Pi Coin Faces Selling Pressure as Exchange Deposits Surge 45%

Pi Coin, the native currency of Pi Network, is currently experiencing significant selling pressure as the exchange balance of the cryptocurrency continues to increase rapidly. Over the last 24 hours, a total of 6.5 million Pi coins were moved into exchange wallets, with exchanges like OKX, Gate.io, Bitget, and MEXC holding a combined total of over 359 million Pi coins. Gate.io and Bitget are the largest holders, with 168 million Pi and 122 million Pi, respectively.

Gate.io saw the most significant increase in deposits, with over 2.1 million Pi coins added in a single day. Bitget followed closely with over 1.4 million Pi coins deposited. OKX had a more volatile day, depositing 2.2 million Pi coins but also sending out 4.1 million Pi coins, resulting in a net loss of 1.9 million Pi coins. Despite this activity, the price of Pi Coin has remained relatively stable, dropping slightly by 0.90% to $0.5302, according to CoinMarketCap. The trading volume has also decreased by 45% over the last 24 hours, now standing at $43.1 million.

This trend of increasing exchange deposits suggests that a large number of Pi Coin holders are preparing to liquidate their assets, which could lead to increased selling pressure and a potential decline in the value of Pi Coin. The recent surge in exchange deposits is a clear indicator of market sentiment towards Pi Coin, with investors appearing to lose confidence in the cryptocurrency. This lack of confidence could be due to concerns about its long-term viability or the absence of significant developments within the Pi Network ecosystem.

The potential crash of Pi Coin highlights the volatility and uncertainty inherent in the cryptocurrency market. While Pi Network has garnered significant attention and a large user base, the lack of concrete progress and the increasing selling pressure pose significant risks to its future. The network recently celebrated its first 100 days since the launch of its Open Mainnet, which opened the doors for developers, merchants, and users to connect directly with the Pi blockchain. However, the absence of major partnerships or technological advancements could be contributing to the bearish outlook, as investors seek more stable and promising alternatives.

Investors are advised to exercise caution and conduct thorough research before making any investment decisions related to Pi Coin. The situation underscores the importance of due diligence and risk management in the volatile world of cryptocurrencies. The next few days will be crucial in determining whether holders are ready to sell or just moving assets around, and the impact this will have on the market price of Pi Coin.