On May 12, Pi Network, a social cryptocurrency and developer platform, briefly saw its token break into the top 20 digital assets by market capitalization after a more than 50% surge in 24 hours. In fact, at the time of writing ( May 12, 2:00 a.m. EST), the token had risen by over 72% in under 48 hours, making Pi the best-performing top 20 digital asset over seven days.
The token’s rally comes just a few days before Pi Network’s promised May 14 ecosystem announcement. While the May 8 post on X shared few details about the pending announcement, the token’s run since this teaser suggests users are anticipating major news that has a bearing on Pi Network’s growth trajectory.
Prior to the May 8 post, Pi Network had also introduced new features to enhance inclusivity and accessibility to its Mainnet ecosystem. It said this decoupling of wallet activation from migration would enable millions more to engage with the Pi Mainnet. According to Pi Network, these changes aim to grow the Pi Mainnet ecosystem by enabling more users to own and use Pi on the blockchain, benefiting developers and the overall utility of Pi.
Besides the ecosystem announcement, speculation that Binance might finally list the token is also believed to be fueling the surge. Despite breaking into the top 20, Pi is still not listed on Binance, a top cryptocurrency exchange platform, due to issues around the distribution of Pi tokens. Some reports suggest the token’s relatively low trading volumes and liquidity are other key factors why Binance has not listed it.
Meanwhile, as shown by Coinegcko data, Pi had largely trended downward since its Feb. 27 peak of $2.93, with the token appearing to bottom at just under $0.50 on April 5. However, after flatlining for the rest of April and the first week of May, Pi began a rally that saw it peak at $1.43, its highest point since March 16. At the time of writing, Pi was up 118% over seven days and ranked 17 with a market capitalization of just over $9 billion.
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