Pi Network price soars 22% amid scam concerns and $12B market cap

Pi Network has defied the broader cryptocurrency market downturn, with its price surging 22% in the past 24 hours, reaching $1.90. This recent uptick leaves Pi Network only 10% below its all-time high of $2.10, which was set on February 20, following its launch. In contrast to the wider crypto market, which has seen a 2% decline in total market capitalization, Pi Network’s surge has captured significant attention.

The 24-hour trading volume for Pi Network has surpassed $700 million, signaling increased market activity. On the technical front, the cryptocurrency has displayed strong bullish momentum, trading well above its 25-period exponential moving average (EMA) at $1.64. Prior to this surge, Pi Network’s price had been consolidating between $1.50 and $1.70 from February 24 to February 26, with the $1.64 EMA providing dynamic support. The breakout above $1.70 was accompanied by rising trading volume, signaling continued interest.

If the upward momentum continues, Pi Network may face resistance around the $2.00 mark. For further confirmation of sustained growth, the price needs to remain above $1.70 with steady volume. In the event of a pullback, key support levels to watch are $1.64 (the 25 EMA) and $1.50.

In addition to its strong price performance, Pi Network’s self-reported market capitalization has surpassed $12 billion, placing it among the top 15 cryptocurrencies by market cap. However, this figure remains unverified by independent sources, leading to skepticism from market observers. Both CoinMarketCap and CoinGecko have opted not to provide ranking data for Pi Network, further fueling concerns over its legitimacy.

Despite its price rise, Pi Network continues to face criticism, with many calling it a pyramid scheme. Ben Zhou, CEO of Bybit, has publicly labeled the project a scam that targets vulnerable populations, including the elderly. The platform has also been scrutinized for its lack of transparency and concerns over its sustainability.

Furthermore, Pi Network’s potential listing on Binance has raised eyebrows within the crypto community. A recent community vote on Binance to list the PI token garnered 86% support, but the final listing decision remains pending. Colin Wu, founder of Wu Blockchain, has expressed concerns that Binance’s focus on user registration and traffic could compromise its reputation and security by listing a controversial project like Pi Network.

Binance has announced that the community vote will close on February 27, 2025, at 23:59 UTC, with the outcome likely to be a major catalyst for Pi Network’s price movement in the coming days. If Pi Network is officially listed, it could significantly impact its market trajectory and bring further attention to the ongoing debate surrounding the project’s legitimacy.