Pi Network (PI) rises 8% in 24 hours: is the worst over or is there another dead-cat bounce?

PI is the best performing top 100 cryptocurrency today (February 13).

Somewhat surprisingly, Pi Network’s PI has defied the bearish environment and posted daily gains of around 8%.

Finally in green

Pi Network’s native cryptocurrency has fallen sharply in recent months, disappointing its huge base of proponents and investors. Just a few days ago, the stock fell to a new low of around $0.13, while the market cap fell to around $1.1 billion.

However, over the past 24 hours, the bulls intervened and PI reached almost $0.15. Its capitalization once again exceeded $1.3 billion, making it the 55th largest cryptocurrency.

The remarkable revival comes shortly after the team behind the project provided an update on the 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 signed up to become nodes and have successfully installed all the required blockchain software on their computers.

“While our hope is to involve as many pioneers as possible in defining the Node requirements, the availability and reliability of individual nodes in the network impacts the security and liveliness of the network,” the official announcement reads.

PI’s price rebound also coincides with a slowdown in token unlocks. About 19 million coins are scheduled for release today (February 13), marking the record day for the next 30 days. By the end of the month, daily unlocks are expected to drop below 5 million, which could ease selling pressure and help stabilize the price.

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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 this last year and even held a community vote to determine whether users wanted the token on the platform. Despite the overwhelming support, Binance has yet to grant their wish.