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Why Did Pi Network’s PI Token Gain 65% in 24 Hours?

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TL:DR

  • Pi Network finally launched its Open Network earlier this week, alongside the PI token, but its price tumbled in a classic sell-the-news event.
  • However, it has rebounded hard in the past 24 hours following strong speculation that it will be listed by the world’s largest crypto exchange.

After years and years of development, rumors, delays, and speculations, Pi Network finally released its Open Network and native token for trading on February 20. Although the project was in beta version for nearly half a decade, its community grew strong, and interest in it shot up.

Somewhat expected, the debut of the PI token was followed by an immediate price crash as the asset was listed on several big-name exchanges, such as Bitget, OKX, and MEXC. It went from almost $1.9 to around $0.6 within hours before it staged a comeback in the past 24 hours.

In fact, the asset has added more than 66% on a daily scale and now sits close to $1.45 after peaking at $1.62 earlier today.

PI Token Price. Source: CoinGecko
PI Token Price. Source: CoinGecko

Its market capitalization has not been verified by the two largest data aggregators – CoinGecko and CoinMarketCap – but both show that the trading volumes have exploded by 180% since yesterday.

Perhaps the most probable reason behind the increase in volume and prices came from Binance. The crypto giant recently held a community vote to determine whether its users would want to see the PI token available for trading on its platform.

Although the results will become official on February 27, the interim numbers are quite overwhelming. As of now, 85% of all voters have clicked ‘yes,’ which spurred speculation from the Pi Network team that the listing is inevitable.

Such rumors tend to accelerate the price increases of crypto assets even before they become reality, which is typically followed by a correction, just like it happened after Pi Network’s launch this week.

At the same time, Pi Network continues its verbal fights against the recently hacked exchange Bybit, whose CEO believes the project could be a scam.

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