Pi Network’s native token, Pi Coin, has taken the crypto market by storm, surging 80% within the last 24 hours and breaking its previous all-time high. The rapid price increase has been fueled by mounting speculation that Binance may soon list the token, adding to the excitement surrounding the controversial cryptocurrency.
Pi Coin’s Market Surge
According to data from crypto.news, Pi Coin’s price surged from a daily low of $1.65 to $2.95, marking an impressive rally despite broader market declines. The 24-hour trading volume exploded past $3.2 billion, showcasing significant investor interest. In contrast, Bitcoin (BTC) has been struggling, falling below the $85,000 mark amid recent market turbulence.
From a technical standpoint, Pi Coin is maintaining a neutral to slightly bullish trend. On the 5-minute chart, its price is fluctuating around the 9-day exponential moving average (9-EMA), which is acting as both a support and resistance level. The Relative Strength Index (RSI) currently sits at 55.60, indicating that the market is neither overbought nor oversold at this point.
Key Levels to Watch
- Resistance: $3.00 – If Pi Coin successfully holds above this level, it could drive further gains.
- Support: $2.90 – A dip below this point might push the momentum toward a bearish correction.
Why Is Pi Network Still Controversial?
Despite its increasing market valuation, Pi Network remains a highly debated project. Many industry experts, including Bybit CEO Ben Zhou, have openly criticized the project, accusing it of being a pyramid scheme rather than a legitimate cryptocurrency.
Additionally, there are concerns about Pi Network’s self-reported circulating supply, which has not been independently verified by major crypto data platforms like CoinMarketCap and CoinGecko. Due to this, Pi Coin has been excluded from official rankings, even though its self-reported market capitalization currently exceeds $17.5 billion.
Binance Listing Vote: The Game-Changer?
The biggest driver behind the recent price surge is speculation about Binance listing Pi Coin. On February 17, Binance launched a community vote to determine whether Pi should be listed on the exchange. The majority of respondents have voted in favor, and the final decision is expected to be announced on February 27.
If Binance confirms the listing, it could act as a major catalyst for further price action, potentially sending Pi Coin to even greater heights. However, if Binance declines to list the token, a sharp sell-off could follow as speculative traders exit their positions.
What’s Next for Pi Coin?
With high volatility expected, traders and investors should closely monitor Binance’s upcoming decision, market trends, and Pi Network’s actual utility beyond speculation. If the project can establish legitimacy and gain real-world adoption, its explosive growth could continue. However, if concerns about its structure and tokenomics persist, a correction could be imminent.
For now, all eyes remain on February 27, when the Binance vote results will be revealed. Will Pi Coin secure a spot on the world’s largest exchange, or will skepticism prevail? Stay tuned for the next big move!
