TL;DR
- PI surged by double digits amid market momentum and anticipation of a Pi Network ecosystem announcement.
- However, millions of PI tokens will be released mid-month, raising concerns about potential sell pressure and incoming volatility.
PI on the Run
Pi Network’s native token, whose price consolidated below $0.60 at the start of May, witnessed a solid surge in the past 24 hours. It briefly climbed to a nearly one-month high of $0.77 before slightly retracting to the current $0.75 (as per CoinGecko’s data). This represents an almost 20% increase compared to the valuation observed on May 8.
PI’s market capitalization has exceeded $5 billion, positioning it as the 32nd-largest cryptocurrency. It surpasses well-known altcoins such as Uniswap (UNI), Near Protocol (NEAR), and Official Trump (TRUMP).
Two key factors have likely triggered this rise. The first is the renewed vigor in the cryptocurrency market, evidenced by Bitcoin (BTC) soaring well above $100,000. The second factor is the anticipation surrounding a major development linked to a recent announcement from the Pi Network team.
As reported by CryptoPotato, the project’s developers teased an “ecosystem announcement” that will be revealed on May 14. Speculation is rife within the community, with many anticipating a potential PI listing on Binance.
The recent price increase has garnered attention from market analysts who believe there is still room for growth. A user on X (formerly Twitter), known for their insights, noted that PI has surpassed the $0.75 resistance level and is predicting a jump to $1. However, it is important to highlight that the last time the price traded above the one-dollar mark was back in March of this year.
Another user recently sparked further curiosity by questioning if the valuation could rise to $5, asking followers for their predictions. Outrageous targets like $10 and even $20 have been floated, though such projections seem unrealistic, at least for now.
Investors Should Tread Carefully
Despite the rally, PI is not entirely out of the woods, and its price may face declines in the short term. A significant release of locked assets is expected by mid-month, with May 16 anticipated as a record day when nearly 15 million PI tokens will become available.
This event will offer investors a chance to liquidate tokens they have been holding for an extended period. Although this does not guarantee a mass sell-off, the potential for such an event remains a concern.
It is worth noting that the unlocks are expected to taper off towards the end of the month and the beginning of June. Investors should remain vigilant as the market navigates this pivotal moment.
The post Pi Network (PI) Soars by 20% Daily: Is a $1 Comeback Incoming? appeared first on CryptoPotato.
