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- Pi Network (Pi) enters the top five cryptos with huge followers on X as its 3.9 million marginally falls behind Dogecoin which is third on the list.
- An analyst has predicted that Pi could soon hit $3.14 amidst an upcoming Binance listing and its real-world utility offering.
Pi Network (Pi) gains significant traction as it surpasses Ethereum (ETH) to become the fourth most followed crypto on X globally. According to our research, the asset only trails Binance (BNB), which has 14 million followers, Bitcoin (7.5 million), and Dogecoin (3.9 million). Mathematically, Pi Network only falls behind Dogecoin by a few tens of thousands as it also has X followers of 3.9 million.
Reflecting on its strong community, Pi currently trades at $1.4 after moving from the $0.77 recorded on Saturday, February 22. Within the past 24 hours, the asset has rotated within the range of $1.3 and $1.7. Per our recent analysis, Pi has the capacity to reach $200 once market participation reaches its peak.
Drivers of Pi Network’s Price
Researching the reasons that could have triggered the current rally, analyst Kim Wong observed that the trading volume has been significantly higher than when it was first listed. According to him, this is an indication of massive monetary inflows.
Also, Wong believes that the listing of the asset on multiple exchanges including MEXC, Bitget, OKX, Gate.io, etc, boosted the publicity and prepared the grounds for more investors to come on board. As summarized in our earlier news story, 540,000 new users registered on the network on February 17 alone.
In his thesis, Wong further highlighted that the price is reacting to the rising demand in anticipation of a potential listing by Binance. Binance currently exists as the largest centralized exchange (CEX), with a daily trading volume of 45% of all CEX volume.
Lastly, Wong believes that Pi’s price chart shows a bullish formation of cup and handle patterns. Technically, this is an indicator of a bullish breakout. From the current price, this analyst believes that the asset is charging to reclaim its all-time high price of $2.2 to hit $3.14 in the short term, as featured in our recent coverage.
Previous Price Analysis
Earlier, Wong predicted that Pi could break the $1 resistance level and proceed to hit $2 once it successfully moves above the $0.8 zone. According to him, some investors raised concerns about the asset earlier, as they claimed the price was relatively low. Meanwhile, Wong believes that the price is reasonable compared to similar projects like Supra which is only trading at $0.010.
On the technical side, he believes that Pi provides a one-time solution to the mass adoption problem, provides real-world utilities, and has Know-Your-Customer (KYC) certified users.
Pi is very different from other crypto projects and has a very bright future. Pioneers are already getting something from nothing even at the present price. There is nothing to complain about. Open mainnet is a great beginning and should be celebrated. We should thank Pi Network for providing the great financial opportunity and should continue to support Pi Network.
