Pi Network Defies Gravity: $7B Market Cap Surge as Token Doubles in Wild Week
Move over, blue chips—Pi Network just moonwalked past $7 billion in market cap while traditional finance was busy recalculating its Excel sheets. The mobile-mined token ripped 110% in seven days, leaving even crypto veterans blinking at their trading screens.
What’s fueling the frenzy? Speculation’s thicker than a Wall Street prospectus, but two theories dominate: whispers of a mainnet launch finally going live, and retail traders FOMO-ing into what they hope is the next ‘early Bitcoin.’
Critics counter that Pi’s valuation now rivals established Layer 1 chains—despite still operating in semi-centralized limbo. ‘Another masterclass in vaporware valuation,’ quipped one hedge fund analyst between sips of $28 artisanal coffee.
One thing’s clear: in crypto, even the projects skeptics love to hate can turn into nine-figure rockets overnight. Whether this is the start of a new paradigm or just another hype cycle… well, that’s why we keep refreshing CoinMarketCap.
What is driving PI’s price?
PI’s explosive growth appears to be driven by a combination of positive market sentiment and speculation surrounding an upcoming ecosystem announcement.
Over the past week, the broader crypto market has experienced renewed investor confidence, driven by the improving macroeconomic conditions between the US and major trade allies, the UK and China.
Market analysts noted that these trade agreements have helped calm markets, prompting investors to pivot toward risk-on assets like cryptocurrencies.
As a result, there has been an increased appetite for digital assets, especially among traders looking to capitalize on short-term volatility. This resulted in Bitcoin’s price rising by 10% to reach a three-month high of more than $105,000, while ethereum registered a more significant gain of 42% during the reporting period.
PI has become a surprising beneficiary in this climate, as investors have also aped in other digital assets in the emerging industry. Meanwhile, another key reason driving the uptrend is the scheduled ecosystem announcement set for May 14.
Although the Pi Network team has not disclosed full details about the update, community chatter points to potential launches of developer tools, platform enhancements, strategic partnerships, and user rewards. The anticipation is helping attract new interest and trading volume to the controversial crypto token.
Challenges remain
Despite the PI token’s breakout, industry skepticism remains high as critics had previously questioned the project’s legitimacy and structure.
In February, Bybit CEO Ben Zhou likened the project to a pyramid scheme, citing a Chinese police report that accused the network of exploiting elderly individuals and misusing personal data.
Another pressing issue is the large volume of token unlocks expected in the coming weeks. Data from Piscan shows that more than 250 million PI tokens, worth over $317 million, will be released into circulation in the next 30 days. This token influx could introduce significant selling pressure and stall the current momentum.
