Pi Network’s Token Surges 110% in Week Amid Crypto Market Upswing

Pi Network’s token has surged by over 110% in just one week, capturing significant market attention amidst a broader crypto market upswing. The token, which had previously dropped to a low of $0.40 in April, rebounded strongly to cross the $1 threshold and peaked at $1.53 during the latest rally. This performance has pushed its market capitalization to nearly $11 billion, up from roughly $4 billion at the start of the surge, marking a $7 billion increase in market cap over the last seven days.

The driving force behind PI’s price surge appears to be a combination of positive market sentiment and speculation surrounding an upcoming ecosystem announcement. The broader crypto market has experienced renewed investor confidence, driven by improving macroeconomic conditions between major trade allies. These trade agreements have helped calm markets, prompting investors to pivot toward risk-on assets like cryptocurrencies. As a result, there has been an increased appetite for digital assets, especially among traders looking to capitalize on short-term volatility. This has led to significant gains for major cryptocurrencies like Bitcoin and Ethereum, with Bitcoin’s price rising by 10% to reach a three-month high and Ethereum registering a more significant gain of 42% during the reporting period.

PI has become a surprising beneficiary in this climate, as investors have also turned their attention to other digital assets in the emerging industry. Another key reason driving the uptrend is the scheduled ecosystem announcement set for May 14. Although the Pi Network team has not disclosed full details about the update, community chatter points to potential launches of developer tools, platform enhancements, strategic partnerships, and user rewards. The anticipation is helping attract new interest and trading volume to the controversial crypto token.

Despite the PI token’s breakout, industry skepticism remains high. Critics have previously questioned the project’s legitimacy and structure. In February, concerns were raised about the project’s legitimacy, with accusations of exploiting elderly individuals and misusing personal data. Another pressing issue is the large volume of token unlocks expected in the coming weeks. Data shows that more than 250 million PI tokens, worth over $317 million, will be released into circulation in the next 30 days. This token influx could introduce significant selling pressure and stall the current momentum.