March is shaping up to be a decisive month for Pi Network as the project rolls out technical upgrades, community milestones, and renewed speculation about major exchange listings.
While the PI token has struggled since its debut on exchanges last year, several developments in the coming weeks could influence whether the network regains momentum or continues its sluggish performance.
Pi Day, Kraken Listing Roadmap, and the V.20 upgrade: Are they enough to help Pi Network recover in March?
The most immediate catalyst is a series of protocol upgrades currently underway on the Pi Mainnet. On March 5, the Pi Core Team confirmed that the blockchain is undergoing a multi-step upgrade process. In preparation for this process, node operators would have to complete the migration before a strict deadline.
“Protocol upgrades in progress (Step 3 – Deadline: March 12): The Pi Mainnet blockchain protocol continues to undergo a series of upgrades. All Mainnet Nodes are required to complete this step before the deadline to remain connected to the network,” the team wrote in a post on X.
The update follows the successful migration to protocol version v19.9 earlier this week. Developers have already shifted focus to the next stage of the roadmap.
For the Pi community or Pioneers, the timing of the upgrade is significant. The project’s annual celebration, Pi Day on March 14, has historically elicited strong market reactions.
For instance, on March 13, 2025, Pi Coin price jumped 21% in anticipation of Pi Day, the next day. Past trading patterns also suggest that Pi’s price often rises in the week leading up to Pi Day, then cools off afterward.
The anticipation surrounding this year’s event is already building. There is speculation that major ecosystem announcements could coincide with the milestone.
One widely discussed possibility is the launch of a decentralized exchange within the Pi ecosystem.
“Announcing PiDex’s launch on the mainnet on Pi Day would be the biggest bullish news,” one prominent Pi community account wrote on March 6. “The official rollout of smart contract functionality would mark a major milestone. The token economy of the PI ecosystem projects would finally go live, driving ecosystem prosperity.”
Another factor contributing to the optimism is Pi’s earlier appearance on Kraken’s listing roadmap. While the exchange has not confirmed a listing timeline, the topic has resurfaced within the Pi community following Kraken’s recent regulatory progress in the US.
Kraken Buzz Grows, but Rising Exchange Supply Threatens Pi’s Recovery Narrative
Indeed, excitement intensified after Kraken gained access to the U.S. Fed’s payment infrastructure. Users see this as a move widely viewed as strengthening the exchange’s position in TradFi.
Some Pioneers believe that improved regulatory standing could increase the likelihood of future token listings.
Despite the growing optimism, however, on-chain metrics suggest that selling pressure may still pose a challenge for Pi’s recovery.
Recent data shows that Pi balances held on exchanges have climbed to a new high of roughly 435.4 million tokens.
Rising exchange reserves typically indicate that more holders are preparing to sell. This can weigh on Pi coin price performance if demand fails to absorb the supply.
Earlier in the year, heavy token unlocks also fueled concerns about downward pressure on the market. Although those developments are now several weeks old, the broader supply dynamics remain a key factor shaping investor sentiment.
