Pi Network Defies Crypto Winter With 33% Surge—What’s Fueling the Rally to $1?

Pi Network’s native token PI just pulled off a jaw-dropping 33% pump, briefly kissing the psychologically crucial $1 mark. Here’s why traders are scrambling—and why Wall Street would call this ’irrational exuberance.’

The mobile-mining upstart flexes muscle

Unlike Bitcoin’s energy-guzzling rigs, Pi’s smartphone mining model continues attracting users despite three years of ’mainnet coming soon’ promises. Today’s price action suggests true believers are doubling down—or that someone’s gaming a thinly traded market.

Exchange listings trump fundamentals (again)

The token’s recent listing on Huobi ignited buying pressure, proving once more that in crypto, accessibility often outweighs utility. Never mind that Pi’s closed ecosystem still prevents most holders from actually spending their coins.

A reality check wrapped in green candles

While the surge makes for flashy headlines, seasoned traders know PI’s illiquid markets and unproven adoption make this a speculator’s playground. Then again, when has that ever stopped crypto?

It was just over a month ago when Pi plunged to $0.4, which became the aforementioned ATL, amid massive token unlocks, market uncertainty, and FUD against the project behind it.

It bounced off in the following weeks but still remained in a tight range around $0.6. PI finally shot above that level at the end of last week, gaining 20% daily on Friday. Naturally, such moves attract people’s attention, and analysts and popular commentators started providing big price predictions of $1 and all the way to $5.

Interestingly, the smaller target was reached earlier today when PI soared by 35% at one point and tapped $1 for the first time in close to two months. On a weekly scale, the asset has soared a mind-blowing 64%.

There’s no evident reason behind this surge besides a possible HYPE growing from an upcoming announcement set for next week (May 14). As reported before, there are speculations about a big exchange listing, perhaps on Binance.

Another possibility could again be linked to a hype rally as one of Pi Network’s founders, Dr. Nicolas Kokkalis, is expected to speak at this years large crypto conference – Consensus, which is also taking place next week (May 14 – 16) in Toronto.

Moon Jeff, an analyst frequently talking about PI, noted that many “unknown entities,” including BANXA, continue to accumulate Pi Network’s token, which could also be a culprit for price increases. However, his information remains unverified.

BANXA is buying millions of $PI
PCT is buying back.
Unknown entities are accumulating millions of $PI.
Exchange withdrawals are more than deposits.

And you are selling your coins? Okay let’s see who will win at the end. #PiNetwork

— MOON JEFF (@CRYPTOAD00) May 10, 2025