Pi Network’s native token, Pi Coin, surged by 35% in the past 24 hours, hitting $1.29 and crossing a market capitalisation of $8 billion, according to data from CoinMarketCap.
This rally pushed Pi ahead of well-established cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH).
The dramatic price increase was triggered by a wave of whale activity, with over 90 million Pi coins reportedly moved across exchanges.
These transfers resulted in a 278% spike in trading volume, which soared past $1 billion, drawing strong retail interest.
Pi Coin’s rise also comes amid growing speculation about a Binance listing, following what users are calling "test transactions" on the platform.
The Pi Core Team is reportedly buying Pi from exchanges to stabilise prices after recent distributions, while a major announcement is expected on May 14, fuelling further market optimism.
Technical indicators suggest strong bullish momentum. Pi Coin has maintained position above key Exponential Moving Averages (EMA) and has signalled continued upward movement via the MACD and RSI indicators, despite the latter suggesting overbought conditions at 91.61.
If current trends hold, Pi Network could break resistance at $1.35 and target $1.80, a key level from March.
While fundamentals and market sentiment appear strong, analysts advise caution due to limited transparency, questions around the project’s mainnet status and past scam allegations.
Still, Pi’s remarkable performance places it firmly in the spotlight among top-performing altcoins this week, alongside Kaspa (KAS) and Peanut (PNUT), amid a broader crypto market rally.
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