Pi Network (PI) has recently experienced a significant price surge, reaching an all-time high of $2.33. This milestone comes amid previous skepticism about the cryptocurrency's value, with initial dismissals of its potential and doubts when it first surpassed the $2 mark. The recent rally has been accompanied by a self-reported market capitalization exceeding $12 billion, positioning Pi Network among the top 15 cryptocurrencies by market cap.
Despite facing allegations of being a pyramid scheme and concerns over the unverified nature of its market cap, Pi Network's price continues to climb. Analysts suggest that if the current momentum persists, the next resistance level could be around $2.00, with a potential rally towards $3.14. However, for a confirmed upward trend, the price needs to maintain levels above $1.70 with sustained trading volume.
It's important to note that while Pi Network's self-reported market cap has reached significant figures, the lack of independent verification has led platforms like CoinMarketCap and CoinGecko to omit its ranking data. As always, potential investors should exercise caution and conduct thorough research before engaging with emerging cryptocurrencies.