Pi Network (PI) is trading at $0.5371 at press time, reflecting a 4.30% decline in the last 24 hours. Over the past seven days, the token has fallen by 15.53%. The recent sell-off follows a broader decline in market activity, with 24-hour trading volume down 13%, now at $108 million, according to CoinGecko.
The price of this token has remained between $0.5314 and $0.5663 over the past day and between $0.5328 and $0.6414 over the past week. With a circulating supply of 7.4 billion PI, the current market capitalization of Pi Network is estimated at $3.99 billion.
While many traders are cautious due to the continuous fall of PI—currently down 68% from its all-time high of $2.98—a large investor has taken a different path. This whale is said to have bought 290 million PI over the past three months, an amount worth approximately $150 million.
The supply of PI on exchanges has surged, raising concerns about a sell-off.
Data from Piscan shows that the supply of PI held on centralized exchanges has increased significantly. From 263 million coins at the beginning of March, this number rose to 284 million in May and is currently around 345 million—an increase of over 30% in three months.
This increase in supply has raised concerns about increased selling pressure. A market watcher known as Moon Jeff has stated,
“The only consistent point about PI is the increasing number of coins on exchanges. The current figure is 347.6 million PI. It has been rising every day.”
The activities of the Pi Foundation Wallet and community feedback
The wallets linked to the Pi Foundation group have shown an increase in outflows, leading to speculation. Some community members believe that these moves indicate a transfer of funds to exchanges, while others suggest that these coins may be used for internal purposes.
Community figure Mr. Spock has called on Pi Network developers to share detailed updates about the project. He mentioned key areas including verified user data, app download figures, partnerships, ecosystem updates, and supply tracking as essential information for greater transparency and trust.
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