The Pi Network cryptocurrency has faced a notable price decline, decreased trading volume, and growing supply on exchanges, raising concerns among traders.
Pi Network Price and Market Trends
As of press time, Pi Network (PI) is trading at $0.5371, reflecting a 4.30% drop in the past 24 hours. Over the last week, the token has fallen 15.53%. This selloff follows a broader decline in market activity, with 24-hour trading volume down 13%, now at $108 million.
Increase in PI Supply on Exchanges Raises Selloff Concerns
Data from Piscan shows that the supply of PI held on centralized exchanges has increased sharply. From 263 million coins in early March, the figure rose to 284 million in May and now stands at approximately 345 million—an increase of over 30% in three months. This surge in available supply has led to concerns of increased selling pressure. One market watcher, known as Moon Jeff, stated: 'The only consistent thing about PI is the increasing number of coins in exchanges. The number now stands at 347.6 million PI. It has been rising every single day.'
Pi Foundation Wallet Activity and Community Response
Wallets linked to the Pi Foundation team have shown increased outflows, prompting speculation. Some community members believe these movements suggest transfers to exchanges, while others think the coins may be used for internal purposes. Community figure Mr. Spock has called on the Pi Network developers to share detailed project updates, mentioning key areas including verified user data, app download metrics, partnerships, ecosystem updates, and supply tracking as necessary information for better transparency and trust.
The decline in Pi Network's price and supply on exchanges raises concerns among traders and analysts. Information on coin movements and community activity plays a crucial role in the perception of the current state and future of the project.
