Investors Move $76M in PI Off Exchanges Ahead of Hackathon

Rising demand for Pi Network’s PI token has driven its price higher in recent trading sessions, fueled by a surge in withdrawals from centralized exchanges (CEXs) and a growing interest ahead of the Pi Hackathon 2025. As of press time, the token was trading at $0.3653, having rebounded from a key support level of $0.3442 and showing signs of a potential double bottom reversal pattern. The recent 4.92% rise from Wednesday’s close and continued outflows from CEXs indicate that investors are increasingly taking ownership of their holdings, signaling a shift in market dynamics.

According to PiScan data, CEXs’ wallet balances recorded a 1.24% decrease in the last 24 hours, with 5.14 million PI tokens withdrawn. This reduction in exchange reserves has pushed the CEX balance to 409.55 million tokens, reflecting a strong surge in demand among investors. This activity is likely linked to the upcoming Pi Hackathon 2025, the first major event following the launch of the Open Network, which aims to foster innovation and development within the Pi ecosystem. The outflow aligns with broader trends of investors moving assets off exchanges, potentially to engage in the event or to store holdings in personal wallets.

Technical indicators also suggest a bullish bias for the PI token. The Relative Strength Index (RSI) has recovered from a recent dip, currently reading at 42, and is approaching the midpoint of its scale, indicating a potential increase in buying pressure. A bullish divergence is also evident as the RSI recovers from the $0.3442 support level. Meanwhile, the Moving Average Convergence Divergence (MACD) and its signal line have moved sideways, signaling a temporary loss in momentum. However, a decisive close above the 50-day Exponential Moving Average (EMA) at $0.4319 could validate a potential bullish trend, with the next target near the $0.5000 psychological level.

The token's price remains within a defined rising channel pattern, with a strong support level at $0.3442. A reversal below this level would invalidate the double bottom pattern and expose the token to a potential drop toward the $0.3220 level, which aligns with its historical low. The broader market environment is also showing signs of increased activity, with the PI token's 24-hour trading volume reaching $76.59 million and its market capitalization standing at $2.84 billion. The fully diluted valuation of PI is currently estimated at $4.38 billion, highlighting the growing interest in the project.

Analysts note that the recent 500 million PI token transfer by the Pi Foundation to a new wallet has sparked increased social chatter, boosting the project’s social dominance score to 0.202% among all crypto-related social media posts. This figure has crossed the 30-day average of 0.195%, indicating a rising level of engagement and awareness. While no official explanation was provided for the transfer, it has generated speculation about potential developments, including a second migration phase of the project.

The broader cryptocurrency market has also seen notable movements, with Bitcoin dominance fluctuating in response to investor sentiment. A high Bitcoin dominance typically precedes or accompanies a bull market, while a decline often signals increased capital flow into altcoins. The PI token’s performance aligns with this trend, suggesting a broader shift in investor preferences toward alternative cryptocurrencies as market conditions evolve.

Source: [1] Pi Network Price Analysis: PI token rises as CEX withdrawals signal bullish demand (https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-forecast-rsi-divergence-alludes-to-a-double-bottom-pattern-reversal-202508210853) [2] PI Coin Maintains $0.36 Support Today, Demand Shows (https://pintu.co.id/en/news/197062-pi-network-price-update-22august2025/amp) [3] Pi Network Price Forecast: Strategic 500M PI transfer ... (https://www.fxstreet.com/cryptocurrencies/news/pi-network-price-analysis-bears-eye-record-low-as-pi-foundation-moves-500-million-pi-202508250944)