Pi Coin Withdrawal Surge: Long-Term Holders or Market Nervousness?
In the last 24 hours, approximately 15.7 million Pi Coins (PI) were taken out of OKX. This happened after the exchange temporarily suspended withdrawals and then started them up again. Generally speaking, significant withdrawals from exchanges are seen as a sign of long-term holding and investor confidence. Nonetheless, Pi Coin’s price continued to decline within that time frame, indicating a cautious sentiment in the market.
Pi Network Withdrawal Freeze Sparks Speculation of Big Technical Changes
The first exchange to list PI, OKX, has suspended withdrawals. Numerous Pioneers on X have brought attention to this problem. User-shared screenshots indicated that wallet maintenance intended to improve security was the reason for the stoppage. It wasn’t only OKX. According to other trailblazers, Pionex, a cryptocurrency exchange, also imposed a similar ban, which increased user anxiety. Although these halts initially caused annoyance, they have also stoked conjecture regarding future technical enhancements or integrations associated with the mainnet transfer of Pi Network.
No official reason yet — but history tells us: This often happens before major integrations or upgrades,
a Pioneer
Pi Coin Drops Despite DeFi Expansion
In the meantime, PI’s market performance reflects the selling attitude surrounding it, as even the token exodus had no effect on its price. PI has dropped 1.4%, going against the trend of Bitcoin and the majority of altcoins, even if several other cryptocurrencies have had gains this month.
Additionally, Pi Network‘s continuous growth—which includes new DeFi tools and functionality for creating tokens—has not resulted in profits for the market. CoinMarketCap statistics show that PI’s price dropped 0.24% over the last day, to $0.2618. Pi Coin is under further strain because of persistent worries about oversupply. The surge may put additional pressure on the altcoin’s already precarious price performance this month, as 138.2 million tokens are scheduled to unlock in October alone.
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