Pi Network's Price Surges 22% Amid Scam Allegations, Placing It 11th in Self-reported Market Cap

In the face of a broader crypto market slump, Pi Network has made an impressive 22% gain in the last 24 hours, trading at just 10% below its all-time high.

The price of Pi Network (PI) has increased by 22% in the past 24 hours, reaching $1.90 per coin according to crypto.news. This surge in price has resulted in a 24-hour trading volume of over $700 million. The current price is only 10% below PI's all-time high of $2.10, which was reached on Feb. 20 at its launch. This impressive performance comes despite the downturn in the broader crypto market, which has seen the total crypto market cap decrease by 2% and many altcoins experiencing losses in the 24-hour timeframe, although not as severe as yesterday.

From a technical standpoint, PI's price is displaying robust bullish momentum on the 1-hour timeframe, with the price trading significantly above the 25-period exponential moving average (EMA) of $1.64. Prior to this surge, the price had been consolidating between $1.50 and $1.70 from Feb. 24 to early Feb. 26, with the 25 EMA serving as a dynamic support level. The breakout from $1.70 was accompanied by an increase in volume.

If this upward momentum continues, the next resistance level can be found around $2.00. However, to confirm further upside potential, the price needs to maintain its position above $1.70 with consistent volume. In the event of a price pullback, the key support levels to watch are $1.64 (25 EMA) and $1.50.

In addition to its strong price performance, Pi Network's self-reported market cap has now surpassed $12 billion, placing it among the top 15 cryptos by market cap. However, the lack of independent verification for this market cap has raised concerns, leading to the omission of the ranking data by both Coinmarketcap and CoinGecko.

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Beyond the concerns over its market cap, Pi Network has faced criticism for being a pyramid scheme. Ben Zhou, CEO of Bybit, has publicly denounced the project as a scam targeting the elderly.

Furthermore, Colin Wu, founder of Wu Blockchain, has criticized Binance's consideration to list Pi Network based on a recent community vote. Wu has voiced concerns that Binance's focus on user registration and traffic might jeopardize its reputation and security, especially if it lists a controversial project such as Pi Network.

As of Feb.22, Binance has updated the results of its recent community vote to list the PI token, confirming that the proposal had 86% support. However, its listing decision remains pending. The Binance voting period is set to close tomorrow, on Feb. 27 at 23:59 (UTC). If listed, it could potentially be the major catalyst for PI's price in the coming days.

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