Is the Bull Run for Pi Network (PI) Token Just a Short-Lived Upsurge?

The PI token saw a 20% spike in value over the past day, prompting discussions around whether this marks the start of a sustained bull market or just a fleeting moment of growth.

Price Fluctuations

Initially launched in late February, the PI token’s price skyrocketed to $3 shortly after but experienced a steep decline that resulted in hitting a new low of $0.172 on October 10. This represented a staggering 93% loss of value in less than eight months.

Recently, however, it bounced back and found stability around the $0.20 mark. The most recent uptick has brought the token to a peak of over $0.25, raising curiosity about the motives behind this surge.

Possible Drivers of the Surge

In recent weeks, the team behind Pi Network released significant updates, including changes in their verification process. Some community members speculate that investments from Wall Street may be entering the ecosystem, with claims suggesting this could be due to proximity between these investors and the Pi Network’s core team.

Furthermore, developments regarding Pi Network’s compatibility with the SWIFT banking system may have bolstered investor sentiment.

“A significant milestone has been achieved with the recent announcement from OKX, which has successfully passed the Know Your Business (KYB) verification for Pi Network. They proudly state, “Pi SWIFT Integration: Cross Border Bank Activated.” This means that the Pi Bank’s cross-border banking capabilities have been successfully integrated into the SWIFT system, a groundbreaking development that positions Pi Coin at the forefront of global transactions.”

Questions of Sustainability

While the price journey of PI has been rocky with past patterns of rapid price increases followed by corrections, the community remains hopeful about the current momentum leading to a more sustainable growth phase. The rally’s future will be an interesting narrative to follow as it unfolds.