Following its official opening to external trading on Thursday, Pi Network's Pi Coin sent ripples through the market. After an initial dip, this cryptocurrency surged by 80.23%, reaching $1.29, bringing significant relief to investors. According to CoinMarketCap data, despite a considerable initial drop on its listing day, Pi Coin made a rapid recovery.
Price Surge After Initial Day Volatility
On Friday, February 21st, the first day of Pi Coin's listing, its value plummeted by 60% to $0.737 after reaching a high of $1.97. However, the very next day it experienced an 80% surge, reaching $1.29. Despite this volatility, investors remain hopeful that this digital currency will gain further strength in the future.
What is Pi Network and Why is it Special?
Pi Network was founded in 2019 by Stanford PhDs Nicolas Kokkalis and Chengdiao Fan. Its aim is to enable users to mine cryptocurrency through a mobile app without the energy-intensive mining processes typically involved. Users only need to press a button every 24 hours to earn some coins. Additionally, referring other users allows for earning more Pi Coins.
Major Exchanges Support Pi Coin
Given Pi Coin's growing popularity, major centralized exchanges such as OKX, Bitget, Bitrue, HTX, and BitMart have listed it. Furthermore, Bitget announced a $60,000 Pi airdrop pool for eligible users, running until March 3rd, 2025. Meanwhile, BitMart will gift 300 selected users with $3,000 worth of USDT-Pi.
Pi's Popularity Grows in India
Pi Network is rapidly gaining popularity in India. The app boasts over 100 million downloads on the Google Play Store, making it one of the fastest-growing cryptocurrency projects in India.
Will Pi Coin's Price Continue to Rise?
Despite Pi Coin's volatile performance, experts believe its widespread adoption and growing support suggest its price may rise further in the future. However, given the volatility of the crypto market, investors are advised to remain cautious. This unexpected surge in Pi Coin presents an interesting opportunity for new investors in the crypto market. It will be interesting to observe the price trend in the coming days.
