Pi Coin shows significant price declines amid wallet activities and upcoming token unlocks, generating waves of speculation among investors.
ODM Wallet Activity and Speculations
A wallet labeled 'ODM' received 2.8 million PI tokens from the OKX exchange, raising its holdings above 315 million tokens. This followed a previous withdrawal of 3.5 million tokens, prompting speculation about a potential internal buyback. Investors suspect the Pi Core Team might be accumulating PI in preparation for a listing or to stabilize market liquidity.
Market Conditions and Technical Analysis
The price of the PI token fell 4.33% to $0.433 on July 16, amid selling pressure related to token unlocks. Over 100 million PI tokens were unlocked between July 8 and July 15, with another 137.85 million expected to unlock by the end of the month. Technical indicators show bearish sentiment, with the price trending toward key support at $0.40.
Impact of Token Unlocks on Price
Pi Coin's trading volume rose 23.59% to $97.74 million over the past 24 hours, while market cap fell to $3.33 billion. The unlock-related volatility coincides with increased wallet activity, suggesting coordinated internal movements or liquidity management. Until official clarification is provided, the market remains cautious about large PI token movements.
Token unlocks and wallet activity lead to significant price volatility for Pi Coin. Investors should closely monitor market movements and official information from the Pi Core Team.
