Pi Network has bucked the broader cryptocurrency market downturn, posting a 22% price increase in the past 24 hours, reaching $1.90. This price surge has brought Pi Network within 10% of its all-time high of $2.10, which it reached on February 20, following its launch. While the overall crypto market saw a 2% decline in total market capitalization, Pi Network’s unexpected rise has drawn significant attention.
Also Read: Pi Coin Rebounds 80% After Volatile Mainnet Debut, Hits $1.29
Technical Analysis and Market Activity
Pi Network’s trading volume has exceeded $700 million in the past 24 hours, reflecting heightened market interest. The cryptocurrency’s price is showing strong bullish momentum, trading above its 25-period exponential moving average (EMA) of $1.64. After a period of consolidation between $1.50 and $1.70 from February 24 to February 26, the breakout above $1.70 was supported by rising volume.
Looking ahead, Pi Network may encounter resistance around the $2.00 mark. For continued growth, the price needs to stay above $1.70 with consistent trading volume. In case of a pullback, key support levels to watch are $1.64 (the 25 EMA) and $1.50.
Market Capitalization and Legitimacy Concerns
Pi Network’s self-reported market capitalization has now surpassed $12 billion, placing it among the top 15 cryptocurrencies. However, this figure is unverified by independent sources, leading to skepticism among market analysts. Both CoinMarketCap and CoinGecko have refrained from ranking Pi Network, fueling concerns over its legitimacy.
Despite its price surge, Pi Network has faced widespread criticism. Detractors, including Bybit CEO Ben Zhou, have labeled the project a pyramid scheme, with accusations that it preys on vulnerable populations, such as the elderly. The platform’s lack of transparency and concerns regarding its long-term sustainability have added to the controversy.
Binance Listing Debate
Pi Network’s potential listing on Binance has further ignited debate within the crypto community. A recent community vote on Binance to list the PI token garnered overwhelming support, with 86% in favor. However, the final decision is still pending. Notable figures like Colin Wu, founder of Wu Blockchain, have expressed concerns that listing Pi Network could tarnish Binance’s reputation, suggesting that the platform’s focus on user registration and traffic may lead to security risks.
Binance has set the community vote’s closure for February 27, 2025, at 23:59 UTC. The result of this vote is expected to be a major catalyst for Pi Network’s price trajectory. Should Pi Network be listed, it could significantly impact its market position while amplifying the ongoing debate over the project’s legitimacy.
Outlook
As Pi Network’s price surges despite ongoing skepticism, the project’s future remains uncertain. Market participants will be closely watching Binance’s decision, as a listing could push Pi Network into the mainstream, further fueling both enthusiasm and controversy.
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