200m Pi Coin Removed From Liquidity Reserve
Recently, a large transaction related to Pi Network has caught the attention of the crypto community. 200 million Pi Coin was withdrawn from a liquidity reserve and sent to a new wallet. This move has raised many questions, is this a big purchase? Is a big rally about to start in Pi Coin?
Regarding the transaction, crypto analyst Moon Jeff on X claimed that this is an OTC (Over-the-Counter) deal, that is, these tokens have been sold to a private investor outside the exchange. OTC deals are usually considered bullish signs, as it shows that large investors are still showing interest in Pi Coin. Along with this, there was news a few days ago that Pi Coin was listed on MEXC Exchange with USD1, which is also attracting investors towards it.
How is the current price and sentiment in the market?
At the time of the transaction, the price of Pi Coin was $0.6418, which shows a slight increase of 1.78% in the last 24 hours. However, it is down nearly 40% over the past month and has also seen a decline of 1.6% in the past week.
Although prices have not shown much change, this big movement has definitely added positive sentiment. Many investors are seeing this transaction as a sign of a potential bull run, while some others are calling it mere noise.
Is this really a bullish signal?
Moon Jeff said in the post, “Send $PI back to $1.2,” He believes that the $1.2 level is a significant resistance for Pi Coin. If this level is crossed, a potential return to $2 is also possible.Not everyone is as optimistic as Jeff, though. Some people on social media took a dig at his statement and said that until the team wins the trust of users, no major price restoration is possible.
Questions raised on the credibility of Pi Network
Users are disappointed with the core team of Pi Network. Many “pioneers” who have completed KYC verification have not yet received their tokens. This shows a lack of trust among the people.
Crypto analyst Dr. Altcoin says, “The team should do more work on both transparency and utility fronts. Until there is a solid use-case and exchange listing, big investors will be reluctant to join.”
What are the expectations of ‘Pi Day 2’?
June 28 is to be celebrated as ‘Pi Day 2’, which is a symbolic and important day for Pi Network. This is the day when the team often shares big announcements and roadmap updates.
This time it is expected that something big will happen like listing on Binance or announcement of more progress on the open mainnet. If something like this happens, then definitely positive movement can be seen in Pi Coin.
Is this movement a signal or just noise?
In our opinion, the simultaneous transfer of 200 million Pi Coin could be a strategic move. OTC deals often indicate that institutional investors are collecting a token at a low price, keeping in mind its future prospects.
If this is indeed a private purchase, it could be a sign of trust for Pi Network. But until Pi Coin is widely listed on exchanges and KYC-compliant users receive their tokens, this transaction will remain just a hope.