After a slight uptick earlier this week, Pi saw a sharp spike from the afternoon of May 11 through midday May 12, climbing to a peak of over $1.4 per coin. As of now, it is trading in the $1.2–$1.4 range.

More than 7 million Pi tokens are currently in circulation, up by over 600,000 coins in the last three months, out of a total supply of nearly 10.9 million Pi.

The surge in Pi’s value is partly attributed to a broader recovery in the crypto market, with Bitcoin breaking the $100,000 barrier and trading in the $103,000–$105,000 range.

In addition, unverified buzz in Pi Network communities about an “important announcement” from the Pi Core Team on May 14 - and a rumored appearance by the project’s founder at a major global crypto event - has added to the hype.

Amid this excitement, a wallet holding 155 million Pi tokens unexpectedly withdrew 70 million coins from a listed exchange, triggering a wave of FOMO (fear of missing out). Many retail investors rushed in to buy, further driving up the price.

Despite the current rally, Pi remains nearly 54% below its all-time high of $2.99. Many long-term holders still see the current price as falling short of expectations.

As interest spikes, Pi-related forums and groups are seeing a flood of promotional posts encouraging people to invest quickly - claiming prices could soon hit $3.14 or higher. Some warn that these posts may be part of pump-and-dump schemes.

A crypto fund director expressed concern over the growing number of unverified investment calls around Pi, especially targeting less tech-savvy investors in rural areas, where Pi’s marketing has been particularly effective. “Some older users even aggressively defend Pi against any critical views,” the expert noted.

He cautioned investors not to blindly trust narratives that Pi at $1–$2 is still “cheap,” warning that such beliefs can lead to buying at inflated prices or “chasing the top.”

Large holders, or “whales,” who control massive amounts of Pi, could manipulate prices and sell off assets at any time to maximize profits. For individual miners, the expert advised selling when prices are favorable, given the steady increase in unlocked supply entering the market.

Even more concerning is the Pi Core Team’s control over 90% of the total 100 billion Pi supply. With no transparency on if or when these tokens will be sold, the potential for price volatility remains high.

In Vietnam, cryptocurrency trading still exists in a legal gray area. The State Bank of Vietnam has repeatedly warned the public of the risks associated with owning or transacting in digital currencies like Bitcoin and Pi, stressing that such activities are not protected by law.

Le Minh