Pi Coin price is at risk of a big drop as investors move 2 million tokens to exchanges

This is a signal that investors are moving them from their self-custody wallets and selling them and that demand for the coin remains limited.

Investors are moving large amounts of Pi Coin (PI) from their self-custody wallets to exchanges, which could signal a shift in selling activity and indicate limited demand for the coin.

According to on-chain data, investors have transferred 4 million PI to OKX in the last 24 hours, while an equal amount, 3.2 million, was withdrawn from the exchange. This brings the net flow to 829k.

The netflow to Bitget was 221,890 PI, and on Gate it was 338,468. Only MEXC saw net outflows over the past 24 hours.

Overall, the total inflows into exchanges come at 1.3 million.

What are the odds of Pi coin bull rally

Although the coin has seen a 6% increase in the last week, the token trades at $0.7715, down by over 53% from its highest level this month, making it one of the worst-performing major coins.

It is important to note that Pi Coin was trading at $3 earlier today. However, the price dropped to $0.60 on the same day.

After 34 days, it went back up to $3, but this caused a lot of investors to sell quickly as early buyers rushed to get their money back. Many investors thought $3 was a good price to get out at, especially since the coin had already decreased by more than 80%.

At present, $0.94, $1.20, and $1.66 are key price levels that will provide immediate resistance for Pi Coin. If the price manages to break above these levels, then $3.00 will still be the next short-term bullish goal.

On the other hand, on the downside, $0.65 is a crucial level of support to keep an eye on. If the price drops below this level, it could signal even bigger price declines in the days ahead.

Three more unlocks in May are expected to add pressure to the price

Adding to the concern, the price of Pi Coin may face further pressure this week as more coins will be released into circulation.

Today, 9.9 million Pi Coins will be unlocked and added to the total. Over the next three days, 12 million, 15.2 million, and 13.2 million will be unlocked from the exchange.

This week alone, more than 72 million Pi Coins, valued at over $50 million, will come live. In the next 30 days, another 280 million Pi Coins will also be unlocked and added to the market.

This trend of unlocks will continue for a while since there are already 11.1 billion Pi Coins in circulation. The total maximum supply is 100 billion.

If there isn’t enough demand to absorb the new coins, these unlocks could put downward pressure on the price of Pi Coin.

However, while the price is volatile and the coin is largely traded on exchanges, the Pi Network community is expanding rapidly.

Analyst Kim Wong notes that there are now more than 100 decentralized apps (DApps) based on Pi, some of which already live on the Mainnet, some are being tested, and others are still under development.

What’s more, a $100 million Venture Fund was recently launched to support the growth of the Pi community and its ecosystem. This fund is expected to foster innovation and new use cases for Pi in the Web3 space.

As more DApps are developed and adopted by the growing community of over 70 million Pi Network users worldwide, the long-term prospects for Pi’s adoption become increasingly clear.

It is also noteworthy that Pi has 4.3 million Twitter fans and 20 million users who have been KYC-verified. Several exchanges have listed Pi Coin. It is ranked at position 26 among all crypto tokens by market cap.