Pi Token Surges 11% as 86 Million Tokens Withdrawn from OKX

Pi Network (PI) experienced a significant surge in its token price, rising over 10% within a 24-hour period. This price increase was triggered by the withdrawal of 86 million PI tokens from the crypto exchange OKX. The sudden move sparked speculation about a potential supply crunch and reignited bullish sentiment among supporters of the Pi Network.

According to Pi Next Gen, a prominent community account, over 86 million PI tokens were withdrawn from OKX within a short span of time. This action reduced the exchange’s PI balance to just 21 million tokens. The community account described this move as a "power move" by the Pi community, suggesting that scarcity was kicking in and the market was feeling the heat. Following this report, the price of Pi Coin surged by 11%.

The surge in PI token price comes as a mass exodus of PI tokens from centralized exchange custody to self-custody wallets suggests that holders do not wish to sell. Investors interpret this as a potential precursor to a breakout, assuming that large holders may have information not open to the public. The strategy appears to be gaining traction, with Pi Network featuring among the top trending coins on CoinGecko, specifically ranking high in daily search volume.

However, the sudden spike in attention and optimism contrasts sharply with lingering concerns about the project’s long-term fundamentals. Tens of millions of users have mined PI over the past several years, making Pi Network one of the largest mobile mining communities in crypto. Despite this, Pi Network continues to face uncertainty surrounding its listing on major platforms. Community members also allege that the token remains largely unrecognized by key price tracking platforms, which have yet to reflect their actual circulating supply.

Questions about Pi Network’s mainnet launch also impede its path to legitimacy, use-case development, and tokenomics. Some see the decoupling of PI coin’s price from Bitcoin as growing independent momentum. However, it also opens the PI token up to greater volatility, especially if concrete fundamentals do not back speculative moves.