TL;DR

PI surged to a new peak of almost $3, while its market cap surpassed $18 billion (the figure is pending verification). Speculation around a potential Binance listing fuels the rally, with over 86% of voters supporting the tokens inclusion on the exchange.

The Rally Goes on

Contrary to the severe crash of the cryptocurrency market witnessed in the past few days, Pi Networks native token continues to chart additional gains. Several hours ago, PIs price hit a new all-time high of almost $3. Currently, it trades at around $2.50, which represents a whopping 35% increase on a daily scale.

PI Price, Source: CoinMarketCap According to CoinMarketCaps data, the assets market capitalization has surged past $18 billion. The crypto data aggregator, though, made a disclaimer that it has not verified the figure. It noted that the project had self-reported the capitalization, claiming that the circulating supply stands at over 6.6 billion tokens. 

Meanwhile, a market cap of over $18 billion (if the number is accurate) would place PI as the 11th-biggest cryptocurrency, trailing behind TRON (TRX), Cardano (ADA), and Dogecoin (DOGE). 

Perhaps the most likely factor triggering the pump is the increased speculation that Binance is about to embrace the asset. The worlds largest crypto exchange held a community vote to determine whether its users would want to see PI available for trading on its platform. The results will become official today (February 27), with over 86% of the voters clicking the yes option so far. 

A potential Binance listing would increase the tokens liquidity and accessibility, possibly creating additional upward pressure on the valuation. It is worth mentioning that some of the leading crypto exchanges have already allowed trading services with PI. Some examples are Bitget, OKX, and MEXC. 

Conversely, Bybit preferred to stay aside. Its CEO Ben Zhou recently described Pi Network as a scam, assuring that his entity will not list the asset. 

The Next Potential Targets

Pi Network has a huge community that is particularly active on X. Many members noted the assets recent price surge, envisioning a further jump to uncharted territory in the near future. 

One person, using the X moniker Pi Blockchain, suggested that the next wave could send the price to $4 or even $40.

Prior to the launch of the Open Network (which occurred on February 20), some predicted that the tokens valuation could reach a staggering $314.159 a number symbolically linked to π (Pi) ≈ 3.14159. 

It is worth mentioning that such a figure would require PIs market cap to skyrocket above $2 trillion (assuming the circulating supply is around 6.6 billion coins). The current capitalization of the entire cryptocurrency market is less than $3 trillion, making the forecast highly implausible.