Pi Network (PI) Users Are Watching Binance After a Crypto Researcher Linked Wallet Activity to Possible $PI Token Testing

Crypto community researcher at X (formerly Twitter) CRYPTOAD00 posted on May 7 that Binance may be testing $PI transactions.

According to the researcher, the Binance Stellar deposit wallet matches a Pi Network wallet now showing activity on the Pi mainnet. The wallet address was reportedly created two months ago. A second wallet has also seen similar activity, sending 1 PI for what appears to be Know Your Customer (KYC) and Know Your Business (KYB) verification.

While neither Binance nor the Pi Network core team has made an official statement, some traders believe this move could be a prelude to a listing.

Pi Barter Mall, a Pi community platform, also claimed on May 1 that Pi Network and Binance were in the “final stage” of negotiations. The post has not been verified by Binance or the Pi Core Team.

As listing rumors spike, Pi Network is facing pressure from a rapid rise in circulating tokens. According to blockchain data from PiScan, more than 668 million Pi tokens are expected to unlock from May through July 2025. This includes 212.2 million in May, 222.6 million in June, and 233.4 million in July.

At the same time, Pi trading volume has dropped steeply. CoinMarketCap reports a decline from $1.3 billion in daily volume to just $45 million—a decrease of 96%. This drop suggests fewer buyers are entering the market, even as more tokens become available.

Concurrently, centralized exchanges are gradually accumulating more of the Pi token. Currently, Bitget has over 95 million PI while OKX has approximately 154 million of it. The reserves held by exchanges have more than doubled since February, which prompts fears of a selloff at unlock dates.