Pi Network price has become one of the top-performing cryptocurrencies this week, rising significantly while other coins have experienced substantial declines. The value of Pi rose to a high of $3 on Wednesday, representing an almost 400% increase from its lowest level of $0.60 last week. This surge has brought its self-reported market cap to over $16.3 billion.
Why Pi Coin Price Is Surging
The main reason why the Pi Network price is surging is that the market anticipates it will receive more widespread listings by top crypto exchanges. It has already received listings from exchanges like HTX, OKX, Bitget, MEXC, and Gate.io. Most of its trading is happening in OKX, one of the biggest crypto exchanges.
Binance has been running a poll on whether it should list the Pi coin. That poll, which closes on Thursday, has attracted millions of participants, many of whom have voted in the affirmative. This implies that the company may list it soon, granting its access to millions of users.
A Binance listing may open the Pi Network to listing by other exchanges. The two most important ones are Coinbase and Upbit. Coinbase will give it access to American clients, while Upbit will expose it to South Korean crypto traders.
The price of the Pi coin is rising as the market recognizes the network is not a scam. This was one of the top accusations when it was in an enclosed mainnet since 2021. Just recently, Bybit’s CEO had warned that the coin was a scam, explaining his decision not to list it.
Pi Network has demonstrated its legitimacy, as most people who migrated their tokens to the mainnet successfully received their allocations.
Pi Network Price Prediction
Pi Network chart by TradingView
The hourly chart indicates that the Pi coin price surged after bottoming out at $0.5975 last week. It has surged to nearly $3 as the Bitcoin price and most altcoins plunged. The token has performed a break-and-retest pattern by moving back to the initial price of $2.1989.
The Pi Network price is forming a bullish pennant pattern, suggesting potential continued upward momentum. Thus, as exchange listings increase, the token is likely to rise to $3.14 and potentially reach $5 soon.
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