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In a week where most cryptocurrencies saw major crashes, one token has stood out from the crowd. The&nbsp;<a style="text-decoration:none" href="https://coinmarketcap.com/currencies/pi/#Chart">PI token</a> from&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-pi-network-cryptocurrency-mobile-mining-guide">Pi Network</a> has risen by nearly 50% while Bitcoin and other major coins have fallen hard. What's behind this unusual success story?
<h2 dir="ltr" id="span-span-strong-crypto-market-takes-a-beating-strong-span-span">Crypto Market Takes a Beating</h2>
The past week has been tough for cryptocurrency investors. From February 19th to February 26th, nearly all major digital currencies lost value.&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-bitcoin-how-it-works-mining-digital-gold-guide">Bitcoin</a> dropped more than 10%, while&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-ethereum-eth-how-it-works-explained">Ethereum</a> fell over 12%. Many smaller coins and&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-are-memecoins-guide-how-they-work-2025">memecoins</a> performed even worse.
During this market downturn, only a few tokens managed to gain value. These include IP, MKR, TIA, and SEI. PI is one such token.
According to data from CoinMarketCap (which is disclaimed as self-reported), PI now has a market cap of more than $16.5 billion. Its price jumped by almost 50% in just one week, making it a rare bright spot in an otherwise gloomy market.
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_26_at_11_49_56_66e47b4317.webp" alt="PI token's price performance since launch" width="undefined" height="undefined">
 <figcaption>
 PI token price performance since launch on February 20th (CoinMarketCap)
 </figcaption>
</figure>
<h2 dir="ltr" id="span-span-strong-context-on-pi-network-strong-span-span">Context on Pi Network</h2>
Pi Network has been a hot topic in the crypto world for several years now. The project claims to make&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/what-is-cryptocurrency-mining-explained-complete-guide">crypto mining</a> possible on mobile phones, attracting millions of users worldwide. However, many experts have questioned whether it would ever deliver on its promises.
The biggest development for Pi Network came on&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-network-open-network-date-launch">February 20th</a>, 2025, when it finally&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-launches-open-network-picoin-on-exchanges">launched</a> the Open Network stage of its mainnet. This was a major milestone that had been&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-network-grace-period-extension-delay-2025-open-mainnet">delayed</a> since 2022, causing many to doubt if it would ever even happen.
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_26_at_11_49_33_db9eb1efb5.webp" alt="Pi Network launched Open Network in February 2025" width="undefined" height="undefined">
 <figcaption>
 Pi Network launched Open Network on February 20th, 2025 (Pi Network Blog)
 </figcaption>
</figure>
At the same time, the PI token became available for trading on&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-coin-exchange-listings-okx-mexc-bitget-launch-date-analysis">several major exchanges</a> including OKX, Bitget, and MEXC. Notably, Bybit did not list the token following&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/pi-network-ben-zhou-bybit-ceo-investigation-scam">accusations</a> that Pi Network was a scam by the CEO of the exchange.
Since hitting exchanges, PI's price has performed surprisingly well. After a small drop at first, the token has seen a sharp rise in value…
<h2 dir="ltr" id="span-span-strong-no-major-sell-off-yet-strong-span-span">No Major Sell-Off (Yet)</h2>
Many crypto experts predicted that PI would crash soon after its exchange launch. They thought users who had "mined" the token for free on their phones would rush to sell, flooding the market and driving the price down.
This kind of sell-off is common with airdropped tokens. When users receive free tokens, they often sell quickly to lock in profits upon receiving them. But PI has defied these expectations so far. Instead of crashing, the token has maintained and even increased in value.
<h2 dir="ltr" id="span-span-strong-why-is-pi-outperforming-strong-span-span">Why Is PI Outperforming?</h2>
There's no simple answer to why PI is doing so well while other cryptocurrencies are struggling. But several factors might explain its strong performance:
<h3 dir="ltr" id="span-span-strong-continued-launch-excitement-strong-span-span">Continued Launch Excitement?</h3>
The successful launch of Pi Network's Open Network stage has created real excitement among Pioneers. After years of delays, many people doubted this day would ever come. Now that it has, enthusiasm remains high.
This excitement has led to heavy trading. In the last 24 hours, the PI token saw nearly $650 million in volume on the OKX exchange alone.
<figure class="image">
 <img src="https://storage.bsc.news/5/Screenshot_2025_02_26_at_11_50_18_87a159e541.webp" alt="PI token exchange trading volumes" width="undefined" height="undefined">
 <figcaption>
 PI tokens trading volume across supported exchanges (CoinMarketCap)
 </figcaption>
</figure>
<h3 dir="ltr" id="span-span-strong-community-loyalty-strong-span-span">Community Loyalty?</h3>
Pi Network has built a massive community of users called "Pioneers." These Pioneers may be more loyal than expected. Instead of selling their tokens right away, many appear to be holding on, hoping for even higher prices in the future.
The Pi Network community has always had strong believers who claim to see great potential in the project. This faith might be preventing the mass sell-off that many predicted.
<h3 dir="ltr" id="span-span-strong-limited-token-availability-strong-span-span">Limited Token Availability</h3>
There have been some reports that not all community members can access or withdraw their PI tokens yet. If many Pioneers can't sell their tokens, this would naturally limit selling pressure on the market.
Some users have complained about difficulties moving their tokens to exchanges or facing other technical issues. These problems (if they are true) might be accidentally helping maintain PI's price by reducing supply.
<h2 dir="ltr" id="span-span-strong-will-pi-s-success-continue-strong-span-span">Will PI's Success Continue?</h2>
It's too early to say if PI's positive performance will last. The cryptocurrency market is known for its wild swings, and today's winner can quickly become tomorrow's loser.
Several factors could affect PI's future price:
<ol>
 <li>If more Pioneers gain access to their tokens and decide to sell, prices could drop (unconfirmed)</li>
 <li>The overall crypto market trend could eventually pull PI down with it</li>
 <li>New developments in the Pi Network project could either boost or harm investor confidence</li>
</ol>
For now, PI remains an unusual success story in a down market. Whether this is the start of a major new cryptocurrency or just a temporary pump remains to be seen.
<h2 dir="ltr" id="span-span-strong-what-can-we-learn-strong-span-span">What Can We Learn?</h2>
PI's surprising performance reminds us that the crypto market doesn't always follow predictions. Even during market-wide downturns, certain projects can flourish for their own reasons.
It also shows the potential power of community in cryptocurrency. Pi Network's large user base may be providing support that other projects lack during tough times.
As always in the crypto world, investors should approach with caution. Markets can change quickly, and today's gains can become tomorrow's losses. For those watching Pi Network, the coming weeks will reveal whether this project has staying power or if it will eventually follow the rest of the market downward.

Pi Network's Price Surges Amid Wider Collapse: Why the Pump?

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