Pi Network (PI) price surges 22% to trade at 10% below its all-time high

Pi Network has defied the broader crypto market downturn, surging 22% in the past 24 hours to trade at just 10% below its all-time high.

The price of Pi Network (PI) has seen a 24-hour surge of 22%, reaching $1.90, according to crypto.news. This surge in price comes amid the broader crypto market downturn, with the total crypto market cap down by 2% and many altcoins posting losses on the 24-hour timeframe, though not as drastically as yesterday.

On the other hand, Pi Network has encountered criticism for its reported market cap, exceeding $12 billion, placing it among the top 15 cryptos. However, the lack of independent verification for this market cap has raised concerns, and both Coinmarketcap and CoinGecko have omitted the ranking data.

Furthermore, Pi Network has faced accusations of being a pyramid scheme. Ben Zhou, CEO of Bybit, has openly called the project a scam targeting the elderly.

Additionally, Binance’s planned listing of Pi Network through a recent community vote has drawn criticism from Colin Wu, founder of Wu Blockchain. Wu expressed concerns that Binance’s focus on user registration and traffic might compromise its reputation and security, especially with the listing of a controversial project such as Pi Network.

As of February 22, Binance updated the results of its recent community vote to list the PI token, confirming that the proposal had 86% support. However, its listing decision is still pending. The Binance’s voting period is set to close tomorrow, on February 27 at 23:59 (GMT+8). If listed, it’ll likely be the major catalyst for PI’s price over the coming days.