Pi Network’s price has seen a remarkable 35% increase in the past 24 hours, reaching $1.29, with its total market capitalization surpassing $8 billion. This price surge has propelled Pi Network ahead of established cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH), according to CoinMarketCap.
The sharp rise in Pi’s price is linked to significant movements of large quantities of Pi coins by major investors, often referred to as “whales.” One whale reportedly transferred 70 million Pi coins off exchanges, which initially sparked the price rally. Shortly thereafter, another 20 million Pi coins were moved from the OKX exchange, fueling further momentum.
These large transactions have spurred a noticeable increase in retail interest, pushing Pi Network’s trading volume above $1 billion—a 278% rise in activity. While Pi Coin’s value surged, other cryptocurrencies like Litecoin and Bitcoin Cash saw only modest gains, underscoring Pi’s exceptional growth.
The market’s attention is now focused on the upcoming Consensus Summit in mid-May, which could act as a catalyst for a prolonged rally. Additionally, rumors about a potential Pi Network listing on Binance have sparked speculation, with some citing test transactions as evidence. Investor excitement is further amplified by expectations of a major announcement from the Pi Core Team on May 14.
As part of their efforts to stabilize the market following recent token distributions, the Pi Core Team has been actively purchasing Pi coins from exchanges. With increasing investor confidence and strengthening fundamentals, Pi Coin’s momentum shows no signs of slowing down.
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