The crypto market has been shocked by the dramatic 35% surge of Pi Network, which managed to recoup the $1 level and peak at $1.29. As a result of the rally, Pi’s total market value surpassed $8 billion, surpassing Litecoin (LTC) and Bitcoin Cash (BCH), according to CoinMarketCap.
Underlying this surge is a wave of large coin movements by whales. One whale moved 70 million Pi coins off exchanges, resulting in the first surge, and another 20 million Pi were moved from OKX shortly after.
Due to these massive transfers, retail interest skyrocketed, sending trading volumes over $1 billion, a 278% increase in activity. Pi Coin, on the other hand, appreciated greatly, while Litecoin and Bitcoin Cash only increased moderately, highlighting Pi’s extraordinary growth. Pi has jumped to 14th rank following the surge, and if this momentum continues, it can even enter the top 10 ranking by CoinMarketCap.
Traders are focusing on the mid-May Consensus Summit because it could become a pivotal point for launching a long-term Pi rally.
In turn, the Pi Core Team is aggressively buying Pi from the exchanges to help stabilize the price following the latest token distribution. An expectation of a major announcement on May 14 is driving up investor excitement.
There are rumors flying around about a potential Binance listing, triggered by so-called test transactions. While fundamentals are strong and investor confidence increases, Pi Coin’s momentum continues unabated.
Also Read: Did Pi Network’s Supply Jump from 7B to 12B Tokens? Fact Check
