Pi Network has witnessed a sharp 22% price increase in the last 24 hours, reaching $1.90. This strong rally comes despite ongoing scam allegations and skepticism surrounding its self-reported market cap. According to recent data, Pi Network is now just 10% below its all-time high of $2.10, set on February 20 at its launch.
The broader cryptocurrency market has been struggling, with a 2% decline in total market capitalization. Many altcoins are experiencing losses, yet Pi Network continues to outperform, displaying strong bullish momentum. The daily trading volume for Pi has surpassed $700 million, further fueling its price movement.
Technical Analysis: Bullish Momentum Continues
On the technical front, Pi Network’s price is maintaining an upward trajectory. The token is currently trading above the 25-period exponential moving average (EMA) of $1.64. Over the past few days, it had been consolidating in the $1.50–$1.70 range, using the 25 EMA as a dynamic support level.
A breakout from $1.70 has been accompanied by a rise in trading volume, signaling further bullish momentum. The next key resistance level to watch is $2.00. However, for sustained growth, Pi must hold above $1.70 with strong buying pressure. If a pullback occurs, support levels at $1.64 and $1.50 will be critical for preventing further downside.
Self-Reported Market Cap Raises Concerns
Pi Network’s market capitalization has reportedly surpassed $12 billion, placing it among the top 15 cryptocurrencies. However, this valuation is self-reported, and independent sources such as CoinMarketCap and CoinGecko have not verified the ranking. Due to this uncertainty, both platforms have omitted Pi’s official ranking from their lists.
The controversy surrounding Pi Network does not end there. Many industry experts have questioned the legitimacy of the project, with some labeling it a potential pyramid scheme. Ben Zhou, CEO of Bybit, has publicly criticized Pi Network, suggesting it specifically targets vulnerable investors.
Binance Listing and Community Support
Despite these concerns, Pi Network continues to attract significant community backing. Binance recently conducted a community vote on whether to list the PI token, and 86% of participants supported the proposal. This has raised speculation that Binance might add Pi to its trading platform, further driving up its price.
However, some industry figures, including Wu Blockchain founder Colin Wu, have criticized Binance’s potential move. Wu argues that listing Pi Network could harm Binance’s reputation and expose users to unnecessary risks. Binance has yet to make a final decision, but the voting period will conclude on February 27 at 23:59 (UTC). If Binance proceeds with the listing, it could serve as a major catalyst for Pi Network’s future price movements.
Pi Network’s Future
The recent price surge and rising trading volume indicate strong investor interest in Pi Network. However, skepticism remains due to the project’s unverified market cap and accusations of deceptive practices. If Pi manages to secure major exchange listings, it could see further growth, but regulatory scrutiny and transparency issues could also impact its long-term prospects.
For now, Pi Network remains one of the most controversial yet high-performing cryptocurrencies. Investors should proceed with caution, considering both its rapid price movements and the lingering concerns about its legitimacy.
