PI Network Moves Closer to $1.60 as Binance Listing Speculation Grows

Pi Network’s price has been experiencing a notable surge, holding steady above the $1.50 mark as the community eagerly anticipates a potential Binance listing. The official launch of Pi Network’s token on February 20 coincided with the activation of the Pi Network’s mainnet. Following the launch, several centralized exchanges such as OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget began listing PI for trading, leading to an immediate surge in the token’s value. In the first hour after the launch, Pi’s price spiked by 36.8%, reaching a high of $1.97.

However, the excitement was short-lived as a rapid sell-off occurred, driven by early adopters looking to cash out. The price quickly dropped from its all-time high of $1.97 to a low of $0.61 on the same day. To add fuel to the fire, accusations of fraud emerged, with Bybit CEO Ben Zhou referencing a Chinese report that labeled Pi Network a scam, particularly warning elderly investors. Pi Network, however, dismissed these allegations, maintaining that it is a legitimate project that has been in development for six years.

Despite the initial setbacks, Pi’s price has shown signs of recovery, trading within the $1.35 to $1.69 range over the past 24 hours. On February 22, the token opened at $1.54 and has managed to stay above the $1.50 mark. As of now, Pi is trading at $1.58, with a 24-hour trading volume of $1.02 billion, though this has decreased by 42% in the past day.

A significant factor contributing to the token’s resilience is speculation around a potential listing on Binance. As of February 22, a community poll on Binance had gathered over 212,000 responses, with more than 86% in favor of listing Pi. With the poll approaching its conclusion, many investors are hopeful that Binance will include PI on its platform, which could have a substantial impact on its price.

However, there is some skepticism regarding the Binance listing. Critics, including Colin Wu, the founder of Wu Blockchain, have raised concerns about Binance’s decision to revive community-driven listings after a seven-year hiatus, especially with the potential listing of Pi. Wu questioned whether Binance was prioritizing user traffic and registrations over the security and integrity of its platform, especially given the controversies surrounding Pi Network.

Overall, while Pi Network’s price shows potential for growth, particularly if the Binance listing is approved, there remains uncertainty about the project’s future due to its controversial launch and ongoing skepticism in the crypto community.