Pi Coin (PI) Price Surges by 35% Hitting $1.29, Crossing $8 Billion Market Capitalisation

This rally pushed Pi ahead of well-established cryptocurrencies like Litecoin (LTC) and Bitcoin Cash (BCH).

Pi Network's native token, Pi Coin (PI), has experienced a remarkable surge of 35% in the past 24 hours, reaching $1.29 and propelling it past Litecoin (LTC) and Bitcoin Cash (BCH) in market capitalisation, which now stands at over $8 billion, fresh data from CoinMarketCap shows.

The dramatic price increase was sparked by a wave of whale activity, with over 90 million Pi coins being transferred between wallets, quickly mobilizing retail traders and generating huge interest in the token.

This resulted in a 278% spike in trading volume, which soared past $1 billion, further fueling the price rally.

These movements come amid speculation that Pi could be getting listed on Binance. Some users on the exchange reported seeing ‘test transactions’ of Pi on the platform, hinting at a pending listing.

The Pi Core Team is reportedly buying Pi from exchanges to help stabilise prices following recent token distributions to users of the Pi Network. A major announcement is also expected on May 14, which could be fuelling this optimism.

Technical analysis of Pi also suggests strong bullish momentum. On the 4-hour chart, the Relative Strength Index (RSI) is overbought at 91.61, signaling that the bullish trend might pause or reverse soon.

However, both the MACD and Stochastic Oscillator are still indicating a continuation of the uptrend. Moreover, price is holding above the 50-day Exponential Moving Average (EMA), which could act as support for further buying.

If the bulls manage to push the price above the $1.35 resistance, then the next target could be the March high of $1.80. A breakout above this level could propel Pi to new all-time highs.

However, analysts advise caution as there are concerns about a lack of transparency from the Pi Core Team, questions about the project's mainnet status, and past scam allegations against the project.

Despite these issues, Pi's performance has been phenomenal, especially during a week that has seen impressive price rallies from Kaspa (KAS) and Peanut (PNUT).