Is Pi Network dead? PI coin up 20% in 24 hours

PI Network’s coin price trend has been terrible for quite some time. Despite the rally with the rest of the altcoins, it has spent most of the last seven days below $0.6. However, in the last 24 hours, a surge of nearly 20% has been recorded.

Today, its price has risen by 19%, and it is one of the most notable green candles in about a month. Its current price is $0.74, and the trading volume is up 159%. This indicates that PI has reached a two-week high. 

However, even though the asset rebounded from its all-time low of $0.4 on April 5, it has yet to record a major comeback.

The motivation behind the current Pi coin’s rally

The official X channel of Pi Network, with more than $4.3 million followers, hints at a major “ecosystem announcement,” which will be disclosed next week. The Pi Core Team has hinted that this announcement will include major updates, like the public launch of the mainnet, new decentralized apps (dApps), and developer tools. 

A Pi ecosystem announcement will be released on May 14. Tune in to find out what's coming next! pic.twitter.com/5jn7m5mlmD

— Pi Network (@PiCoreTeam) May 7, 2025

Also, recent action on the blockchain connected to Binance’s Stellar deposit wallet has also led to rumors about a possible listing on Binance. The address was used for testing transactions during Pi Network’s early testnet phase when it still ran on a version of the Stellar Consensus Protocol. 

A few months ago, Binance held a vote to see if its users wanted PI to be added to its platform. The final vote was strongly in favor of listing PI, but since then, not much has been said about it. PI is currently listed on OKX and Bitget.

However, PI still has to deal with some risks. Over the next year, more than 1.4 billion PI tokens, worth more than $850 million, will be made available. This month alone, 231 million of these tokens will be made available.

What went wrong with the hype?

Many users can’t use or get their Pi tokens. They’re stuck in token limbo because they can’t make real trades or spend their tokens. All they can do is watch a number go up in an app without being able to do anything useful with it. This has led users to see the Pi network as a scam.

However, not every crypto project that fails is a fraud. Some are just big ideas that don’t work out quite right. So, where does Pi Network fit in?

At first glance, Pi doesn’t look like a typical scam. There was no initial coin offering (ICO), and no money had to be paid upfront. All that was needed was an app that lets you “mine” Pi by tapping your phone daily. That’s a low bar to get in, and millions of people did.

But looking at it more closely, users say that things become less clear. Referrals are a big part of the system, so users are encouraged to get more people to join so they can mine more. With that kind of structure, users say that it looks more like a pyramid scam than a decentralized crypto project.

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