The price of Pi Network (PI) after the initial days of listing on the exchange experienced a sharp decline, but it has now recorded an impressive recovery of up to 150% from the most recent low. This recovery is not merely a market trend but is also driven by changes in investor psychology along with notable events in the community.
Below are the main reasons that triggered the resurgence of Pi Network's price, with the current price above $1.5 at the time we wrote this article.
Indirect impact from the ByBit hack
On February 22, the price of Pi Network reached a low of $0.65. However, as soon as the news about the ByBit exchange hack spread, the price of PI unexpectedly increased by 16%. This shows that there are positive reactions in the psychology of investors in Pi.
After a long time, the CEO of ByBit made negative statements about Pi Network, claiming that it was a scam. Although the hack was not related to any members of the Pi community, it also created a positive psychological effect that spread. It can be said that this is an interesting psychological case where negative news from a competitor becomes a motivation for a group that was previously criticized.
This price recovery has opened up a growth momentum for the following days, affirming significant strength from the Pi community.
Expectations for Pi Network Listing on Binance
Recently, the Pi Network community is buzzing with rumors about the possibility of this cryptocurrency being listed on the Binance exchange. This information, which has been widely circulated since February 23 on social media X, has caused the value of Pi to skyrocket beyond $1.5. Although Binance's official support account has announced that the voting for the listing will last until February 27, it cannot be denied that this expectation has attracted significant attention from investors.
In particular, Binance Square Official has provided a lot of information related to this voting, showing the dynamism and community interest in Pi Network. The election results from February 17 to 22 show that over 86% of votes support Binance listing Pi. This situation reflects investor confidence in the future prospects of this cryptocurrency, and it is not surprising that they are considering increasing their investments in Pi Network.
The price recovery of Pi Network is further propelled after the recent hack on the ByBit exchange. Thanks to the instabilities in the market, the community's confidence in Pi Network has been strongly reinforced. Many investors believe that being listed on Binance will not only bring higher liquidity but also be an important step in affirming Pi Network's position in the competitive cryptocurrency market.
The emotional range from the community is truly rich, with many hoping that this will open up new opportunities for Pi Network. Besides, there are also skeptical opinions about the sustainability of this hype, especially when the cryptocurrency market is often volatile.
However, it cannot be denied that the expectation of being listed on Binance has created a strong wave, attracting many new investors to enter this market. If Pi Network is indeed listed, this could mark a turning point not only for this cryptocurrency but also for the community that is following its development.
In the context of increasing competition in the cryptocurrency sector, it is crucial for Pi Network to affirm its value and enhance its presence on reputable exchanges like Binance. The future of Pi Network is opening up with many promises, and this interest from investors could be a decisive factor for its long-term success.
The price of Pi is still 'cheap' compared to the Global Consensus Value (GCV)
Another factor driving the recovery of Pi's price is the observation that the current price is low compared to the Global Consensus Value (GCV), which some community members claim could reach $314,159 for each Pi token. This has created a general sentiment that a price below $2 is 'cheap' compared to the value they consider reasonable.
Many investors have started to consider investing in PI with hopes of achieving high profits in the future. This mentality has become one of the strong motivators in driving the price of PI to recover, which has now reached over 150% growth from its low.
Conclusion
Pi Network (PI) is becoming a hot name in the cryptocurrency community in Vietnam. The recent price recovery not only stems from the market's reaction to external events but also from the internal strength and expectations of the supporting community. Despite the challenges that cryptocurrency faces in Vietnam, where current laws prohibit the use of virtual currency as a means of payment, the Pi community remains steadfast and continues to grow.
Investors need to monitor market fluctuations and sentiment to make appropriate investment decisions. The rapid changes in the situation will continue to shape the value of Pi Network in the near future. Let’s wait and see how the development of Pi Network can unfold in the ever-changing crypto market.