A major transaction involving 2 million PI tokens recently took place on the Pi Network. These tokens were removed from a liquidity reserve and moved to a new wallet, sparking speculation across the crypto community.
Moon Jeff, a popular crypto commentator on X has shared about this major movement. He believes this was an OTC (Over-the-Counter) purchase, where tokens are bought privately rather than through public exchanges.
This type of move indicates that someone probably purchased the tokens privately, not on public exchanges. Such moves tend to be perceived as bullish since they indicate that large investors are still stacking up PI tokens.
At press time, the price of Pi coin (PI) is around $0.6418, showing a 1.78% increase in the last 24 hours. It has dropped around 40% over the last month and 1.6% over the past week. While the price hasn’t moved much, the token transfer might be adding some positive sentiment. However, Pi is still near its all-time low, and far away from the all-time high.
Analysts are divided. Jeff recently said, “Send $PI back to $1.2,” pointing to that price as a key resistance level. He believes if PI can break through that level, it could begin a strong comeback and possibly reach $2 in the future.
Not everyone agrees. Some commenters reacted sarcastically to Moon Jeff’s optimism, saying it’s unlikely PI will recover soon. Many feel investor confidence is low, and that the Pi core team needs to do more to regain trust.
The Pi community is now focused on June 28, known as Pi Day 2. It’s a significant event when the Pi team typically provides milestones and updates. Many users are expecting something big, such as a highly anticipated Binance listing.
One analyst, Dr. Altcoin, criticized the team for not delivering enough value or clear updates to the community. He believes the team must take stronger actions to support the project and attract long-term investors.
There are also growing complaints from users. Some Pi “Pioneers” who completed the required KYC verification say they still haven’t received their tokens. In short, while big transactions like the 200 million PI move bring some hope, the road ahead for Pi Network is still uncertain.
Also Read: Pi Network Users Can Now Pay Electricity, Airtime and Data Bills
