Key Points:
Pi Network slips 15.53% in 7 days, trading below $0.54 with declining market activity.
Exchange-held PI supply jumps over 30%, sparking concerns of increased sell pressure among traders.
A whale accumulated 290 million PI coins worth $150M, drawing attention amid the price decline.
Pi Network (PI) was trading at $0.5371 at press time, reflecting a 4.30% drop in the past 24 hours. Over the last seven days, the token has fallen 15.53%. The recent selloff follows a broader decline in market activity, with 24-hour trading volume down 13%, now at $108 million, according to CoinGecko.
The token’s price has stayed within the range of $0.5314 to $0.5663 over the past day, and between $0.5328 and $0.6414 in the past week. With a circulating supply of 7.4 billion PI, Pi Network’s current market cap is estimated at $3.99 billion.
While many traders are cautious due to PI’s ongoing downtrend—currently 68% below its all-time high of $2.98—one large investor has taken a different path. This whale has reportedly acquired 290 million PI coins over the past three months, a stash valued around $150 million.
PI Supply on Exchanges Jumps, Raising Selloff Concerns
Data from Piscan shows that the supply of PI held on centralized exchanges has increased sharply. From 263 million coins in early March, the figure rose to 284 million in May and now stands at approximately 345 million—an increase of over 30% in three months.
This surge in available supply has led to concerns of increased selling pressure. One market watcher, known as Moon Jeff, stated,
“The only consistent thing about PI is the increasing number of coins in exchanges. The number now stands at 347.6 million PI. It has been rising every single day.”
Pi Foundation Wallet Activity and Community Response
Wallets linked to the Pi Foundation team have shown increased outflows, prompting speculation. Some community members believe these movements suggest transfers to exchanges, while others think the coins may be used for internal purposes.
Community figure Mr. Spock has called on the Pi Network developers to share detailed project updates. He mentioned key areas including verified user data, app download metrics, partnerships, ecosystem updates, and supply tracking as necessary information for better transparency and trust.
