The PI token has been one of the biggest underperformers during this year’s rally. It launched in late February, peaked just three days later, but then went on a months-long nosedive that eventually saw its price dumped to $0.172 on October 10, marking a new all-time low. Over less than eight months, the asset lost more than 93% of its value.
However, PI bounced back in the following days and found solid support around the $0.20 level. The past 24 hours have been particularly positive, as the token’s price surged by 20%, reaching a three-week peak of over $0.25.
### What Could Be Behind This Surge?
The team behind the project has made several major announcements and updates in recent weeks, including details about the verification process and the introduction of new features. Despite these developments, none had a dramatic effect on the asset’s price until now.
Many users on X (formerly Twitter) who have followed Pi Network for years started speculating about the cause of Monday’s 20% pump, with most agreeing that something significant might be brewing behind the scenes.
Some, like Dr. Pi, speculated that Wall Street capital could be entering the ecosystem, noting that “they are the ones closest to the Pi Network core team.” Others, such as Pi Coin Magazine, pointed to developments related to the SWIFT network.
They highlighted that Pi Network’s efforts to become compatible and integrated with the SWIFT system may have made progress, as hinted by positive news from OKX. According to the announcement, OKX has successfully passed the Know Your Business (KYB) verification for Pi Network, enabling cross-border banking capabilities.
The statement reads:
“*Pi SWIFT Integration: Cross Border Bank Activated.* This means that Pi Bank’s cross-border banking capabilities have been successfully integrated into the SWIFT system, a groundbreaking development that positions Pi Coin at the forefront of global transactions.”
### Is This Surge Sustainable?
For PI investors, caution is warranted. Similar price movements have occurred in the past, only to be followed by significant corrections.
Back in May, the team hinted at a major announcement expected weeks later, and PI’s price skyrocketed by triple digits within days. However, this rally stalled at $1.70, and the subsequent rejection caused the token’s price to fall even lower than its initial starting point.
The community appears more optimistic now, hoping that this recent rally signals the beginning of a longer and more sustainable upward trend.
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