The circulating supply of the cryptocurrency PI (Pi Coin) has recently surged from 7 billion to nearly 12 billion, a sudden increase of about 5 billion, which has attracted widespread attention in the market.

Although there is no obvious change in the shareholding data of major exchanges, this increase is believed to come from the liquidity pool of PI. It is widely speculated that this may be in preparation for the upcoming listing on mainstream exchanges.

Screenshots showing the circulation of PI increasing from 7 billion to nearly 12 billion were circulated on social media, sparking heated discussions.

Since the PI network has not officially released any statement on this, the market generally speculates that this move may be related to the upcoming listing on mainstream exchanges such as Binance, BitMart and HTX (formerly Huobi).

It is worth noting that CoinMarketCap still shows that the circulation of PI is 7 billion, which is inconsistent with some data, causing information confusion in the market.

Despite this, the PI coin price broke through $0.61 (about 90 yen), and the market value increased by about $500 million (about 52 billion yen). At the same time, 24-hour trading volume surged 74%, indicating high market enthusiasm.

The biggest highlight behind this round of rise is the rumor that Binance may launch PI. It is said that a Binance-related address has conducted test transactions on the PI mainnet, including KYC (identity authentication) and KYB (corporate authentication) processes.

Although Binance has not yet made an official announcement, the industry believes that the transaction has entered the "final negotiation" stage.

Since the mainnet was launched in December 2023, the PI project has been questioned for its lack of transparency, but if it is successfully listed on Binance, it will greatly enhance its legitimacy and liquidity.

With a major ecosystem announcement approaching on May 14, investors are watching to see if PI can hit the symbolic $1 mark. At the same time, tokens worth approximately $151 million are about to be unlocked, further boosting market sentiment.

The price action shows all the characteristics of an accumulation phase, such as low volume, range-bound prices, and low volatility.

The accumulation phase is usually accompanied by a significant increase in price, and retail traders will follow suit due to the fear of missing out (FOMO) and see the price break through the key resistance level.

One of the catalysts that could push PI to break out of the consolidation phase is the upcoming exchange listing. As shown in the chart, the top of the consolidation rectangle is very close to the 200 hour EMA (Exponential Moving Average). This is a key resistance level, which, if broken, could signal the start of an upward phase in prices.

Yesterday, the price was retesting the lower boundary of the rectangle, which is located at $0.5755. If the price breaks below this support, it may invalidate the bullish scenario we shared earlier. Meanwhile, if a bearish breakout occurs, the market might retest the next support zone at $0.5600.

If a bullish breakout above $0.6100 occurs, the PI could push to $0.6500 first, which would imply a 7% gain in the short term, or even higher if the positive momentum accelerates and the FOMO (fear of missing out) effect kicks in.

The PI may not confirm a bullish outcome at this point, but the most promising cryptocurrency presale projects in 2025 appear poised to outperform these established projects.