Amid sharp declines in the crypto market, the PI token has stood out with a nearly 50% rise. Here's what drives its success.
Crypto Market Takes a Beating
Last week saw a significant decline in cryptocurrency values. From February 19th to February 26th, most digital currencies suffered losses: Bitcoin fell over 10%, Ethereum more than 12%. Smaller coins and memecoins performed even worse. However, amidst the negative trend, a few tokens, including PI, showed growth. According to CoinMarketCap, PI's market cap exceeded $16.5 billion, with its price rising by almost 50% in a week.
Context on Pi Network
Pi Network has been a focal point in the crypto world thanks to its mobile mining concept. The launch of the Open Network mainnet on February 20th, 2025, was a major milestone, delayed since 2022. Now, PI tokens are available for trading on major exchanges like OKX, Bitget, and MEXC, although Bybit abstained from listing following scam allegations. PI's price initially dropped when it hit exchanges, but then saw substantial growth.
No Major Sell-Off
Experts anticipated a crash in PI's value post-exchange launch, expecting mass selling of 'mined' tokens to drive prices down. However, PI has surprised by maintaining and boosting its value. This success could partly be due to limited token availability. Some users report difficulties accessing their tokens, which may limit market supply and contribute to price increases.
PI token's success illustrates the unpredictable nature of the crypto market, and how a strong community can support a project during challenging times. While it's uncertain if PI's success will persist, it currently remains a rare bright spot amid market challenges.
