2,700,000 PI Tokens in 24 Hours: Pi Network’s Price to Pump Soon?
While Pi Network’s native token has seen minimal volatility over the past week, one key factor suggests it might be gearing up for an upside move.
However, some analysts are pessimistic that the price could rise soon, criticizing the project for its numerous flaws.
Pump on the Horizon?
As of this writing, PI trades at around $0.20, meaning a mere 0.2% increase on a weekly scale. At the same time, the current level represents a staggering 93% collapse compared to the all-time high of $3 seen in February this year.
What bulls may view as good news is that the number of PI tokens stored on exchanges has been shrinking lately. Data shows that over 2.7 million coins have left such centralized platforms in the past 24 hours alone.
This suggests that investors have shifted toward self-custody methods, which, in turn, reduces immediate selling pressure. Conversely, when the amount of PI tokens on exchanges is rising, this is usually seen as a pre-sale signal and a bearish factor for the price.
Currently, a total of 427.2 million coins are stored on centralized platforms, with more than half of that situated on Gate.io. Bitget comes in second with approximately 145.1 million.
PI Tokens on Exchanges, Source: piscan.io
PI’s ‘Biggest Risk’
While some optimists believe the price of Pi Network’s native token might indeed head north in the short term, others are rather pessimistic and think the team must first solve many issues.
The X user pinetworkmembers argued that PI’s biggest risk isn’t price, but its credibility. The commentator criticized Pi Network for its restricted transfers, unclear tokenomics and circulating supply, and for being “almost ready” for years.
Earlier this month, the X user shared another critical post. They suggested that Pi Network began as an “ambitious idea” but eventually turned into “years of tapping a button, unclear timelines, shifting goals, and endless ‘coming soon’ updates.”
The post 2,700,000 PI Tokens in 24 Hours: Pi Network’s Price to Pump Soon? appeared first on CryptoPotato.
You May Also Like
Is Doge Losing Steam As Traders Choose Pepeto For The Best Crypto Investment?
Horror Thriller ‘Bring Her Back’ Gets HBO Max Premiere Date
