PI network inching towards $1.60 amid Binance listing hopes

Pi’s price is holding steady above $1.50, fueled by hopes of a potential Binance listing.

Pi Network (PI) token officially launched on Feb. 20, coinciding with the launch of Pi Network’s mainnet. Shortly after launch, several centralized exchanges, including OKX, HTX, Bybit, MEXC, Gate.io, BitMart, and Bitget, listed PI for trading. Following these listings, PI’s price surged 36.8% within the first hour, reaching a high of $1.97, according to CoinGecko.

However, a rapid sell-off followed as early adopters started liquidating their holdings. As a result, the price plunged from its all-time high of $1.97 to its all-time low of $0.61 on the same day. Adding to the turbulence, accusations of fraud emerged. Bybit CEO Ben Zhou referenced a Chinese report labeling Pi Network a scam, specifically targeting elderly investors. Pi Network dismissed these allegations, asserting its legitimacy as a project that has been in development for six years.

Despite the initial downturn, PI price appears to be on a recovery trajectory, trading within $1.35 – $1.69 range in the last 24 hours. Today, PI price opened at $1.54 and has so far been holding steady above $1.50 level. At of the time of writing, PI trades at $1.58, with the 24-hour trading volume of $1.02 billion, down by 42% over the past 24 hours.

Speculation surrounding a potential Binance listing is likely behind this resilience. As of Feb. 22, a community vote on Binance had gathered 212K responses, with more than 86% in favor of listing PI. With the poll nearing its conclusion, investors anticipate that Binance may include the altcoin on its platform, which could influence its price trajectory.

However, there is a chance Binance listing may not materialize as criticisms have emerged regarding its potential PI listing. Most notably, Colin Wu, founder of Wu Blockchain, criticized Binance’s decision to revive community-driven listings after seven years, especially with the listing of Pi. He expressed a concern that Binance is prioritizing traffic and user registrations over security and its industry reputation.