On February 20, 2025, after the official launch of the Pi Network (PI) mainnet, its token experienced sharp price fluctuations on exchanges such as OKEx, with an increase of over 100% within 24 hours, and its market value temporarily surpassed mainstream tokens like USDT and BNB. As the world's first crypto project with 'mobile mining' as a gimmick, the PI token's comeback is full of controversy, but it reflects the deep game between exchange ecology and community consensus. This article combines on-chain data and market dynamics to analyze the core advantages of this surge and forecast subsequent trends.
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1. Liquidity breakthrough: exchanges empower value circulation
1. Endorsement by mainstream platforms
As one of the top three digital asset trading platforms globally, OKEx injects strong liquidity into the PI token by listing the PI/USDT trading pair. Previously, the PI token was limited by the mainnet not being online and withdrawal restrictions, with trading largely concentrated in over-the-counter or derivative markets, resulting in a lack of price discovery mechanism. This compliant listing not only opened a direct channel between PI and global capital markets but also reduced policy risks through KYC certification and anti-money laundering mechanisms.
2. Trading depth and user experience
OKEx's average daily trading volume exceeds $100 billion, ensuring no slippage for large orders and avoiding price manipulation risks. Meanwhile, the platform supports fiat deposits, spot leverage, and derivative contracts, catering to diverse needs from beginners to institutions, further attracting user participation.
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2. Community consensus drive: the 'wealth belief' of 60 million users
1. Viral growth and pyramid-like incentives
The PI token has accumulated over 60 million users in 6 years through a 'free mining + invitation rebate' model, particularly attracting middle-aged and elderly groups. Users enhance mining power by inviting new members, forming a hierarchical community network; this 'social mining' narrative reinforces FOMO sentiment.
2. Mainnet launch and easing of selling pressure
After the mainnet launch, the selling pressure from early miners eased, and liquidity gradually stabilized. Although the current circulation accounts for only 6% of the total (about 6 billion), market expectations for future trading opening have driven price rebounds.
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3. Exchange traffic and speculative game
1. Top platform synergy effect
After OKEx listed the PI token, prices on exchanges such as Gate and OKX experienced sharp fluctuations (e.g., Gate opened at $2.88 and then fell), attracting follow-up trading. High-leverage contracts (such as 50x) further amplified price fluctuations, with short-term speculators becoming the main drivers.
2. Binance listing expectations catalyze
Binance community voting shows that 85% of users support the listing of the PI token. Although voting from mainland China was excluded, the optimistic sentiment in the global market still transmitted to exchanges like OKEx, forming a 'price-leading' herd effect.
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4. Future trend assessment
1. Short-term risk: bubbles and regulatory pressure
The current market value of the PI token lacks fundamental support, with clear overbought signals (RSI indicator over 100). If the mainnet ecosystem progresses below expectations or regulatory intervention occurs, the price may quickly retrace to the support level of $1.00-$1.21.
2. Long-term variables: technology implementation and ecological integration
- Technical validation: the mainnet needs to solve core issues such as transaction speed (current TPS is only 30) and smart contract compatibility; otherwise, it will be difficult to support large-scale applications.
- Exchange role: Platforms like OKEx may evade regulation through 'isolated listings', but users still face risks by bypassing restrictions with VPNs, and policy uncertainty may limit liquidity.
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Conclusion
The surge in the PI token is the result of a resonance of exchange traffic, community consensus, and speculative sentiment, and is also a typical case of the crypto market where 'narrative equals value'. For investors, it is necessary to be wary of short-term bubbles, focus on the technological progress and compliance of the mainnet, and avoid blindly chasing highs. As stated in OKEx's announcement: 'Users should judge the risks themselves'; rational decision-making is always the key to success.
Risk warning: The content of this article is for reference only and does not constitute investment advice. The cryptocurrency market is highly volatile, please make cautious decisions.
