Pi Network (PI) Surges 8% in 24 Hours: Is This a Sign of Recovery or Just a Temporary Bounce?
Pi Network's cryptocurrency has seen an impressive 8% increase amidst a general downturn in the cryptocurrency market, raising questions about its future stability.
The cryptocurrency market witnessed another dip in the last 24 hours, with many leading digital currencies, including Bitcoin (BTC), showing modest losses. Remarkably, Pi Network’s PI token has bucked this trend with an impressive gain of approximately 8%.
A Green Light
For several months, Pi Network’s native cryptocurrency has struggled, disappointing its dedicated followers and investors. Just a few days prior, its value hit a record low of around $0.13, accompanied by a market cap decline to roughly $1.1 billion.
However, over the past day, bullish sentiments surged, allowing PI to reach nearly $0.15. Its market cap has rebounded past $1.3 billion, making it the 55th largest cryptocurrency.
PI Price, Source: CoinGecko
This rally coincides with recent updates from the project’s team regarding their Node infrastructure. They disclosed ongoing upgrades to the Pi Mainnet blockchain protocol, setting a February 15 deadline for the first improvement.
According to the Core Team, they will implement a consensus algorithm with Pioneers who meet the criteria for Node installation and have set up the necessary blockchain software on their machines.
“While our hope is to include as many Pioneers as possible when defining the Node requirements, the availability and reliability of individual nodes in the network affect the safety and liveness of the network,” the official announcement noted.
The price increase for PI also aligns with a slowdown in token unlocks, with around 19 million coins set to be released today—marking the peak for the next month. At the end of this month, the daily unlocks are projected to drop below 5 million, which could lessen selling pressure and promote price stabilization.
Related Content
Recent Speculations
Earlier this month, there were discussions among users on X about potential trading opportunities for PI on the Kraken exchange. Such an addition from a prominent crypto exchange would likely boost demand and liquidity for the asset, enhancing its credibility.
A significant boost would come if Binance, the largest crypto exchange globally, decides to list PI. Although a community vote was held last year showing overwhelming support for this listing, Binance has yet to respond affirmatively.
