Pi Network, a mobile-first cryptocurrency platform, has transferred over 4 million Pi coins to various exchanges in the past hour as per PiScan. This move has raised concerns about its potential price impact on the Pi Coin.
Transaction Details:
- 1,900,000 Pi to Gate.io: A huge amount of Pi coins were transferred from “Pi Foundation 15” to Gate.io. This is the largest single transaction observed today.
- 1,800,000 Pi to OKX: Another large transfer has been made which is also originating from “Pi Foundation 15”.
- 300,000 Pi to MEXC: Additional coins moved into MEXC from the same source wallet.
- 100,000 Pi to OKX: A smaller transfer that is also affecting the overall exchange inflow. This transfer was made from a different wallet.
Potential Price Impact
Despite these substantial transfers, the price of Pi Coin is currently stable at $0.5757 as per CoinGecko. The price has seen no percentage change in the last 24 hours but on the bright side, the Pi Network token has not dipped into negative territory either.
This suggests that the inflow of the token into these exchanges has not yet triggered significant sell-offs or market volatility.
Community Speculations
These transfers have raised questions about the intent, whether these transactions signal a planned liquidation by whales or preparations for strategic trading on exchanges. The fact that these transactions originate from wallets linked to the “Pi Foundation” adds another layer of suspense to it.
Moon Jeff Points Out Another 2M Pi Network Token Transferred to Exchanges
Moon Jeff, a well-known on-chain analyst, posted on social media platform X and highlighted the fact that another 2 million Pi Coin were deposited into exchanges in the past 24 hours. The exchanges in which these tokens have been transferred turn out to be OKX and Bitget.
According to the analyst, the Pioneers are now tired of holding and now are selling their Pi Network tokens. This suggests that the holders are now getting impatient as the Pi team keeps on unlocking and releasing new tokens into the market.
The absence of clear tokenomics has created this sense of impatience within the Pi Network Community. The community members are not sure if they want to hold on to the tokens or sell them as this unlocking of new token is causing the prices to dip.
Also Read: Analyst: Major Pi Network Tokens Bought from Banxa, Will Pi Coin Reach $3?
