Pi Network price has reclaimed $1 after a searing rally that sees its market capitalization surge past Litecoin and Bitcoin Cash. Investors have their eyes peeled for a sustained rally for Pi Coin in a push driven by heavy whale accumulation.
Pi Network Price Surges To $1.19 To Flip Litecoin and Bitcoin Cash
After flashing multiple signs of brilliance, Pi Network embarked on a seismic rally, gaining a staggering 50% spike in a day. According to CoinMarketCap data, Pi Network price reached a daily peak of $1.19 from a previous low of $0.73.
At the peak, Pi Network’s market capitalization surged to over $8 billion, flipping Litecoin and Bitcoin Cash. Per the cryptocurrency aggregator, Pi Network spiked from 27th place to settle as the 18th largest cryptocurrency by market capitalization.
Apart from the surge in prices and market capitalization, Pi Network volumes surpassed $1 billion, spiking by $600%. Furthermore, the impressive rally leaves Pi Coin as the biggest gainer among the top 30 largest cryptocurrencies by market capitalization.
As Pi Coin racked up impressive metrics, LTC managed to gain only 0.42% while BCH garnered $0.24 in the same timeframe. Previous on-chain analytics predicted that Pi Coin price can skyrocket by 100% at the start of the week after the formation of an Adam and Eve pattern.
Whale Accumulation Is Fuelling The 50% Rally
Apart from glowing on-chain analytics, the Pi Network rally is fueled by a frenzied whale accumulation. Prior to the start of the rally, an unknown whale moved 70,000,000 Pi off exchanges to trigger the rally.
A clear path toward $1 appeared after another whale bagged 20 million Pi from the OKX exchange. Retail investors are accumulating Pi Coins in droves, driven by a raft of positive fundamentals around the network.
Firstly, investors are targeting the Consensus Summit in mid-May as the start date for a Pi rally, scooping up coins on a discount. Furthermore, the Pi Core Team is gobbling up Pi Coins from centralized exchanges to stabilize the Pi Network price following the token unlock event.
The Pi Core Team has previously hinted at a major announcement on May 14, sparking waves of enthusiasm among investors. Amid the charged atmosphere around Pi, there is speculation that a Binance listing is imminent following a string of “rumoured” test transactions.
The post Pi Network Price Crosses $1 To Flip Litecoin And Bitcoin Cash appeared first on CoinGape.
