s PI Token Plunges 10% Even As Second Migration Comes Out

The Pi Network (Pioneers) community has been lamenting the lost second migration for years. Now, however, the PI abandons it as the process begins.

The most volatile token of late has fallen again in the past 24 hours, losing more than 10% of its value in a nosedive to a two-week low of less than $0.18.

The stock is down nearly 40% since the much-anticipated Pi Day on Saturday, as the team behind the project announced updates and new promises.

Pi Dumps Again

After celebrating its first day as a free trading token in late February, PI rebounded from its bottom of $0.1312 and started March on the right foot as the community prepared for the aforementioned Pi Day (March 14) and enjoyed several updates. The stock continued to rage in the days leading up to March 14, especially since the veteran US crypto exchange Kraken announced that it would list it for trading starting the day before the Pi Network celebration.

PI has exploded in double digits several times in a row, rising from a low of $0.175 to a five-month high of nearly $0.30. However, the Kraken listing turned out to be a classic news event, as PI once went live for trading on the popular exchange, quickly dropped 30% in just one day.

Coincidentally (or not), this huge price drop was on Pi Day. After trying to rally above $0.20 yesterday, the PI was rejected again, and now sits at $0.18 after an 11% daily decline. Its market cap dropped to $1.750 billion, making it the 50th largest cryptocurrency by that metric. A few days ago, PI was in the top 40 on CoinGecko.

The Second Migration Begins

The Core Team made a big statement on March 14, highlighting the project’s progress over the past few years and laying out some of the goals ahead. One of those that caught the attention of the Pioneers in particular, as it has been asking for years – the second migration.

Essentially, this is a process to allow users to bring more PI tokens to the Mainnet and “participate more in the ecosystem,” the team explained. While the gradual rollout of the second phase continues, the first migration of eligible Pioneers will “continue as usual.”

You may also like:

Users should ensure that their Pi Wallet has enabled 2FA via the Mainnet Step 3 checklist after adding a trusted email to their accounts. The second migration will also include mining referral bonuses for Transfer Group members who successfully pass KYC.

The Pi Network is pleased to announce that the second migration has begun and will continue to be rolled out gradually, opening the door for Pioneers to bring more Pi to the Mainnet and participate more in the ecosystem! While the second migration is underway, the first migration of… pic.twitter.com/KyqCMqcoyi

— Pi Network (@PiCoreTeam) March 16, 2026

Despite the promising words, many users remain skeptical in the comments below the post, asking if this is just hype without real implementation.