The cryptocurrency market witnessed a significant boost on Friday, driven by a 30% rise in Pi Network’s PI token. This surge occurred after Kraken, a major crypto exchange, announced it would list the token, prompting renewed interest among investors.
Pi Network, which operates as a mobile-first cryptocurrency platform, deviates from traditional mining methods by utilizing a phone-based trust graph. Users engage with a mobile app daily to ‘mine’ tokens and establish identity-verified security circles, which contribute to a consensus mechanism based on the Stellar protocol.
The project transitioned to its externally connected mainnet in February 2025, having spent years in a closed ecosystem. Pi Network claims to have approximately 19 million users who have completed Know Your Customer (KYC) verification, with around 10 million accounts migrated to the blockchain.
Despite its growing user base, the project has faced skepticism. In February 2025, Ben Zhou, CEO of Bybit, publicly declined to list Pi Network’s token, labeling the project a scam. His remarks were based on a 2023 warning from Chinese authorities, which alleged that Pi Network targeted elderly users, gathered personal information, and led some victims to lose their pension savings.
Currently, Pi Network’s token is available on several exchanges, including OKX, Gate, and Bitget, along with smaller trading platforms. The recent listing on Kraken could potentially enhance its visibility and trading volume.
In related market movements, XRP also experienced a notable increase, rising 3% as it broke through the $1.39 resistance level. This upward trend marked an end to a prolonged downtrend observed earlier in 2026. Trading volume for XRP surged by over 300%, indicating a revival of bullish sentiment among traders.
Despite facing approximately $3.9 million in outflows from U.S.-listed XRP ETFs, activity on the XRP Ledger saw a rise to around 2.7 million daily transactions, bolstered by projects focused on tokenizing real-world assets. Traders are now closely monitoring whether XRP can maintain the $1.39–$1.40 range as a new support level, which could lead to further gains toward $1.44 and $1.50.
Pi Network's token saw a significant increase after Kraken's announcement to list it, despite previous warnings about the project's legitimacy. Meanwhile, XRP also gained momentum, breaking key resistance levels amid rising trading activity.