- About 24 hours after the launch, $PI put up an impressive fight, surging over the $1 mark and has continued to impress since
- As some early miners exited, others started staking their $PI for some returns on exchanges like Gate.io, Bitget and OKX
- $PI is now battling with the $1.5 resistance, and experts believe that it will break it soon, head to $2 and break and then set its eyes on the psychological $2.5 level
The Pi Network’s native coin, $PI, has sustained a bullish run for the third straight day, surprising pessimists who had expected the coin to dip massively after its open mainnet launch on February 20.
After the coin’s open mainnet launch, it experienced some bearish pressures as it hit a low of $0.6152, which has now become its all-time low. The price pressure came from massive selloffs from some early miners who had anticipated the launch for several years and could not wait any longer to make some money off the coin.
But about 24 hours after the launch, $PI put up an impressive fight, surging over the $1 mark and has continued to impress since. At the time of writing, $PI was trading at $1.55, up 154.34% since February 20. The coin’s market capitalization had grown to $10.12 billion, and the volume of trade in the past day had grown to $947.89, although down by 26.52% compared to the preceding day.
Why is $PI surging, and what’s next?
Two important reasons have contributed to the rebound of $PI.
The exit of some early miners
Just immediately after the mainnet launch, some miners, mostly from Asian and African regions, who had seen the coin as a means of getting rich quickly, started selling the $PI they had. Some of them lacked an understanding of the coin’s intrinsic value and did not really comprehend the vision of the developers. This selloff was what affected the price immediately after launch. But, as they exited and interested investors started buying dip, the price started stabilizing.
Additionally, as some early miners exited, others started staking their $PI for some returns on exchanges like Gate.io, Bitget and OKX.
Clarifications provided by $PI developers
The second significant reason for the rally is the clarification the $PI core tea provided regarding allegations of fraud and illegalities. On its official X account, it made the following clarifications.
i) Zero affiliation with Bybit or its CEO Ben Zhou
The core team explained that Pi Network has never engaged in Know Your Business (KYB) verification with Bybit. “There is no relationship between Pi Network and ByBit or Ben Zhou, and Pi Network has not been asked to KYB ByBit as of this date,” it noted.
ii) No link with impersonators
The network also clarified that it had no links with individuals who attacked Ben Zhou online. It added that the network or its affiliates have never commented on Bybit or its CEO.
iii) Chinese authorities never warned people against $PI
The message also explained that the Chinese police warning that has been widely mentioned was never against $Pi Network itself but rather against fraudsters falsely claiming to be associated with the project.
iv) $Pi Network is legitimate
The core team also reiterated that Pi Network was developed over six years ago and has built a community of over 60 million engaged users; hence, it remains committed to launching a fully developed, decentralized ecosystem.
What next for $PI
$PI has shown a very strong rebound from its low after massive selloffs that followed its open mainnet launch. After the initial selloffs, the coin was shown a serious fightback, breaking past the $0.79 and $1.02 resistance levels. It is now battling with the $1.5 resistance, and experts believe that it will break it soon, head to $2 and break and then set its eyes on the psychological $2.5 level.
Man who threw away hard drive with $770M worth Bitcoin loses latest chances of recovery
Meanwhile, TheRadar earlier reported that Judge Keyser KC, the Circuit Commercial Judge for Wales in the United Kingdom, has dashed the hopes of James Howells, an IT engineer from Newport, who threw away his hard drive containing more than $770 million worth of Bitcoin.
Howells mistakenly threw away the hard drive containing 8,000 Bitcoin, which he mined in 2009 and is now valued at about $770 million. The hard drive eventually ended up in a landfill.
