Pi Network recently became the focus of attention following the withdrawal of 86 million PI coins from the OKX exchange on May 21st. This sudden change significantly reduced the circulating supply, causing the PI price to spike by 11.4% over 24 hours, reaching $0.82. However, controversies have arisen due to alleged sales of 50 million PI coins by the Pi Network Core Team post-Consensus 2025. The community is now split, with some viewing the price hike as promising, while others express concerns over transparency issues.
Major Withdrawal from OKX Shakes the Market
The PI.Next.Gen account, closely monitored by the Pi Network community, announced the withdrawal of over 86 million PI coins from OKX exchange within a few short hours. According to on-chain data, only 21 million PI coins remain on the exchange. Such a large-scale withdrawal can lead to a supply shock, generally providing fertile ground for a price increase. Consequently, the price responded with double-digit growth within 24 hours of the withdrawal.
Investors perceive this development as the beginning of an uptrend. At the start of May, PI coin was valued at $0.61. The price then jumped over 10% on May 8th and gained 112% by May 13th. However, this rapid ascent was followed by a 43% correction between May 14th and 17th. Since May 18th, the price has rebounded, climbing 11.4% in just one day to reach $0.8268.
Allegations of Pi Network Core Team Selling Stir Tension
Allegations arose after the Consensus 2025 event, claiming that the Pi Network Core Team sold 50 million PI coins, stirring questions within the community. While some argue this sale led to price volatility, supporters point out that no official or on-chain evidence has been presented. Popular Pi supporter Dao World called the allegations baseless but acknowledged that during the same period, 9.99 million PI coins were moved, with a portion possibly sold.
Dao World asserted that these transfers align with the project’s official documents and are negligible in a system where 7.17 billion PI coins are circulating. However, a similar situation occurred at the end of February, when PI’s price surged by an astounding 2,721% and subsequently dropped by 40% following coin movements from February 27th to March 4th. Such activities keep the suspicion alive regarding the Pi Network Core Team’s market influence.
While the Pi Network ecosystem is abuzz with optimism from the price increase and reduced circulating supply, it is simultaneously shaken by allegations of internal coin sales. In this balance between trust and uncertainty, demands for transparency are vocalized more loudly every day.
