Pi Network’s Promise? On-Chain Data Paints a Different Picture.
There is great hope among the “Pioneers” of the Pi Network, but data from the chain paint a grim picture. Curiously, by all accounts, it appears as though hordes of Pi coins have been flowing into centralized exchanges while interest, measured in trading volume, has been quickly shrinking. Is it a calm before a great storm, or a red flag for the future of the Pi?
Clouds start looming on price, the analysts warn. But the Pioneer spirit? That is Pi Network’s secret legacy. In the crypto wilderness, amidst volatility, the sheer power of unwavering communal belief can become the spark that lights up the new big boom.
PI Supply on Exchanges Rises Sharply, Analyst Warns of Potential Drop to $0.1
Holdings of Pi on major exchanges are exploding. New data shows an extraordinary 30% jump in just three months, from 263 million in early March to an astounding 345 million at present. Some sources even estimated a substantial jump to 284 million in May, but this momentum did not stop. Is it confidence building or the precursor to actual market activities? One thing for sure is that Pi is moving.
This rising supply raises concerns about potential selling pressure building up in the market.
PI Coin Supply on Exchanges in June. Source: Piscan
Investor Moon Jeff pointed to another alarming trend for PI: it is a constant tide of coins going to the exchanges. The latest count is 347.6 million PI and counting by the day. Will this leakage sink the ship?
The alarms are going off for the Pi Network! Exchange reserves are swelling, and that’s not the actual story picked out by suspicious investors as this Pi is leaving the Pi Foundation’s own wallets. Is the team quietly transferring the coins to the exchanges? Or is an altogether different summoning happening around the corner?
Be prepared; the double whammy of exchange inflows and team wallet exits could cause the PI price to sink. Better buckle up; it looks likely that turbulence will occur in the short term.
Pi Trading Volume Drops 90%
The Pi Network was surely the center of attention last year. Enough said about the hype; the very statistics spell ominous trouble. Recall the mid-May days? Pi Network was now having its $5.4 billion trading frenzy per week. It’s a ghost town today. The trading volume has spiraled down over 90 percent to just a mere $500 million, according to CoinMarketCap data. The question that now springs forth is: who is left holding the bag?
“The strength and power to go up is gone with an always decreasing trading volume,” one investor on X remarked.
Imagine an overflowing shallow pool; it’s exactly what happens with market depth when exchange supply increases and trading dries up. Thousands might just cause a ripple of selling pressure that would trigger an enormous price movement with almost no volume.
Pi Network Faces Make-or-Break Moment: Analyst Predicts Wild Price Swings.
Recent analysis from Pinetworkmember gives us a very volatile scenario for Pi. Buckle up, Pioneers, for we are either going to hit $0.10 after a hard landing or soar upwards to $1.70. The fate of Pi lies hanging there, almost slipping away in the hands of market forces and the actions of the community. The analyst certainly seemed to recognize upside potential but chose to entertain a very chilling downside scenario. So, strap yourselves in!
Pi Network Price Analysis. Source: Pinetworkmember
Time is running out for PI Network! BeInCrypto’s recent investigative piece has raised the alarm stating that a whopping 337 million PI tokens will be unleashed in the market within the next 30 days, and with these tokens, one will be able to trigger a sell-off. Buckle up, PI holders, the downward pressure is on!
While ominous whispers float through the blockchain space, suggesting a fall of markets, a whole army of Pioneers goes on. It remains unbothered by the constantly fluctuating exchange rates, focusing on sturdier horizons: $314,159 Global Consensus Value or a de-centralized hope.
Holding steady Pioneers?? Some refuse to sell their Pi but will not invest in it either. They are watching; Pi Core Team must demonstrate something before they will invest.”
Exchanges sending out offers on some fraction of a Pi are just a drop in the ocean when, in reality, more than 4 billion are in circulation right now. The real story is that pioneers are almost 90% HODLing their shares, showcasing their unflinching faith in Pi Network’s long-term game.
Thanks for reading PI Supply on CEXs Jumps 30% as Volume Drops 90% – What This Signals
