Pi Network finally launched its Open Network alongside the PI token. Yet, the market showed volatility as the token's price initially plummeted but then rebounded by 65%.
Long-Awaited Open Network Launch
On February 20, Pi Network launched its Open Network after years of beta testing. The project garnered strong community support, leading to significant interest.
Volatility and PI Token Recovery
Following the debut of the PI token, its price sharply fell from nearly $1.9 to around $0.6. Nevertheless, within the next 24 hours, the token rebounded over 66% and reached approximately $1.45, peaking at $1.62.
Impact of Binance Vote and Bybit Conflict
The increase in trading volume and price of the PI token could have been influenced by a Binance vote to determine if users want to see the token listed. Meanwhile, Pi Network is in a conflict with the hacked exchange Bybit. Bybit's CEO has expressed concerns, questioning the legitimacy of Pi Network.
Pi Network's Open Network launch generated significant buzz, and the PI token became the focal point of the crypto community due to speculations surrounding Binance. With high volatility, further developments warrant close monitoring.
