14M Tokens Shifted from Exchange to Wallets, Bullish Case Explained
Pi coin has dropped over 50% last week from its high of $1.40. However, a large amount of Pi Coins is being moved between wallets and exchanges. Here’s what’s happening.
Recently, about 14 million Pi tokens were moved from an exchange into Pi wallets. This usually means that some big investors or holders are taking their Pi off the market to hold onto it safely, which often shows they believe in Pi’s future.
Previously, 70 million Pi Coins were withdrawn from OKX. There were speculations that the wallet belonged to OKX or the Pi Core Team itself. However, sell-off concerns by the Pi Core Team still remain.
Pi Coin Bullish Scenario
Pi Coin is expected to rise to $0.937 in May, a 24% increase from its current price, according to CoinCodex. Some experts believe it could reach $2.34 by June and possibly $4.44 by November 2029, if its user base grows and the project develops successfully.
Exchange Holdings Hit All-Time High
Recently, the amount of Pi Coins held on exchanges has reached an all-time high of 397 million Pi. But concerns loom as around 7.6 million Pi Coins will be unlocked today, which could further add volatility to the already struggling market.
The technical signals for Pi are mixed. Short-term price trends mostly look weak, indicating that the price might drop soon. But a few longer-term indicators indicate that there could be buying opportunities ahead.
