Pi coin surges 80% breaking previous all-time high amid Binance listing rumours

Pi Coin Surges 80% Amid Market Volatility, Reaches All-Time High of $2.99

Pi Coin has experienced a sharp increase of nearly 80% in the past 24 hours, reaching a new all-time high of $2.99. This surge comes amid a significant rise in the token’s trading volume, which has surpassed $3.2 billion, according to data from the crypto.news price tracker.

At the time of writing, Pi Coin is trading at $2.95, having fluctuated between $1.65 and its peak price within the same 24-hour period. This remarkable price movement stands in stark contrast to the broader cryptocurrency market downturn, where Bitcoin has fallen below the $85,000 mark.

Technical Analysis and Market Outlook

From a technical perspective, Pi Coin is exhibiting a neutral to slightly bullish trend. The five-minute price chart indicates that the token is oscillating around the 9-EMA (Exponential Moving Average), which has been acting as both a support and resistance level. The Relative Strength Index (RSI) stands at 55.60, suggesting neutral momentum without significant overbought or oversold conditions.

Key price levels to monitor include the psychological resistance at $3.00, while $2.90 serves as a support level. Should Pi Coin maintain its position above the 9-EMA, it could gain further traction and test the $2.95–$3.00 range. Conversely, a drop below $2.90 could shift market sentiment toward a more bearish outlook.

Controversy and Market Skepticism

Despite its rapid appreciation in value, Pi Network remains a highly controversial project within the cryptocurrency industry. Skeptics have raised concerns over the project’s legitimacy, with critics suggesting that it operates under a structure resembling a pyramid scheme. Ben Zhou, CEO of Bybit, has openly criticized the project, branding it a scam. Additionally, questions surrounding Pi Coin’s circulating supply and a lack of independent verification have contributed to the skepticism.

Major cryptocurrency data aggregators such as CoinMarketCap and CoinGecko have refrained from officially ranking Pi Coin due to these concerns. However, the self-reported market valuation of the token now exceeds $17.5 billion, reflecting its growing prominence despite the controversy.

Speculation Over Binance Listing

Adding to the volatility, speculation regarding a potential Binance listing has intensified in recent days. On February 17, Binance initiated a community vote to gauge interest in listing Pi Coin, with a majority of participants expressing support for the move. The voting period is set to conclude on February 27, after which Binance is expected to announce its decision.

If approved, a listing on Binance could serve as a major catalyst for further price movement, potentially driving increased adoption and liquidity for the token. However, the outcome remains uncertain, and traders are bracing for heightened volatility in the coming days.

Conclusion

Pi Coin’s recent surge has captured the attention of both investors and critics alike. While the token’s price action suggests growing market interest, the underlying concerns regarding its legitimacy and circulating supply continue to cast a shadow over its long-term viability. As the cryptocurrency market remains unpredictable, all eyes are now on Binance’s upcoming decision, which could significantly influence the trajectory of Pi Coin in the near future.

Writer @Ellena

Ellena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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