TL;DR

Following several months of depressed price movements, including an all-time low, PIs token has gone on a roll in the past week. On a daily scale alone, the asset is up by more than 30%, begging the question whats driving this spectacular pump. It was just over a month ago when PI plunged to $0.4, which became the aforementioned ATL, amid massive token unlocks, market uncertainty, and FUD against the project behind it.

It bounced off in the following weeks but still remained in a tight range around $0.6. PI finally shot above that level at the end of last week, gaining 20% daily on Friday. Naturally, such moves attract peoples attention, and analysts and popular commentators started providing big price predictions of $1 and all the way to $5.

Interestingly, the smaller target was reached earlier today when PI soared by 35% at one point and tapped $1 for the first time in close to two months. On a weekly scale, the asset has soared a mind-blowing 64%.

PI Token Price. Source: CoinGecko Theres no evident reason behind this surge besides a possible hype growing from an upcoming announcement set for next week (May 14). As reported before, there are speculations about a big exchange listing, perhaps on Binance.

Another possibility could again be linked to a hype rally as one of Pi Networks founders, Dr. Nicolas Kokkalis, is expected to speak at this years large crypto conference Consensus, which is also taking place next week (May 14 16) in Toronto.

Moon Jeff, an analyst frequently talking about PI, noted that many unknown entities, including BANXA, continue to accumulate Pi Networks token, which could also be a culprit for price increases. However, his information remains unverified.

BANXA is buying millions of $PI

PCT is buying back.

Unknown entities are accumulating millions of $PI.

Exchange withdrawals are more than deposits.

And you are selling your coins? Okay lets see who will win at the end. #PiNetwork