Pi Coin from the Pi Network, which went live on February 20, has witnessed an unprecedented surge in the past 24 hours, skyrocketing by 34.7% to touch an all-time high of $2.16. As per data from CoinMarketCap, the cryptocurrency, which was trading as low as $0.6157 just six days ago, has gained over 242% since its recent bottom on February 20, 2025.
The sudden rally has propelled Pi Coin’s fully diluted valuation (FDV) to $21.37 billion, reflecting renewed investor confidence. The 24-hour trading volume stands at nearly $955.7 million, signaling heightened activity among traders.
Despite the sharp price movement, Pi Coin’s market capitalisation remains at $13.93 billion, with no official circulating supply disclosed. The total supply currently sits at 10.11 billion coins, while the max supply is capped at 100 billion.
Interestingly, the biggest blue-chip cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Tron (TRX), have plunged over 10% in the past 24 hours. Bitcoin slipped below $90,000 for the first time in over a month, marking its latest setback in a broader crypto market downturn.
Volatility and Market Sentiment
Pi Coin’s price action has been highly volatile over the past week. Just seven days ago, it was trading in the range of $0.6423 – $2.06, showcasing extreme fluctuations. However, the recent breakout to $2.16 suggests strong buying momentum, with a 5.9% increase in just the past hour.
Primarily because of the wild fluctuations in price, the Pi Coin has also been facing some severe criticisms. Pi Network continues to face scrutiny, for instance, not just over its market cap ambiguity but also allegations of being a pyramid scheme. Bybit CEO Ben Zhou has openly dismissed the project as a scam, accusing it of preying on elderly investors.
Meanwhile, Binance’s potential listing of Pi Network has sparked fresh controversy. Colin Wu, founder of Wu Blockchain, has criticised the move, arguing that Binance’s emphasis on user registrations and traffic growth could come at the expense of its reputation and security—especially given Pi Network’s contentious nature.
On February 22, Binance updated the results of its ongoing community vote, revealing that 86% of participants support listing Pi (PI) on the exchange. However, the final decision remains undecided. The voting period is set to conclude on February 27 at 23:59 UTC, and if approved, the listing could serve as a major catalyst for Pi’s price movement in the coming days.
All said and done, the sharp uptick does come amid growing speculation about Pi Coin’s potential listings on major exchanges, institutional interest, or a broader crypto market rally. However, questions around its actual circulation and utility remain, making it a high-risk, high-reward asset for traders.
