This Surge Propelled Its Market Capitalization to $11.8 Billion

This surge propelled its market capitalization to $11.8 billion, with a 65% increase in trading volume, reaching $744 million.

The price of Pi (Pi) surged 28% in a day to hit above the $1.70 mark on Thursday, March 9. The recent spike in Pi cryptocurrency value is largely attributed to speculation about a potential Pi Network (Pi) Finance listing.

An overwhelming 86% of Pi Network users voted in favor of the listing, though Binance has not officially confirmed the move. As market analysts noted, a successful listing on the Pi Coin exchange could further boost the Pi token price and increase Pi Network market activity.

Pivotal Moment For Pi Crypto Value

The day began with a report from SL-Trades on TradingView, highlighting an interesting technical pattern on the smaller time frame. According to their analysis, the formation of the ABCD pattern on the hourly chart suggests that Pi Coin is still moving in an overall bullish trend despite the recent price action.

The analysis also pointed out a key resistance level to watch, which is $1.94. According to SL-Trades, if Pi Network Coin manages to break this resistance and turn it into a support line, it could continue its bullish rally and test the next resistance level at $2.5. Finally, if the buying pressure continues, it could even reach the final resistance level at $3.

However, achieving this vision would involve continued momentum in the Pi Network ecosystem and wider overall acceptance of Pi Coin as a payment vehicle. The proposed listing with Binance should play an important role in both liquidity and market confidence. Moreover, as more businesses, like Zito Realty in Florida, begin to accept Pi Coin payments, the Pi cryptocurrency value could see steady growth.

Technical Issues Reported As Users Face March 14 Deadline

In other developments, crypto users on X (formerly Twitter) reported technical issues with the KYC and migration process. They also expressed concerns over mass token unlocks, given that only 7.15 billion Pi Coins are in circulation out of a total of 100 billion.

This could lead to price dilution, especially if the token price increases significantly after the migration. The March 14 deadline for completing KYC verification and migrating wallet tokens to the Mainnet Pi platform is fast approaching.

After the deadline, most of the users’ Pi holdings will be lost if they fail to complete the process. The mainnet migration process allows users to transfer Pi coins from the Testnet to the official Pi Network Coin ecosystem.