Pi Network’s price is showing impressive momentum following the withdrawal of over 86 million PI tokens from the OKX exchange on May 21st. This major event has fueled bullish sentiment across the Pi Network community, with the market responding positively to the sudden reduction in circulating supply. In the 24 hours following the withdrawal, PI token price surged by 11.4%, trading at $0.8268.
The rapid withdrawal of 86 million PI tokens from OKX, a major cryptocurrency exchange, has created a significant supply shock in the market. As of now, only 21 million PI tokens remain in OKX’s wallet. This drastic reduction in supply has been viewed as a bullish indicator by many, as crypto markets often react favorably to such events.
The Pi Network community believes that this withdrawal could lead to a sustained rally in PI’s price. A supply shock typically drives prices higher, especially if demand remains strong. Given that the withdrawal occurred over just a few hours, it is clear that a substantial amount of tokens left the exchange quickly, leading to the sharp price movement.
Pi Network’s price journey in May has been marked by significant fluctuations. At the start of the month, PI was priced around $0.6141, with the price staying within a tight range of $0.5791 to $0.6141. On May 8th, PI experienced a 10.66% increase, breaking the previous price range and fueling optimism in the market. From May 8th to May 13th, the token surged by over 112.31%, reaching new highs.
However, the excitement was short-lived as PI experienced a significant correction from May 14th to May 17th, dropping by nearly 43.95%. Despite this correction, renewed optimism returned to the market after the Consensus 2025 keynote by Pi Network’s Founder and CTO, Dr. Nicholas Kokkalis, in which he highlighted the potential of AI and blockchain in driving global adoption.
Since May 18th, the PI token has regained momentum, experiencing a 19.6% rebound, with an 11.4% surge in the last 24 hours alone. The price spike following the massive withdrawal from OKX aligns with the recent positive sentiment around Pi Network.
Amid the bullish price action, Pi Network has been facing controversy regarding the actions of its Core Team. Allegations have surfaced that the Core Team sold up to 50 million PI tokens for profit following the Consensus 2025 event. These accusations have stirred unrest among some community members, with concerns about the project’s transparency.
Pi Network supporter, Dao World, responded to the allegations, dismissing them as unverified and lacking concrete evidence. He pointed out that between February 27th and March 4th, nearly 9.99 million PI tokens were moved, some of which may have been sold. However, he argued that this amount is minor compared to the 7.17 billion PI tokens migrated during the same period, and the movements were likely in line with the project’s white paper.
Despite the accusations, the Pi Network community remains largely bullish, continuing to believe in the long-term potential of the project. The controversy has brought attention to the need for greater transparency in token management and clearer communication about how tokens are being handled.
Pi Network has experienced significant price volatility in the past. Between February 20th and 26th, the market saw a dramatic surge of 2,721.9%. However, after the token movements from February 27th to March 4th, PI suffered a major correction, dropping by 40.93%. This pattern of sharp price fluctuations has fueled ongoing speculation about the internal handling of tokens and its effect on the market.
The recent price surge and withdrawal event from OKX add to this complex narrative, with many wondering if Pi Network can maintain its bullish momentum. The supply shock triggered by the large withdrawal could be a sign of things to come, but the community’s demands for greater transparency remain a key factor to monitor moving forward.
Pi Network is at a crucial juncture, with significant developments impacting both its price and the broader sentiment around the project. The withdrawal of 86 million PI tokens from OKX has fueled optimism, but accusations regarding the Core Team’s actions could create ongoing challenges. While the price of PI has shown a strong rebound, the community is calling for greater transparency and clear tokenomics to ensure long-term success.
As Pi Network continues to grow, it will need to address both the bullish sentiment and the controversies surrounding token management to maintain its upward trajectory. For now, the market remains cautiously optimistic, with eyes firmly on future developments and how they will impact the price of PI.
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