Pi Network’s Price Skyrockets by 33% to $1, What’s Going On With PI?

TL;DR

• Following several months of depressed price movements, including an all-time low, PI’s token has gone on a roll in the past week.
• On a daily scale alone, the asset is up by more than 30%, begging the question what’s driving this spectacular pump.

It was just over a month ago when PI plunged to $0.4, which became the aforementioned ATL, amid massive token unlocks, market uncertainty, and FUD against the project behind it.

It bounced off in the following weeks but still remained in a tight range around $0.6. PI finally shot above that level at the end of last week, gaining

20% daily on Friday. Naturally, such moves attract people’s attention, and analysts and popular commentators started providing big price predictions of $1 and all the way to $5.

Interestingly, the smaller target was reached earlier today when PI soared by 35% at one point and tapped $1 for the first time in close to two months. On a weekly scale, the asset has soared a mind-blowing 64%.

There’s no evident reason behind this surge besides a possible hype growing from an upcoming announcement set for next week (May 14). As reported before, there are speculations about a big exchange listing, perhaps on Binance.

Another possibility could again be linked to a hype rally as one of Pi Network’s founders, Dr. Nicolas Kokkalis, is expected to speak at this years large crypto conference – Consensus, which is also taking place next week (May 14 – 16) in Toronto.

Moon Jeff, an analyst frequently talking about PI, noted that many “unknown entities,” including BANXA, continue to accumulate Pi Network’s token, which could also be a culprit for price increases. However, his information remains unverified.

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