- Pi Network (Pi) makes a quick recovery from $0.77 to breach a crucial resistance level as it advances toward the $2 zone.
- Analysts have linked this incredible surge to the sentiment around a potential Binance spot listing.
Pi Network (Pi) has staged a sharp rebound to $1.4 after falling by more than 50% on its launch day to peg at $0.77, as mentioned in our previous news brief. According to our market data, the current price represents a 5.6% decline from its daily high of $1.69.
Additionally, this has extended its weekly loss to 11% while the market cap “sits” at $9.4 billion. Further analyzing its price action, we found that Pi’s 24-hour trading volume has also declined by 38%, with $1.07 billion changing hands at press time.
Major market indicators support this rally, as the Relative Strength Index (RSI) shows strong market momentum. According to analysts, a stronghold above the $1.3 support level could see the asset reclaiming the $2 level and then hitting $3.14 in the short term. According to reports, the major catalyst behind this unexpected surge is Binance’s recent interest in listing the asset. In an X poll, the crypto exchange had 85% of the voters supporting the idea of Pi being listed.
Meanwhile, analyst Kim Wong earlier predicted that Pi would make significant progress on the price curve to hit $1 and subsequently reach $2 once it makes a decisive move above the $0.8 level.
In a different post, Wong addressed the rising concerns around the network by highlighting its cross-border transactions and free mobile mining model.
Pi Network has been distributing wealth to all the people in the world, whoever wants it, free; this has benefited millions of people already.
The Global Reach of Pi Network and the Rising Criticism
Speaking on the overall growth, Wong pointed out that the Pi coin has been distributed to individuals across more than 200 countries. Additionally, it has over 100 million registered users, 65 million active participants, and about 19 million KYC-verified users. Currently, more than 10 million users have Pi in their wallets. He also informed critics that they may be falling behind if they think Pi Network is a scam.
Regardless of this explanation, some users still hold onto their position as they link the token launch to the regulatory change in the US. One X user wrote:
I have been in this space since we first heard about it back in 2020. It comes as no surprise that suddenly, the team woke up and realised that “yeah, crime is literally legal in this space.” President of the United States is launching meme coins; why can’t we.
In a recent update, we also reported that Bybit CEO Ben Zhou had referenced a 2023 warning from Chinese law enforcement labeling Pi Network as a scam.
Despite these misgivings, Pi has surpassed Ethereum in followers on X. Additionally, as indicated in our earlier discussion, it has secured high-profile exchange listings, including OKX, Bitget, MEXC, etc.
