Pi Coin has taken the crypto market by storm, witnessing a massive 80% surge in the past 24 hours. The token reached a new all-time high of $2.99, defying the broader cryptocurrency market trend, where Bitcoin has dropped below $85,000. Currently, Pi Coin is trading around $2.95, after rebounding from a low of $1.65 within the same period. The sudden price increase is believed to be fueled by rumors of a potential listing on Binance, one of the world’s largest cryptocurrency exchanges.
Despite the rally, Pi Network continues to face skepticism due to concerns about its legitimacy and transparency, with some industry leaders labeling it a pyramid scheme. However, with a self-reported market valuation of over $17.5 billion, many investors are keenly watching the developments, especially the ongoing Binance vote that could determine Pi’s future.
Pi Coin’s Technical Analysis: Bullish or Just a Temporary Pump?
Pi Coin is currently showing a neutral to slightly bullish trend. The 5-minute chart indicates that the price is fluctuating around the 9-EMA (Exponential Moving Average), which is acting as both a support and resistance level.
- Resistance Level: $3.00
- Support Level: $2.90
- Relative Strength Index (RSI 14): 55.60 (indicating neutral momentum)
A sustained hold above the $2.90 level could push Pi Coin towards $2.95–$3.00 in the short term. However, a drop below $2.90 might shift momentum towards a bearish trend.
Pi Network Controversy: A Game-Changer or a Scam?
While Pi Coin is experiencing a price surge, the controversy surrounding the Pi Network remains a significant issue. Many industry experts, including Bybit CEO Ben Zhou, have openly criticized the project, calling it a scam.
Key Concerns About Pi Network:
- Pyramid Scheme Allegations – Critics argue that the project lacks a real blockchain and relies on a referral-based structure similar to MLM (Multi-Level Marketing) schemes.
- Unverified Circulating Supply – Unlike major cryptocurrencies, Pi’s circulating supply is not independently verifiable, raising doubts about its actual market capitalization.
- Lack of Official Exchange Listings – Leading crypto data platforms CoinMarketCap and CoinGecko have excluded Pi from their rankings due to the lack of transparency and verification.
Despite these concerns, Pi Network has attracted millions of users, and its market valuation continues to grow.
Binance Listing Vote: A Defining Moment for Pi Coin
A key reason behind Pi Coin’s recent price explosion is the ongoing Binance vote on whether to list Pi on its exchange. The vote, which started on February 17, has seen a majority of respondents in favor of the listing.
- Voting Deadline: February 27
- Potential Impact of Binance Listing:
- A confirmed listing could serve as a major catalyst for further price action, possibly pushing Pi beyond the $3.00 mark.
- A rejection could lead to a sharp price correction, as the current surge is largely driven by speculation.
If Binance gives the green light, Pi Coin could finally gain mainstream credibility, making it accessible to millions of traders worldwide.
Final Thoughts: Will Pi Coin Continue Its Rally?
The next few hours are crucial for Pi Coin’s future price movement. If Binance announces a successful listing, Pi’s price could surge even further, potentially breaking new records. However, if the listing is rejected, a strong correction could follow, as speculative traders cash out.
What to Watch Next:
✔ Binance’s official announcement on the Pi listing vote
✔ Price action around the $3.00 resistance level
✔ Any new developments regarding Pi Network’s legitimacy and regulatory scrutiny
For now, Pi Coin remains one of the most talked-about tokens, but its long-term sustainability is still in question. Investors should approach with caution, considering both the potential rewards and the inherent risks.
