Pi Network’s price experienced a dramatic 35% surge in the last 24 hours, climbing to $1.29, and pushing its market capitalization to over $8 billion. This spike has propelled the cryptocurrency ahead of major players like Litecoin (LTC) and Bitcoin Cash (BCH), according to data from CoinMarketCap.
The surge can be attributed to a series of large transactions by institutional investors, often referred to as “whales.” One whale moved a significant 70 million Pi coins off exchanges, triggering an initial price spike, followed by another 20 million coins withdrawn from the OKX exchange. These substantial movements spurred retail interest, driving trading volumes up by a staggering 278%, exceeding $1 billion in the process.
As Pi Coin surged, the growth starkly contrasted with more modest gains seen in Litecoin and Bitcoin Cash, underscoring Pi Network’s exceptional rise. Market observers are also speculating that the upcoming mid-May Consensus Summit could serve as a key moment for the cryptocurrency, potentially igniting a longer-term rally.
In response to the soaring price, the Pi Core Team has been buying Pi coins from exchanges to help stabilize the market following recent token distributions. The growing excitement is further fueled by rumors of a major announcement on May 14, which has sparked speculation regarding a possible listing on Binance, spurred by recent test transactions.
As investor confidence continues to build, Pi Coin’s momentum remains strong, attracting widespread attention in the crypto space.
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