Pi Coin Drops 3% Amid Market Manipulation Concerns

Pi Coin, a cryptocurrency that has garnered significant attention in recent months, has experienced a notable price decline, dropping by more than 3% and currently trading around $0.81. This price movement comes after a recent spike to $1.60, which has sparked discussions within the crypto community about potential market manipulation.

The token is currently holding a crucial support level at $0.79, with resistance levels ranging from $0.99 to $1.20. The Relative Strength Index (RSI) is hovering near 52, indicating that the token is on the edge of oversold territory. This could present an opportunity for bullish investors looking to enter the market. It is worth noting that Pi Coin is currently 72% down from its all-time high of $2.98.

Despite the price dip, significant activity has been observed on the Pi Network. Over the past three days, a substantial amount of Pi coins, totaling 102,776,657.17, has been withdrawn from OKX, one of the world’s leading crypto exchanges. This withdrawal represents a significant movement of Pi coins, potentially worth tens of millions of dollars, and includes transactions where single withdrawals topped 70 million Pi.

This large-scale withdrawal activity marks a potential turning point for Pi Coin, which has long faced skepticism regarding its liquidity and utility. Crypto analyst Mr. Spock noted that while many have doubted the project, true believers have continued to mine, build, and support the network. The recent on-chain activity and practical blockchain functionality suggest that Pi Coin is entering a new phase of real-world traction.

However, the community has raised concerns about the transparency of large transfers from the Pi liquidity reserve wallet to exchanges like OKX and MEXC. Although these actions are permitted under Pi’s tokenomics, the lack of clear communication has led to calls for greater transparency from the Pi Core Team. The community is urging the team to release regular reports to maintain trust as the network continues to evolve.