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The PI token has been among the biggest underperformers during this year’s rally. It launched in late February, peaked at $3 days later, but went on a months-long nosedive that eventually resulted in dumping to $0.172 on October 10 to market a new all-time low. Thus, the asset had lost over 93% of its value in less than eight months.
However, it bounced off in the following days and found solid support at around $0.20. The past 24 hours have been particularly positive for PI as its price rocketed by 20% and now sits at a three-week peak of over $0.25. So what could be behind this surge, and is it sustainable?
The team behind the project has made several major announcements and updates in the past few weeks, including revelations about the verification process and the introduction of new features. However, none of those had any dramatic effects on the underlying asset’s price, at least not in today’s manner.
Numerous X users who have been following Pi Network for years started to guess on what could be behind the 20% pump on Monday, and most concluded that there’s something big brewing. Some, such as Dr. Pi, speculated that Wall Street capital might be going into the ecosystem, as “they are the ones closest to the Pi Network core team.”
Others, such as Pi Coin Magazine, outlined another possibility on the SWIFT front. They noted that Pi Network’s attempts to be compatible and integrated into the SWIFT network might have taken a step in the right direction, as hinted by positive news from OKX.
“A significant milestone has been achieved with the recent announcement from OKX, which has successfully passed the Know Your Business (KYB) verification for Pi Network. They proudly state, “Pi SWIFT Integration: Cross Border Bank Activated.” This means that the Pi Bank’s cross-border banking capabilities have been successfully integrated into the SWIFT system, a groundbreaking development that positions Pi Coin at the forefront of global transactions.”
Unfortunately for PI investors, similar price moves have occurred in the past, only to be followed by more significant corrections. As reported in May, the team hinted about a massive announcement to be made weeks later, and PI skyrocketed by triple digits in days.
However, its progress was halted at $1.70, and the subsequent rejection was even more painful as it brought the asset even lower than its starting point.
The community appears more confident now, hoping that today’s rally is just the beginning of a longer and more sustainable one.
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato’s Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.
Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
