The Pi coin from Pi Network has once again caught attention after reaching an all-time high (ATH) of $2.98. This achievement occurred just six days after the coin hit its lowest price of $0.6. This sharp rise has drawn significant attention, especially amidst a general downtrend in the crypto market.
Sharp Increase Amidst Bearish Trends
According to CoinMarketCap, Pi coin managed to strengthen while major crypto assets like Bitcoin, Ethereum, Solana, and XRP experienced price declines. This has sparked optimism among Pi investors, who see it as a positive sign for the coin’s future.
However, skepticism remains. The Pi Network has faced accusations of being a scam within the crypto community, which intensified after the coin’s price plummeted post-launch. Bybit CEO Ben Zhou has outright called Pi Network a scam and stated that Bybit will not list the token on its platform. Additionally, crypto influencer SHIB Gems has labeled Pi as a dubious project but acknowledged opportunities for investors to profit from the coin’s price volatility.
Pi Network’s Response to Scam Allegations
In response to these allegations, Pi Network’s development team issued clarifications via social media. They asserted that Pi Network is not connected to the Chinese police warnings and has never engaged in illegal activities. The team emphasized that Pi Network is a legitimate platform with a six-year track record and over 60 million users. They explained that the mainnet launch delay on February 20th was part of a strategy to ensure project readiness before a full launch.
The delay aimed to build a robust community and avoid potential threats from irresponsible parties. The Pi team also stated that they are not associated with social media accounts attacking Bybit’s CEO and condemned any attacks on Ben Zhou, urging the community to stay focused on Pi’s ecosystem development.
Can Pi Coin Reach $10?
Optimism for Pi coin’s price continues to grow after its rally to a new ATH. Crypto analyst Gem Hunter predicts that Pi could rise to $10 despite the overall sluggish crypto market. One potential factor driving Pi’s price increase is a possible listing on Binance. Analysts believe that if Binance includes Pi in its trading list, the coin’s price could exceed $5 and potentially reach $10.
This prediction is bolstered by the fact that 192,000 Binance users have voted in favor of listing Pi, while only 29,000 opposed it. However, there are significant challenges that could impact Pi’s price. Many Pi users have yet to receive their token allocations, which means that if they obtain them soon, potential selling pressure could rise and affect market prices.
DISCLAIMER: Crypto asset investments carry high risks, and all investment decisions made by you based on recommendations, research, and information are your full responsibility. No institution or state authority is responsible for these investment risks.
