The cryptocurrency market made another move south in the past 24 hours, with most leading digital assets (including BTC) charting minor losses.
Somewhat surprisingly, Pi Network’s PI has defied the bearish environment, posting a daily gain of around 8%.
Finally in Green
Pi Network’s native cryptocurrency has been in a sharp decline over the past several months, disappointing its huge base of proponents and investors. Just a few days ago, its price dropped to a new all-time low of around $0.13, while its market cap plunged to around $1.1 billion.
Over the last 24 hours, though, the bulls stepped in, and PI reached almost $0.15. Its capitalization once again surpassed $1.3 billion, making it the 55th-largest cryptocurrency.
The notable resurgence comes shortly after the team behind the project provided an update on its Node infrastructure. The developers revealed that the Pi Mainnet blockchain protocol is undergoing a series of improvements and set a deadline of February 15 for the first upgrade.
The Core Team explained that it will run the consensus algorithm with Pioneers who have applied to become Nodes and have successfully installed all required blockchain software on their computers.
“While our hope is to include as many Pioneers as possible when defining the Node requirements, the availability and reliability of individual nodes in the network affect the safety and liveness of the network,” the official announcement reads.
PI’s price revival also coincides with a slowdown in token unlocks. Approximately 19 million coins are scheduled for release today (February 13), marking the record day for the next 30 days. Towards the end of the month, the daily unlocks are expected to drop below 5 million, which could reduce selling pressure and help stabilize the price.
PI Token Unlocks, Source: piscan.io
The Recent Rumors
Earlier this month, some X users speculated that Kraken is preparing to allow trading services with PI. Such support from one of the leading crypto exchanges would likely have a positive price impact on the asset, as it would increase its liquidity and availability and improve its reputation.
Perhaps the biggest boost will be if Binance decides to embrace PI. The world’s largest crypto exchange was expected to do so last year and even held a community vote to determine whether its users wanted the token listed on the platform. Despite the overwhelming support, Binance has yet to honor their wish.
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