- Pi Coin drew attention after 2 million tokens were moved to exchanges, with on-chain data showing nearly 4.5 million sent to OKX alone.
- Weeks ago, the price of Pi briefly hit the $3 mark before it quickly fell back. Presently, it trades at $0.7416, which is about 53% from this month’s high.
Pi coin has once again drawn market attention to itself as 2 million tokens suddenly hit exchanges, raising questions about whether this signals a major sell-off or typical market activity. Many believe this transfer of 2 million tokens to trading platforms could lead to a drop in the tokens’ price.
The move suggests that holders are shifting their tokens from personal wallets to sell, while interest in buying remains low. Combined with recent claims of an insider rug pull within the project, the next few days could be critical for Pi Coin’s price and overall market confidence.
According to on-chain data, investors sent almost 4.5 million Pi coins to OKX in the last 24 hours while taking out 3.2 million. This leaves a net total of 829,000. Bitget also saw an increased transfer of about 1.4 million, and Gate $2.2 million. Only MEXC recorded more withdrawals than deposits. In total, over 1.3 million tokens flowed into exchanges within 24 hours.
source: piscan.io
Pi Coin Price Struggles Despite Brief Gains
Pi coin currently sits at a 5.5% low as, at the time of writing, the token price of $0.7416 is a 53% low from its highest point this month, ranking it among the worst major performers. A few weeks ago, the token price reached $3, a price many had anticipated, but it quickly fell to $0.60 that same day. It later climbed back to $3 within 34 days, leading many early buyers to sell and take profits.
source: coingecko.com
At the moment, the token’s key resistance levels are $0.94, $1.20, and $1.66. If the price could move above these points, then it would possibly hit $3. On the flip side, $0.65 remains an important support level. If the coin falls under this, it might face more sell-off.
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