Surpassing 1 USD after nearly 2 months of "hibernation"
On the evening of May 12 (Vietnam time), Pi officially surpassed the $1 threshold, marking a 35% increase in just one day and more than 114% within 7 days. For the first time in nearly 2 months, Pi returned to this price level, causing a stir in the entire cryptocurrency community.
Specifically, Pi's price has jumped from a low of $0.40 in April to $1.28, with trading volume exploding to over $1.4 billion - an increase of 152.8% compared to the previous day. Although still 57% lower than its historical peak of $2.99 on February 26, Pi's recent revival is causing many investors to "rush" back into the game.
According to data from CoinGecko, Pi is now ranked 17th globally in terms of market capitalization, reaching over $9 billion - an achievement that was unimaginable just a few weeks ago, when Pi was still hovering below the $0.50 mark.
Pi unexpectedly surpassed many big names in the rankings, becoming the best performing cryptocurrency in the Top 20 in the last 7 days (Illustration: BTCRead).
Behind the Price Explosion: Silent Accumulation and Boom Expectations?
According to technical analysis, Pi's price increase is not exactly a fluke. For the past several weeks, Pi has been quietly accumulating around the $0.75-0.85 price level. The breakout of short- and medium-term moving averages such as the 10, 20, and 50-day EMA/SMA shows that the bullish momentum has been brewing for quite some time.
Although the RSI is at a high level (85) - an overbought sign - according to experts, the uptrend is still very strong and can continue. If Pi holds above the support zone of $1.20, the next levels will be $1.50, even $2 in the short term.
It is impossible not to mention the powerful "catalyst" from the Pi Network community and a series of important upcoming events. Specifically, on May 14, the Pi Network development team will announce a major announcement related to the mainnet ecosystem. Although the details are not yet clear, the suggestive post on May 8 on the X platform has caused a stir in the community. Investors expect an important step to help Pi get closer to the public mainnet.
Previously, Pi also announced the separation of wallet activation from the migration process, allowing millions of users to access the mainnet ecosystem, expanding real-world usability and attracting more developers. In addition, the founder of Pi Network will speak at Consensus 2025, one of the world's largest cryptocurrency events, which further increases expectations for the official trading opening.
In particular, the rumor that Binance will soon list Pi has caused the market to "explode". Although Pi is not yet available on this major exchange due to issues related to token distribution, a recent poll shows that 86% of users want Pi to be listed on Binance - a number that is enough to sow hope.
Is there a "FOMO effect" or a real resurgence?
Of course, for those who have witnessed Pi "evaporate" from nearly 3 USD to 0.4 USD in just a few weeks, this price increase may make them wonder whether this is a temporary "FOMO effect", or a real rise of Pi?
Analyst Dr. Altcoin believes that this rally is just the beginning. The market could really explode if the May 14 announcement is a turning point that brings Pi closer to a public listing. According to him, Consensus 2025 could be a real catalyst, not just a "short-term speculative wave".
However, investors still need to be cautious. If Pi fails to hold the support zone of $1.12, it may return to the price zone of $0.85 - $0.90, or even lower if profit-taking pressure is strong.
In the volatile world of cryptocurrencies, nothing is certain. But with a more than 100% weekly gain, skyrocketing trading volumes, and a slew of high expectations, Pi is returning to the spotlight in a way no one saw coming.
Whether you're a loyal Pioneer or just starting to look at the coin, one thing is clear: The Pi Network game has entered a new chapter. And all eyes are on May 14.
Source: https://dantri.com.vn/kinh-doanh/dong-pi-bung-no-vuot-moc-1-usd-va-lot-top-20-toan-cau-dieu-gi-dang-xay-ra-20250513092357283.htm
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