Following the recent launch of Pi App Studio, attention to Pi Network has increased, though not for positive reasons. The token's price has unexpectedly fallen, raising doubts among market participants.
Suspicion of Price Manipulation
Trading data indicates an anomaly: with a higher level of buying (58%) compared to selling (42%) in the order book, large sell orders appear precisely at $0.459. Meanwhile, large buy orders are waiting just below at $0.457. This may suggest possible price manipulation, where large holders, referred to as 'whales,' lower the price to acquire more tokens at a cheaper cost.
Market Pressure Conditions
Adding to these concerns, a recent unlock of 270 million Pi tokens was reported on July 4. While some sell-off was anticipated, the timing and volume of trades hint at irregular market behavior. Analysts believe that whales may be trying to capitalize on this moment of uncertainty.
Warnings for Market Participants
Price manipulation is not new in the cryptocurrency landscape. Whales often control supply and create an atmosphere of fear to quietly increase their holdings. Despite strong buying support indicating confidence in Pi's future, sudden sell-offs can shake out smaller holders who might prematurely exit due to fear.
Currently, the price of Pi stands at around $0.46, up by 0.93% for the day, despite a significant intraday drop of 13%. Pioneers should remain vigilant regarding market changes.
