The Pi Network (PI) token has seen significant growth, with its price rising more than 15% in one day, bringing it closer to the top 30 altcoins by market capitalization. This surge comes after a recent plunge to an all-time low of $0.407, which it reached on April 5. Subsequently, the price quickly recovered and is currently hovering around $0.70.
Despite this positive development, PI still remains 60% below its monthly high. The token’s market capitalization has reached $4.7 billion, placing PI in 31st place among cryptocurrencies.
However, analysts warn of a possible short-term risk as up to 10 million tokens are due to be released on April 18, which could increase selling pressure and affect the price to the downside.