Pi Coin Drops 4.33% Amid Large Wallet Activity

Pi Coin experienced a 4.33% price decline to $0.433 on July 16, following significant on-chain activity involving a wallet labeled “ODM.” This wallet received 2.8 million PI tokens from the OKX exchange in a single transaction, adding to a previous withdrawal of 3.5 million PI. As a result, the wallet’s total holdings surpassed 315 million PI.

Data from PiScan confirmed the wallet’s growing balance, leading to speculation about a potential internal buyback operation. Investors are hypothesizing that the Pi Core Team might be accumulating PI to prepare for a listing or to stabilize market liquidity. The wallet’s repeated large withdrawals have drawn comparisons to early Bitcoin accumulation patterns.

Despite the speculation, uncertainty persists as the Pi Core Team has not confirmed any buyback program or formal association with the wallet. However, community interest has surged, with many traders closely monitoring ODM’s movements. Market watchers believe that strategic accumulation could precede a new exchange announcement or internal treasury expansion.

The PI token continues to face downward pressure due to upcoming token unlocks and weak technical momentum. Over 100 million PI were unlocked between July 8 and July 15, contributing to an increased circulating supply. Another 137.85 million tokens are expected to unlock by month-end, adding to short-term supply concerns.

The token’s Relative Strength Index (RSI) has remained under 50 for two months and now hovers around 30, indicating sustained bearish sentiment. Out of 16 trading days in July, 8 have closed in red, reflecting dominant selling pressure. The price is trending toward a key support at $0.40, while resistance remains firm at $0.52.

Data from CoinMarketCap shows Pi Coin’s 24-hour volume rose, while the market cap fell to $3.33 billion. The unlock-related volatility coincides with increased wallet activity, suggesting coordinated internal movement or liquidity management. Until official clarification is provided, the market remains cautious and reactive to large PI token movements.