The price of Pi Network (PI) dropped sharply after the first two days of listing, but has since recorded a recovery of up to 150% from the recent Dip. New events and psychological changes among PI investors have contributed to this recovery.
Here are a few observations from BeInCrypto on the reasons behind the rise in PI price back above $1.5 (at the time of writing).
Also Read: Pi Network becomes the most valuable Airdrop in crypto history, surpasses Uniswap
#1. The Bybit hack had an indirect positive impact on the price of Pi Network (PI)
OKX exchange data shows that on February 22, PI was trading at $0.65 at one point, but after the news of the Bybit hack hit the market, the price of PI immediately jumped 16%.
PI price reaction after Bybit hack news. Source: TradingView.Somehow, the positive sentiment spread within the PI mining community. Previously, the Bybit CEO had strongly claimed that Pi Network was a "scam". Although the hackers were not related to the Pi community, identified as the Lazarus group, the fact that the Bybit exchange was hacked had an indirect impact on the sentiment of Pi investors.
This can be seen as a psychological flip-flop situation, where the opposing party (Bybit CEO) facing troubles becomes good news for the opposed party (the "Pi holders").
The price chart shows that this price surge kickstarted a prolonged upward trend the following day.
#2. The PI community is expecting PI to be listed on Binance as the voting deadline approaches
On February 23, on social media X, many PI investors spread the information that Binance had accepted to list the Pi Network. This news further pushed the price of Pi above $1.5.
However, the Binance support account has clarified that the voting period is still ongoing until February 27.
The excitement of the Pi community continues as the Binance Square Official account has been posting the latest voting results. This voting has set a record by attracting 11.5 million views and over 212,000 votes on Binance Square.
Conclusion of the community vote for Pi listing on Binance. Source: Binance Square.The voting results from February 17 to 22 show that over 86% of voters said "YES" - meaning they want Binance to list Pi. Such a high result has made PI investors confident in the listing scenario. This has further driven the PI price to continue rising after the strong price pump when Bybit was hacked.
"99% Binance will list Pi Network." - A PI investor on X predicted.
#3. Some Pioneers believe the Pi price on exchanges is too low compared to the GCV consensus price
As BeInCrypto has mentioned recently, some supporters have proposed a Global Consensus Value (GCV) of $314,159 per Pi token in the Pi Network community. Therefore, many PI investors believe that the sub-$2 price of PI on exchanges is too "cheap" compared to the consensus price.
This sentiment has driven a portion of the Pi community to invest money to buy PI on exchanges. And this sentiment has become part of the driving force for the PI price recovery. From the lowest Dip, PI has now increased by over 150%, currently trading above $1.5.
Price movement of Pi Network (PI) on the OKX exchange. Source: OKXPi Network (PI) continues to be a major topic of interest in the crypto community in Vietnam. The Global Consensus Value (GCV) is seen as the price of Pi for payments/exchanges within the Pi community ecosystem. However, Vietnamese law prohibits the use of cryptocurrencies like PI as a means of payment.
Also Read: 4 Hypotheses on the Valuation of Pi Network: From Reasonable to Unbelievable
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