Pi Network’s rise persists despite doubts over pyramid scheme claims and an unverified market cap, fueling investor caution (Catchline)
By S.M. Inam
KARACHI: Pi Network’s rise has been nothing short of dramatic. Technical indicators suggest strong bullish momentum, with its price trading well above the 25-period exponential moving average (EMA) of $2.3 mark. Just days ago, the token was stuck in a consolidation phase between $1.50 and $1.70, making its breakout all the more remarkable. If the rally continues, $2.00 will be the next battleground, but any pullback could see the token testing support levels at $1.64 and $1.50.
Yet, beneath the surface of these numbers lies a more contentious narrative. Pi Network’s self-reported market capitalization has now crossed $12 billion, positioning it among the top 15 cryptocurrencies. But here’s the catch—this valuation remains unverified. Established platforms like CoinMarketCap and CoinGecko have refused to rank Pi Network, raising serious concerns about its authenticity. In a market plagued by volatility, Pi Network has emerged as an anomaly.
While most cryptocurrencies have been struggling to stay afloat amid a broader downturn, Pi Network has defied expectations, surging in the past 24 hours to hit $2.32 and it is all-time high ever being achieved by the much anticipated cion. The contrast between Pi Network’s rapid ascent and the crypto market’s overall slump—a 2 percent decline in total market capitalization—has turned heads. With a 24-hour trading volume exceeding $700 million, it is clear that the cryptocurrency has captured the imagination of traders, despite the persistent skepticism surrounding its legitimacy.
Adding fuel to the fire, Binance’s potential listing of Pi Network has sparked intense debate. A community vote on the platform showed overwhelming support—86 percent in favor of listing PI. However, the final decision remains in limbo. Industry watchers like Colin Wu, founder of Wu Blockchain, have warned that Binance risks its credibility by giving space to a project mired in controversy.
The Binance vote closes on February 27, 2025, at 23:59 UTC. If Pi Network secures a listing, it could send the token soaring, legitimizing it in the eyes of mainstream investors. But if Binance backs away, the doubts that have lingered around Pi Network may only deepen. For now, Pi Network stands at a crossroads—a token with an undeniable market presence but a reputation that refuses to shake off the shadows of suspicion.
