Pi Coin price at risk as 2M tokens hit exchanges

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.

According to on-chain data, investors have moved 4 million coins into OKX in the last 24 hours, while withdrawals stand at 3.2 million. This brings the net flow to 829k.

                                                                  

The netflow to Bitget was 221,890 coins, and on Gate was 338,468. Only MEXC had net outflows in the past 24 hours. Altogether, the total inflows into exchanges stand at over 1.3 million.

The odds of Pi coin bull rally 

Although the coin has recorded 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.

At first, Pi Coin was worth $3, but it quickly dropped to $0.60 on the same day. Within 34 days, it went back up to $3, but this caused a lot of people to sell as early buyers rushed to get their money back. Many people thought $3 was a good price to get out, especially since the coin had already dropped more than 80%.

Currently, $0.94, $1.20, and $1.66 are important price levels that will act as instant resistance for Pi Coin. If the price can break above these levels, $3.00 will still be the next short-term bullish goal. On the downside, $0.65 is a key level of support to keep an eye on. If the price goes below this level, it could mean even bigger drops in the future.

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

Adding to the concern, the price of Pi Coin may keep going down this week since more coins will be released. Today, 9.9 million coins will be unlocked. Over the next three days, 12 million, 15.2 million, and 13.2 million will be unlocked.

This week, more than 72 million coins worth over $50 million will go live. In the next 30 days, another 280 million coins will also go live.

This unlock trend will last for a while since there are already 11.1 billion in circulation. 100 billion is the most that can ever be made. If there isn’t enough desire on the other side, these unlocks could change the price. 

However, although prices are going up and down, the Pi Network community is quickly expanding. Analyst Kim Wong says there are now more than 100 decentralized apps (DApps) based on Pi. Some live on the Mainnet, some are being tried, and others are still being built.

In addition, a $100 million Venture Fund was just launched. This fund is expected to help the Pi community grow even more. As more apps come out and more people worldwide use them, Pi’s long-term adoption continues to look good.

Presently, the network now has more than 70 million users around the world. It also 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.

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