Recent developments in the cryptocurrency market have drawn attention to Pi Coin, particularly due to significant purchases by whales. The potential implications of these actions are being discussed.
Whale Purchases
Crypto whales acquired 20 million Pi Coins from the centralized exchange OKX, valued at $14 million. The tokens were transferred off the exchange into private wallets, indicating strategic accumulation amid growing interest in Pi Network.
Spike in Pi Coin Supply
This accumulation comes just hours after a sudden 5 billion spike in Pi Coin’s circulating supply, which rose from 7 billion to 12 billion. Exchange wallet balances remain unchanged, raising speculation about the reasons behind this spike.
Pi Coin Price Prediction
Technical analysis indicates that Pi Coin is showing notable strength. Following a significant price rise and increased trading volume, Pi Coin is currently consolidating between $0.58 and $0.59. Indicators suggest a potential bullish breakout, confirming an upward trend.
The developments surrounding Pi Coin highlight investor interest and the potential shift in market dynamics. Observing trends and whale actions could lead to significant changes in the short term.
