Pi Network Price Surges 22% Amid Scam Claims—Self-Reported Market Cap Ranks It #11

Pi Network has made headlines by posting a surprising 22% price surge in the last 24 hours, with its current price trading at $1.90, just 10% below its all-time high of $2.10 set on February 20 when it was launched. This recent price hike is notable, particularly considering the overall downturn in the crypto market, which has seen a 2% decrease in the total market cap, and many other altcoins facing losses in the same 24-hour timeframe.

The price action for Pi Network shows strong bullish momentum, especially on the 1-hour timeframe, where it is trading above the 25-period exponential moving average (EMA), which is currently at $1.64. Prior to this price surge, Pi Network’s price had been consolidating between $1.50 and $1.70 from February 24 to February 26, with the 25 EMA serving as dynamic support. The breakout above the $1.70 level was accompanied by rising volume, signaling that the bullish trend might continue. If the momentum persists, the next key resistance level for Pi Network could be around $2.00. However, for confirmation of further upward movement, the price must hold above $1.70 with sustained volume. On the other hand, if the price pulls back, key support levels to watch are $1.64 (25 EMA) and $1.50.

Despite this strong price performance, Pi Network has faced significant criticism, particularly regarding its self-reported market cap, which has reportedly exceeded $12 billion, ranking it among the top 15 cryptocurrencies by market cap. However, the lack of independent verification for this market cap has raised skepticism, with major crypto data aggregators like CoinMarketCap and CoinGecko refusing to report Pi Network’s ranking. This lack of transparency has contributed to the broader concerns about Pi Network’s legitimacy.

Additionally, Pi Network has been criticized for its potential pyramid-scheme-like structure, with Ben Zhou, the CEO of Bybit, publicly calling it a scam targeting the elderly. This has fueled debates about its legitimacy in the crypto community. Moreover, the consideration of listing Pi Network on Binance has sparked further controversy. Binance had previously conducted a community vote to list Pi Network, and while the proposal received 86% support, Colin Wu, founder of Wu Blockchain, has expressed concerns that Binance’s focus on user registration and traffic could harm its reputation, particularly if a controversial project like Pi Network is listed.

As of February 22, Binance announced that the voting period for the Pi Network listing had ended, and while the proposal received significant support, the decision to list Pi Network is still pending, with the voting period officially closing on February 27. If Pi Network is listed on Binance, it could serve as a major catalyst for the price of Pi Network in the near future, potentially influencing its trajectory in the days to come.