Pi Coin Reverses 28% as 'Sell-the-News' Hits Post-Upgrade

Edgen Crypto

·Mar 16 2026, 18:28

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Key Takeaways

Pi Coin (PI) experienced a sharp reversal, erasing a significant portion of its recent rally. After a period of strong gains driven by network upgrades and listing news, the token saw a significant price drop as traders took profits following the official announcements, highlighting a classic 'sell-the-news' scenario.

Sharp Price Correction: The Pi Coin token plummeted 28% on March 16, settling at a price of $0.2101 after reaching a high of nearly $0.30.
'Sell-the-News' Event: The decline is attributed to a classic profit-taking event, as trading volume rose 24%, following the completion of the network's v20.2 protocol upgrade.
Preceding Rally: The correction came after a powerful rally where the token had gained nearly 86% between February 28 and March 13, fueled by upgrade anticipation and news of a future Kraken listing.

Pi Coin Reverses Rally with 28% Plunge to $0.2101

Pi Coin's recent upward momentum came to an abrupt halt on March 16, as its price fell 28% to $0.2101. The sharp downturn erased a significant portion of gains from the preceding two weeks. This price drop was accompanied by a 24% increase in 24-hour trading volume, signaling a surge in selling activity as traders liquidated their positions. The decline occurred despite the Pi Network completing its much-anticipated v20.2 protocol upgrade, a milestone that failed to sustain positive price action.

Profit-Taking Follows 86% Gain and Kraken Listing Buzz

The price collapse appears to be a textbook 'sell-the-news' event. The token had experienced a speculative run-up, climbing nearly 86% between February 28 and March 13 to a peak of approximately $0.30. This rally was fueled by a series of catalysts, including a sequence of protocol upgrades and widespread market excitement following confirmation that the token would eventually be listed on the U.S.-based exchange Kraken. Investors who bought in anticipation of these events appear to have sold their holdings to lock in profits once the news became public, driving the price down sharply.