TLDR
- Pi Coin withdrawals from OKX reached 15.7 million in just 24 hours.
- Pi Coin price dropped 1.03% within 24 hours, despite large outflows.
- Pi Coin reserves across exchanges increased by 65% since March.
- 138.2 million Pi Coins are set to unlock in October, adding supply concerns.
Over 15.7 million Pi Coins (PI) were withdrawn from the OKX exchange within 24 hours after the platform resumed withdrawals following a temporary suspension for wallet maintenance. Despite this large outflow, Pi Coin’s price continues to face downward pressure. In the same period, its price dropped by 1.03%, indicating cautious market sentiment and mounting selling pressure that shows no sign of easing.
Pi Coin Withdrawals Surge After OKX Resumes Operations
OKX recently reopened withdrawals after a temporary suspension for wallet maintenance. This move triggered a significant wave of outflows, with over 15.7 million Pi Coins leaving the exchange in just 24 hours. While such outflows typically signal investor confidence and long-term holding, Pi Coin’s price failed to react positively.
The abrupt surge in withdrawals was not limited to OKX alone. Other exchanges like Pionex also suspended withdrawals, fueling speculation about upcoming changes or upgrades to the Pi Network. The maintenance pauses have raised concerns among investors, and some speculate that these actions might be linked to a mainnet transition or technical upgrades that could impact the coin’s future.
Price Decline Despite High Outflows
Despite the sharp increase in Pi Coin withdrawals, the price of PI continues to decline. Pi Coin’s price dropped 1.4% over the past month, moving in the opposite direction of most other cryptocurrencies in the market. As of the latest data, Pi Coin’s value stands at $0.259, down 1.03% in the last 24 hours. This price drop comes amid growing concerns about the token’s oversupply and market sentiment.
The lack of a price boost, despite significant outflows, has raised doubts about the coin’s market momentum. While many digital assets have shown gains recently, Pi Coin’s market performance remains under pressure, signaling caution among investors. The drop in value reflects a broader sense of uncertainty within the Pi Network ecosystem.
Exchange Reserves Grow, Indicating Selling Pressure
Pi Coin’s total reserves across exchanges have been rising steadily since March. From 263 million PI tokens in March, exchange reserves increased by 65%, reaching over 433 million tokens by October. This upward trend in exchange balances typically suggests that more coins are being held on exchanges, which is often seen as an indicator of potential selling pressure.
As more tokens are held on exchanges, the likelihood of a significant sell-off increases. This growth in reserves, coupled with the ongoing decline in Pi Coin’s price, suggests that there may be an increasing willingness among investors to liquidate their holdings. As Pi Coin continues to face selling pressure, the trend could put further strain on the coin’s value.
Oversupply Concerns as Unlocking Events Loom
Pi Coin’s market performance is also impacted by concerns about oversupply. In October, over 138.2 million PI tokens are scheduled to be unlocked, which could further contribute to market pressure. The release of such a large volume of tokens has the potential to weigh on the coin’s price, adding to the selling pressure that is already visible in the market.
This large influx of tokens into circulation could exacerbate Pi Coin’s price volatility, especially if investor sentiment remains cautious. With concerns about oversupply on the horizon, market observers are closely monitoring how these events will affect Pi Coin’s value in the coming weeks.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
