The PI token, associated with the Pi Network mobile crypto mining platform, surged over 30% on Friday. This significant price increase followed an announcement that the cryptocurrency exchange Kraken will list the asset.
Pi Network operates on a mobile-first model, utilizing a trust graph system that allows users to mine tokens daily via a mobile app. The project launched its externally connected mainnet in February 2025, reporting approximately 19 million KYC-verified users. The token is currently available on several exchanges, including OKX, Gate, and Bitget.
Earlier in February 2025, Bybit CEO Ben Zhou had publicly labeled Pi Network a scam, citing a warning from Chinese police regarding the project's alleged targeting of elderly users and data collection practices. Despite this past controversy, the PI token's recent performance indicates renewed market interest.
Trading volume for the PI token saw an increase of over 300% during this period, as traders assess its ability to sustain this upward momentum.