Pi Network’s Cryptocurrency Surges 2% Amid Market Recovery

Pi Network’s cryptocurrency has experienced significant volatility recently, with its price surging 2% to approximately $1.17. This increase is part of a broader recovery in the crypto market, which has boosted many digital assets. The token, which launched on exchanges last month, has traded between $0.60 and $3, demonstrating high volatility in its early market days.

Analyst Kim H. Wong has identified several factors that could drive Pi’s price higher in the near future. These include potential exchange listings and merchant partnerships, which could serve as catalysts for growth. Wong also noted that the token has been trading around $1.15 with support at $1.05, indicating a period of stabilization after its initial volatility.

A notable development is the acceptance of Pi as payment by a US real estate firm, which could help drive mainstream use of the token beyond speculation. Additionally, Pi Network has launched domain auctions within its ecosystem, allowing .Pi domains to serve as digital addresses for Pi-based websites and services. This process reduces Pi’s circulating supply, which could potentially increase its value over time.

Security improvements have also been announced, with the Pi Network team introducing two-factor authentication (2FA) for users. This enhancement should provide better security during the migration to mainnet, addressing concerns about the safety of user accounts.

Despite these positive developments, some investors remain cautious due to an upcoming token unlock scheduled for March 21. This event will release 21.2 million Pi tokens, worth approximately $42.39 million, into circulation. The increased supply could put downward pressure on Pi’s price if demand does not keep pace.

Looking ahead, a total of 1.6 billion Pi tokens are scheduled to unlock over the next 12 months, representing approximately $1.88 billion at current prices. This significant influx of tokens could continue to impact the price of Pi in the coming months.

The Pi Network community has grown impressively, with nearly 70 million registered users and 20 million identity-verified participants called “Pioneers.” The project’s social media presence has also expanded rapidly, with its X (formerly Twitter) account reaching 4.3 million followers, approaching the follower count of Dogecoin, one of the most popular cryptocurrencies.

Community sentiment about Pi shows mixed signals across platforms. While some rating sites show strong positive sentiment, others display more negative views. A recent controversy emerged when Pi Network’s community sentiment poll on CoinMarketCap dropped by 90% in a single day, leading to allegations of bot manipulation from Pi supporters. The poll attracted over 1.94 million votes, more than Bitcoin’s poll on the same platform, raising suspicions within the Pi community.

Pi supporters noted that other platforms with similar voting systems maintained positive ratings for Pi, fueling theories about targeted manipulation on CoinMarketCap. The Pi community has previously engaged in coordinated voting activities, and the recent controversy has added to the mixed sentiment surrounding the token.

Despite the setback of being excluded from Binance’s “Vote to List” program, Pi has performed well on other exchanges. The token has shown strong trading volume on platforms like OKX, Bitget, and Gate.io. Experts suggest that a potential Binance listing could drive Pi to new price heights, and many in the Pi community remain hopeful that such a listing will happen in the future.

Recent price analysis suggests Pi could potentially rally to $3.14 if certain conditions are met. These include a token burn mechanism, new exchange listings, and the launch of a Pi ETF. However, without major catalysts, the upcoming token unlocks may continue to put pressure on Pi’s price. The increased supply could outweigh demand in the short term, leading to potential price fluctuations.

The token has moved between $1.20 and $1.12 over the past 24 hours, suggesting some price stabilization despite the weekly decline of 31%. The upcoming token unlocks and the potential for new exchange listings and merchant partnerships will be key factors to watch in the coming months as Pi Network continues to navigate the volatile crypto market.