Quick Summary:
Pi Coin grew by more than 10 percent and stands at $0.80.
One of the rumors states that a whale sold 250M tokens of Pi and this ignited panic about the lack of tokens.
Bitget and OKX exchanges that are reportedly engaged in liquidity management.
Its price forecasts are on the mark and are targeted at $1, $1.5 and even at $2 in case of momentum.
There is concern of concealed wallets supposedly owned by the Pi Core Team.
The demand of transparency is haunting social media.
Panic in the Markets: The Move of Whales
Pi Network is again on the radar of crypto. Having plummeted hard below the price of a dollar, Pi Coin is already on the uptrend as it surged over 10 percent in 24 hours. The catalyst? An internet rumor that a crypto whale has transferred 250 million Pi tokens to a non-public wallet recently caused panic in the possibility that the tokens on OKX exchange would go out of availability.
The same post claimed that bitget stepped in with a rescue operation in a bid to stabilize the market though nothing has been confirmed on the matter.
Will Pi Reach the Price of… $1, $1.5, or Even… $2?
The attention of investors is increasing, many members of the Pi Coin community are sure that they haven seen the best results yet. Assuming the present buying pressure persists and leaves the whales dormant, analysts and traders opine that Pi may soar past the $1 mark in the nearest future, and, perhaps, around the $1.5 or the $2 level in the future.
The Transparency Concerns Emerge
However, it is not totally rosy. Even with the price movement, questions are mounting over the aspect of transparency on the Pi Network. Dr. Altcoin tweeted last week:
“The Pi Core Team monitors more than 10,000 clandestine wallets. Shareholders will have to insist upon forthcomingness and ought to cease to believe whatever they read in the formal releases.”
Currently, there are available only seven big wallets that are publicly monitored, which disturbs many investors about the correct token distribution.
Severe Obstacles on the Way
Although the Pi Coin possesses bullish momentum, the project still has significant challenges:
- No listings in the major exchanges such as Binance, Coinbase, or Kraken.
- No operational DeFi ecosystem or mass scale dApp development.
- The continued doubt as to the extent of the Pi owned by the team – and by whom — continues to plague discussions.
Final Thoughts
Although Pi Coin is currently riding the high wave, a question mark hangs over the prospects of the project. Unless greater transparency and broader uptake are realised, this momentum may be soon over. The resistance level of one dollar is still what everyone is waiting to see — whether Pi will finally be able to jump over it permanently.