The Pi Network community (Pioneers) have complained about the missing second migrations for years. Now, though, PI is dumping as the process begins.
The highly volatile token as of late has dropped once again in the past 24 hours, losing over 10% of value in a nosedive to a two-week low of under $0.18.
The asset has plunged by roughly 40% since the highly anticipated Pi Day on Saturday, even as the team behind the project announced new updates and promises.
Pi Dumps Again
After celebrating its first anniversary as a free-for-trading token in late February, PI rebounded from its all-time low of $0.1312 and started March on the right foot as the community was preparing for the aforementioned Pi Day (March 14) and enjoyed several updates. The asset went on the offensive in the days leading to March 14, especially since the veteran US crypto exchange Kraken announced it would list it for trading starting a day before the Pi Network celebration.
PI exploded by double digits on a few consecutive occasions, skyrocketing from under $0.175 to a five-month peak of almost $0.30. However, the Kraken listing turned out to be a classic sell-the-news event, as once PI went live for trading on the popular exchange, it nosedived immediately by 30% in just a day.
Coincidentally (or not), this massive price drop was on Pi Day. After trying to rebound yesterday to over $0.20, PI has been rejected once more, and now sits at $0.18 after a 11% daily decline. Its market cap has fallen to $1.750 billion, making it the 50th-largest cryptocurrency by that metric. Just a few days ago, PI had entered the top 40 on CoinGecko.
Second Migrations Begin
The Core Team made a big statement on March 14, highlighting the project’s progress in the past several years and laying out some of the goals ahead. One of those caught the Pioneers’ attention in particular, as they have been requesting it for years – the second migrations.
Essentially, this is the process of allowing users to bring additional PI tokens to Mainnet and “further participate in the ecosystem,” the team explained. While the gradual rollout for the second phase is on, the first migrations for eligible Pioneers will “continue as normal.”
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Users have to ensure that their Pi Wallet has enabled 2FA through the Mainnet Checklist Step 3 after adding a trusted email to their accounts. Second migrations will also include referral mining bonuses for Referral Team members who have successfully passed KYC.
Pi Network is excited to announce that second migrations have started and will continue with a gradual rollout, opening the door for Pioneers to bring additional Pi to Mainnet and further participate in the ecosystem! While second migrations roll out, first migrations for… pic.twitter.com/KyqCMqcoyi
— Pi Network (@PiCoreTeam) March 16, 2026
Despite the promising words, many users remained skeptical in the comments below the posts, questioning whether this is just more hype without actual implementation.
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