🚀 Pi Network: A Crypto Enigma 🤑

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It is a truth universally acknowledged, that a cryptocurrency in possession of a dubious reputation, must be in want of a price surge. And thus, Pi Network has defied the broader crypto market downturn, rising a most respectable 22% in the past 24 hours, to trade at a mere 10% below its all-time high.

The Pi Network (PI) price, that most capricious of creatures, has seen a 22% hike over the last 24 hours, trading at a most satisfactory $1.90, according to the esteemed crypto.news. The 24-hour trading volume, a true marvel of modern finance, has now surpassed a staggering $700 million. The current price, a mere stone’s throw from PI’s all-time high of $2.10 set on Feb. 20 at its launch, is a testament to the boundless enthusiasm of its adherents.

But alas, dear reader, not all is sunshine and rainbows in the world of Pi Network. On the technical side, PI’s price is showing strong bullish momentum on the 1-hour timeframe, with the price trading well above the 25-period exponential moving average at $1.64. Before this surge, the price had been consolidating between $1.50 and $1.70 from Feb. 24 to early Feb. 26, with the 25 EMA acting as dynamic support. The breakout from $1.70 was supported by rising volume, a true harbinger of good tidings.

If this momentum continues, the next resistance level is somewhere around $2.00, a prospect that has set the hearts of Pi Network enthusiasts aflutter. However, for confirmation of further upside, the price needs to hold above $1.70 with sustained volume, lest the bubble burst and the price come crashing down to earth. If the price pulls back, $1.64 (25 EMA) and $1.50 are key support levels to keep a weather eye on.

In addition to its strong price performance, Pi Network’s self-reported market cap has now exceeded a staggering $12 billion, which places it among the top 15 cryptos by market cap, a feat of no small significance. However, the lack of independent verification for this market cap has raised concerns, and both Coinmarketcap and CoinGecko have omitted the ranking data, a move that has left many a Pi Network enthusiast in a state of high dudgeon.

Apart from the market cap concerns, Pi Network has faced criticisms over its dubious business model, with some going so far as to call it a pyramid scheme 🤑. Ben Zhou, CEO of Bybit, has publicly called the project a scam targeting the elderly, a charge that has left many a Pi Network enthusiast in a state of righteous indignation.

Moreover, Binance‘s consideration to list Pi Network with the recent community vote has drawn criticism from Colin Wu, founder of Wu Blockchain, who has raised concerns that Binance’s focus on user registration and traffic might compromise its reputation and security, especially with the listing of a controversial project such as Pi Network.

As of Feb.22, Binance updated the results of its recent community vote to list the PI token, confirming that the proposal had 86% support, a result that has left many a Pi Network enthusiast in a state of high excitement. However, its listing decision is still pending, a move that has left many a Pi Network enthusiast in a state of suspense. The Binance’s voting period is set to close tomorrow, on Feb. 27 at 23:59 (UTC), a deadline that has left many a Pi Network enthusiast on the edge of their seats.

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2025-02-26 11:00