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Pi Network Price Pumps 20% in 24 Hours: Why Is PI Surging?
The crypto market has been abuzz with the sudden surge in Pi Network’s price, which has skyrocketed by a whopping 20% in just 24 hours. This meteoric rise comes amidst an extended grace period for KYC verification on the platform.
As of today, users have until midnight UTC to complete their Know Your Customer (KYC) verification process. Failure to do so will result in account deactivation and the loss of all Pi tokens held by the user. The urgency has led to a sense of FOMO (fear of missing out), driving investors to take action and buy up PI.
Meanwhile, Binance’s recent poll in which 87% of participants voted in favor of listing PI Network has also contributed to the surge. Even though no official announcement has been made, the possibility of being listed on the world’s largest cryptocurrency exchange has sparked optimism among investors.
On a chart perspective, PI has managed to hold onto its bullish momentum since last month and remains above the crucial $1.60 support level as trading volume continues to rise. While resistance looms at the $1.75 and $2.00 regions, the Pi Day celebration may have created enough demand for buyers to push the price towards new highs.
While some users are facing challenges in transferring their funds due to technical issues with the platform, others are capitalizing on the surge. Those who have been holding onto their PI tokens since the launch six years ago are rejoicing at the sudden turn of events.
The question remains: can this momentum be sustained? The answer lies in Pi Network’s ability to overcome its current verification issues and prove that it is not a flash-in-the-pan, but rather an asset worthy of long-term investment.
Source: https://coinjournal.net/news/pi-network-price-pumps-20-in-24-hours-why-is-pi-surging/
