Pi Coin Price Dips 4% as 2.8M PI Moves from OKX to ODM Wallet

Key Insights:

• ODM wallet now holds 315M+ PI after multiple large transactions from OKX.
• Price fell 4.33% to $0.433 as selling pressure increased from token unlocks.
• Over 137M PI tokens are scheduled to unlock before month-end, fueling volatility.

Pi Coin declined 4.33% to $0.433 on July 16 amid fresh on-chain activity involving a wallet labeled “ODM.” The wallet received 2.8 million PI tokens from the OKX exchange in a single transaction. This followed a previous 3.5 million PI withdrawal, pushing the wallet’s total holdings above 315 million PI.

Data from PiScan confirmed the wallet’s growing balance, triggering speculation about a potential internal buyback operation. Investors are speculating the Pi Core Team might be accumulating PI to prepare for a listing or stabilize market liquidity. The wallet’s repeated large withdrawals have sparked comparisons to early Bitcoin accumulation patterns.

Uncertainty remains as the Pi Core Team has not confirmed any buyback program or formal association with the wallet. Despite that, community interest has surged, with many traders watching ODM’s movements closely. Market watchers believe strategic accumulation could precede a new exchange announcement or internal treasury expansion.

Market Conditions Remain Weak Despite Network Activity

The PI token continues to face downward pressure due to upcoming token unlocks and weak technical momentum. Over 100 million PI were unlocked between July 8 and July 15, contributing to increased circulating supply. Another 137.85 million tokens are expected to unlock by month-end, adding to short-term supply concerns.

The token’s RSI has remained under 50 for two months and now hovers around 30, indicating sustained bearish sentiment. Out of 16 trading days in July, 8 have closed in red, reflecting dominant selling pressure. Price is trending toward a key support at $0.40, while resistance remains firm at $0.52.

Data from CoinMarketCap shows Pi Coin’s 24-hour volume rose 23.59% to $97.74 million, while market cap fell to $3.33 billion. The unlock-related volatility coincides with increased wallet activity, suggesting coordinated internal movement or liquidity management. Until official clarification is provided, the market remains cautious and reactive to large PI token movements.