Pi Network’s native token, PI, has made a notable recovery in recent days, bouncing back by nearly 10% in the last 24 hours. This follows a sharp decline that saw the token plummet by around 70% over the past month, causing many to question the project’s viability. However, the sudden uptick in price has fueled some optimism among the community, with analysts offering a few potential explanations.

The PI Token’s Recent Price Struggles

Pi Network’s journey in the cryptocurrency market has been turbulent. After the token became available for trading on February 20, 2025, it initially saw a meteoric rise, reaching a high of $3 on February 26. However, this peak was short-lived, and the token experienced a steep decline soon after, eventually reaching an all-time low of $0.54 yesterday—an 82% drop from its previous highs.

This significant decline raised concerns about the project’s future. Some critics even suggested that Pi Network might be executing a “slow rug pull,” which refers to a gradual exit scam where the developers discreetly drain liquidity from the project. These concerns have led to a wave of negativity surrounding the token.

Recent Rebound: What’s Behind the Surge?

Despite the severe drop, Pi Network’s token saw a sudden surge of over 9% in price within the past 24 hours, pushing the value back up to $0.6. This price increase offers some relief to investors, but the reasons behind this bounce are still being debated.

One possible explanation is the growing popularity of the token. According to CoinGecko, PI entered the top 10 cryptocurrencies in terms of trending coins between March 29 and April 4, surpassing even major players like Bitcoin, Ethereum, Solana, Toncoin, and Ripple. This surge in interest suggests that the token is still capturing attention, despite its recent struggles.

The token’s trending status could be a sign that new investors are buying in or that previous holders are holding their positions, anticipating future growth. However, the “dead cat bounce” theory is also a possibility. A dead cat bounce refers to a temporary recovery in an asset’s price after a substantial decline, typically driven by speculators buying to cover their positions. While these rebounds can provide short-term relief, they are often followed by further declines, especially if the underlying fundamentals haven’t improved.

Looking Ahead: Can PI Sustain Its Momentum?

While PI’s price has seen a brief recovery, it remains to be seen whether this will mark the start of a more sustained uptrend or if it will simply be a temporary blip in the broader downward trajectory. The token is still down by almost 70% in the past month, which raises concerns about its long-term viability and whether the recent price increase is part of a larger trend.

As of now, Pi Network’s future seems uncertain, especially given the recent volatility. The increased interest in the token could provide some short-term support, but the project will need to address ongoing concerns regarding its long-term potential and overall market stability to reassure investors and avoid further sharp declines.

For now, while the recent surge in PI’s price offers a glimmer of hope, investors should approach with caution, as the token’s future trajectory remains highly speculative.