Pi Network Jumps 150%, Allegedly After ByBit Hack

The Pi Network cryptocurrency, which was recently launched on major exchanges such as Gate.io, has appreciated by more than 150% in the last 24 hours.

The Pi Network cryptocurrency, which was recently launched on major exchanges such as Gate.io, has appreciated by more than 150% in the last 24 hours. The $PI token, which debuted last Thursday, reached a value close to US$ 2,80, but then retreated, closing Friday with a low of US$ 0,61.

However, Saturday was marked by an impressive recovery. Starting the day at US$ 0,70, PI shot to US$ 1,78, accumulating an appreciation of almost 150% in just 24 hours. Until the closing of this article, the value of PI was stable at around US$ 1,10, registering an increase of 60% in the last day.

Pi Network offers users a mobile mining feature where they can mine Pi coins on their mobile devices using the Pi mobile app. They participate in block validation and receive rewards in Pi coins.

This IP movement occurs in a context of high volatility in the cryptocurrency market, exacerbated by a recent security incident. Despite rumors circulating on X, there is no concrete evidence to support allegations of involvement by Pi Network members.

Pi Network launched its mainnet on February 20, marking the event with the largest airdrop in cryptocurrency history. While many platforms quickly jumped on board and listed the token, ByBit has maintained a more cautious approach. ByBit representative Ben Zhao even called Pi Network a potential scam.