Amid a general slump in the cryptocurrency market over the past week, the PI token from Pi Network stood out with a near 50% rise.
A Rough Week for Cryptocurrencies
The past week was challenging for cryptocurrency investors. From February 19th to February 26th, most major digital currencies lost value. Bitcoin dropped more than 10%, while Ethereum fell over 12%. Many smaller coins and memecoins performed even worse. In this situation, only a few tokens, including IP, MKR, TIA, and SEI, managed to gain value. PI was one such token, with its market cap exceeding $16.5 billion and a price increase of nearly 50% in just one week.
Overview of Pi Network
Pi Network has been a hot topic in the crypto world for several years. The project claims to make mining possible on mobile devices, attracting millions of users worldwide. However, many experts questioned its ability to deliver on its promises. On February 20th, 2025, Pi Network launched the Open Network stage of its mainnet, marking a major milestone that had been delayed since 2022. At the same time, the PI token became available for trading on several major exchanges, such as OKX, Bitget, and MEXC, but was not listed on Bybit. Since hitting exchanges, PI's price has performed surprisingly well.
No Major Sell-Off Yet
Many crypto experts predicted that PI would crash soon after its exchange launch, expecting users who mined the token for free on their phones to rush to sell it. Such a sell-off is common with airdropped tokens. However, PI has defied these expectations, maintaining and even increasing in value. There are several possible explanations for PI's success. The successful launch of the Open Network stage generated high excitement among the community, which is actively trading on exchanges. Loyal users of the Pi Network have chosen to hold on to their tokens in hopes of further value increase.
PI's success in the current market reminds us that the crypto market doesn't always follow predictions. It is important to note that the Pi Network community may play a key role in supporting the token. Investors should exercise caution as markets can change rapidly.
