Pi Network Price Has Reclaimed $1

Pi Network price has hit $1 again as its market capitalization flips Litecoin and Bitcoin Cash. Investors are now looking at what can sustain the rally for Pi Coin.

Pi Network (PI) price broke above the $1 mark once again on Monday, May 15, as it continues its stellar performance. According to CoinMarketCap data, the token's price peaked at $1.19 after a 50% surge in the past 24 hours.

At the peak, Pi Network’s market capitalization surged past $8 billion, flipping Litecoin and Bitcoin Cash. As the 18th largest cryptocurrency, Pi Network sparks interest with its remarkable recovery.

Apart from the surge in prices and market capitalization, Pi Network volumes surpassed $1 billion, spiking by 600%.

Furthermore, the impressive rally leaves Pi Coin as the biggest gainer among the top 30 largest cryptocurrencies by market capitalization.

As Pi Coin racked up impressive metrics, LTC managed to gain only 0.42% while BCH garnered $0.24 in the same timeframe.

Earlier this week, on-chain analytics predicted that Pi Coin price can skyrocket by 100% at the start of the week after the formation of an Adam and Eve pattern.

Whale Accumulation Is Fuelling The 50% Rally

Apart from glowing on-chain analytics, the Pi Network rally is fueled by a frenzied whale accumulation. Prior to the start of the rally, an unknown whale moved 70,000,000 Pi off exchanges to trigger the rally.

A clear path toward $1 appeared after another whale bagged 20 million Pi from the OKX exchange. Retail investors are accumulating Pi Coins in droves, driven by a raft of positive fundamentals around the network.

Firstly, investors are targeting the Consensus Summit in mid-May as the start date for a Pi rally, scooping up coins at a discount. Furthermore, the Pi Core Team is gobbling up Pi Coins from centralized exchanges to stabilize the Pi Network price following the token unlock event.

The Pi Core Team has previously hinted at a major announcement on May 14, which may have sparked the rally. Amid the charged atmosphere around Pi, there is speculation that a Binance listing is imminent following a string of “rumoured” test transactions.