Pi Network has captured significant attention due to a major movement of coins. A substantial withdrawal of 86 million PI coins from the OKX exchange on May 21 led to a dramatic price surge, escalating by 11.4% within a day and eventually settling at $0.82. This event has sparked a mix of hope and skepticism among the community, divided by claims of transparency issues stemming from alleged coin sales by the Pi Network Core Team post-Consensus 2025.
Did a Major Shift at OKX Influence the PI Price Spike?
The withdrawal quickly became a talking point as the PI.Next.Gen account, a vital source for Pi Network updates, reported this massive movement. Of the 107 million PI coins initially held at OKX, only 21 million now remain. Such a significant withdrawal can lead to supply constraints, often setting the stage for potential price increases. Following this development, PI’s value saw rapid growth of over 10% within a single day.
What Are the Allegations Against the Pi Network Core Team?
Post-Consensus 2025 discussions took a controversial turn with accusations surfacing about the Pi Network Core Team’s sale of 50 million PI coins. This has led to renewed concerns among stakeholders. Despite these claims, no concrete evidence has been provided. Dao World, an ardent Pi Network supporter, has dismissed these assertions as unfounded, although acknowledging that nearly 10 million PI coins were indeed transferred around the same period.
Dao World emphasized that these transactions adhere to the pre-set guidelines. Given the circulation of over 7 billion PI coins, such transfers are considered minor. However, echoes of past events from February, where PI’s value skyrocketed then plummeted following similar coin transactions, persist with the potential influence of the core team’s actions still under scrutiny.
This monetary shift has brought both optimism and suspicion within the Pi Network community. On one hand, the excitement surrounding the increased value breeds confidence, while on the other, internal sales allegations and demands for greater transparency underline the uncertainty.
– Major withdrawal from OKX saw 86 million PI removed, leaving just 21 million.
– PI price surged by 11.4% in one day, peaking at $0.82.
– Despite growth, community concerns focus on alleged 50 million PI sale by the Core Team.
– Comparable coin movements in February saw a 2,721% rise followed by a 40% drop in PI’s value.
Amid ongoing debates, the Pi Network faces the challenge of maintaining transparency and trust within its community. The dual forces of promise and apprehension continue to shape its trajectory as members call for clarification on the coin’s future handling and the Core Team’s role in market influences.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/pi-network-faces-turbulence-with-coin-withdrawals