Why Is the Pi Network Price Up Today?

TL;DR

• Pi Network’s native token has halted its freefall as of late and has bounced by almost 10% on a daily basis.
• This comes amid the asset’s growth in popularity, according to CoinGecko.

It’s tough to sell this article, so let’s be honest from the start. The PI token, which saw the light of day on February 20 when it became available for trading on numerous exchanges, slumped hard after reaching a new all-time high on February 26. At the time, the peak at $3 was short-lived and the asset started to lose value painfully quickly .

This culminated yesterday when it slumped to an all-time low of $0.54 (CoinGecko data), an 82% drop from the aforementioned positive record in just over a month. Such a massive decline turned even previous proponents into critics, as one claimed that the project was actually a slow rug pull.

The past 24 hours have finally brought some relief to the Pi Network community as PI jumped by over 9% and now sits at $0.6. Perhaps one of the reasons behind this increase is PI’s growing popularity among certain investors, as CoinGecko informed.

The token entered the top 10 cryptocurrencies in terms of the most trending coins in the period between March 29 and April 4. Thus, it surpassed the market leader Bitcoin as well as other bigger altcoins like Ethereum, Solana, Toncoin, and Ripple.

Or, another possible reason for today’s price surge is a termin known as ‘dead cat bounce.’ It refers to a temporary recovery in an asset’s price after a substantial and continuous decline, caused by speculators buying in order to cover their positions. It usually doesn’t end well. But that’s just a speculation, of course.