Summary:
- Pi Network recently launched its Open Network and native token, leading to an initial market downturn due to selling pressure.
- The asset has since rebounded impressively, fueled by speculation of a potential listing on a major cryptocurrency exchange.
Launch and Immediate Market Reaction
After years of development, discussions, and delays, Pi Network officially launched its Open Network along with its native token on February 20. The project, which had been in beta for approximately five years, transitioned to a live environment amidst high community enthusiasm.
Following the token’s launch, the market experienced a “sell-the-news” event. Within hours of being listed on exchanges like Bitget, OKX, and MEXC, the token’s price dropped from nearly $1.90 to around $0.60. However, the asset recovered significantly within 24 hours, nearly doubling in value to around $1.45 after peaking at $1.62 earlier in the day.
Surge in Trading Volumes and Speculation
The price recovery aligns with a notable increase in trading volumes. This increased activity has been attributed to speculation about a potential listing on a major global crypto exchange. The possibility of debuting on such a prominent platform has created considerable excitement among market participants.
Supporting this, a leading exchange recently conducted a poll to assess user interest in listing the token. The official results will be announced on February 27, but preliminary indications suggest strong community support for the listing. Past market events show that such rumors can act as catalysts, causing rapid price fluctuations even before official announcements.
Ongoing Controversies
Despite these developments, Pi Network remains a subject of debate in the cryptocurrency space. The project has faced public disputes, including criticism from an exchange CEO regarding its legitimacy. This ongoing controversy adds complexity to the project’s story, highlighting the challenges faced by new crypto initiatives.
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