How Pi Network Quietly Saved Pi Coin from Collapse

The Pi Coin had a boring day yesterday as the price barely moved. It stayed in the $0.64 – $0.68 range, level we identified in our price prediction

The price of Pi (PI) had a rather uneventful day yesterday as it remained within a limited range. The token experienced minimal price movements, staying within the $0.64 - $0.68 support and resistance levels that we highlighted in our previous price prediction.

However, despite the lack of significant price changes, there was a story unfolding behind the scenes that involved a massive buyback operation by the Pi Network team, which was later revealed by one of the most popular crypto YouTubers - African Giant.

The scene opened with the price of Pi settling at $0.65, its market cap at $4.5 billion, and the 24-hour trading volume surging by 116% to reach $157 million. These figures pointed towards some unusual activity happening behind the scenes.

As it turns out, the Pi Core Team had been busy buying back Pi coins from exchanges. In the crypto world, a buyback occurs when a project team purchases their own coins to reduce selling pressure and support the price. In this case, Pi Network bought back approximately 46 million Pi coins from OKX exchange and moved them to a separate wallet controlled by the Pi Core Team.

This action effectively removed a significant number of coins from circulation, leading to price stabilization at a critical moment for the project.

The buyback operation appeared to be a response to increased selling pressure. With many users mining Pi coins and the second wave of migration to the mainnet ongoing, newly migrated coins were flooding exchanges. This increased supply would naturally drive prices down if left unchecked.

Pi Network’s solution was to buy back these coins to reduce selling pressure and prevent a potential price collapse during this influx of new supply.

The buyback wasn’t officially announced, leading to initial rumors and speculation. However, investigators like Dr. Altcoin later traced the transactions and discovered that the Pi Core Team had created a wallet called “Pi Foundation 2” around two months ago. This wallet started with just 1 Pi coin but quickly accumulated millions, mostly from OKX exchange. At the time of the video, the wallet held around 48 million Pi coins valued at around $31 million.

The YouTuber also shared his personal journey with Pi, mentioning he had bought coins at various price points like $0.40, $0.60, and $0.62, and had mined 900 Pi coins in two months. He admitted feeling frustrated when prices were falling and was unhappy with the Pi Core Team’s lack of communication. Now that he’s in profit, his outlook has changed considerably.

The community had mixed reactions to these developments. Some were encouraged that the team is finally taking action, viewing Pi as a long-term project worth waiting for. Others remained skeptical, feeling disrespected by the team’s previous lack of communication and tired of waiting.

While the short-term goal for many Pi investors is to reach $1 per coin, the community dream target sits at $10. However, the YouTuber acknowledges that while buybacks are effective temporarily, they aren’t a sustainable long-term strategy. For lasting success, Pi needs more exchange listings, greater public adoption, and natural buyers rather than just relying on the team to support the price.

For anyone considering investing in Pi, the advice remains to use money you don’t urgently need and treat it as a long-term hold. Despite early frustrations, there may be real potential if the team continues taking positive actions to stabilize and grow the ecosystem. The key takeaway is that Pi Network appears to be seriously trying to save its coin from collapsing.