Why Is Pi Network’s (PI) Price Up by Double Digits Today?

Although most of the cryptocurrency market is slightly in the red on a daily scale, as BTC slipped to $112,000 on Tuesday evening, Pi Network’s token is back on the offensive with another double-digit surge.

The asset has rebounded by more than 50% since the all-time low registered during the market-wide crash on October 10. Still, it remains 91% down from its all-time high on February 26.

Potential Catalysts for the Surge

In terms of why this substantial PI token surge is taking place today, the answer might lie outside the box. The official news channel of the Pi Network Core Team has only recycled information about the number of verified users, which was already reported days ago.

However, Cointelegraph posted about rumors that went live a few days ago, indicating that Pi Network has joined the ISO 20022 race alongside other reputable names such as Ripple and Stellar.

Although these speculations are not new, the publicity coming from a big news media could be the catalyst for today’s impressive surge that drove PI above $0.26 once again. Aside from a 16% pump today, the asset is also up by 30% weekly.

Community Reactions and Predictions

Nevertheless, the ever-vocal Pi Network community was quick to pick up the price rally and outlined some big predictions. Another X account dedicated to covering PI news with over 45,000 followers said the asset’s chart looks “exceptional and bullish” and compared it to a previous massive surge from SOL.

Analysis of Token Unlocks and Selling Pressure

Data from PiScan shows that the average daily number of tokens to be unlocked in the next month is around four million, which is not as high as the eight to nine million seen during the summer. As such, the selling pressure for the asset could be lower in the following 30 days, which might lead to a price stabilization.