On May 21st, over 86 million PI tokens were withdrawn from the OKX exchange within hours, sparking speculation across the Pi Network community. While many view this as a bullish indicator due to reduced circulating supply, controversy brews as accusations emerge that the Core Team may have sold up to 50 million PI tokens post-Consensus 2025.
Currently, PI price is up 11.4% in the last 24 hours, trading at $0.8268—signaling a strong bullish sentiment in the market.
86 Million PI Tokens Pulled from OKX Exchange
According to PI.Next.Gen, a prominent X account covering Pi Network developments, over 86 million PI tokens were withdrawn from the OKX exchange in a matter of hours.
Blockchain data shows that only 21 million tokens now remain in OKX’s wallet. The sudden and massive withdrawal has led to a supply shock, often considered a bullish trigger in crypto markets.
Supporters anticipate this could push the market into a sustained PI bullish rally in the coming days.
PI Coin Price Analysis:
- Start of May: PI was priced around $0.6141.
- Early fluctuations kept it within a tight band of $0.5791 – $0.6141.
- On May 8, a 10.66% spike broke this range.
- From May 8 to May 13, PI surged by over 112.31%.
- However, from May 14 to May 17, a strong correction wiped 43.95% off its value.
Renewed optimism entered the market following the Consensus 2025 keynote by Pi Network’s Founder & CTO, Dr. Nicholas Kokkalis, who outlined how AI and blockchain can drive global adoption.
Since May 18, the PI token has seen a 19.6% rebound, with a notable 11.4% surge in the last 24 hours alone.
Pi Network Core Team Accused of Dumping 50 Million PI Tokens
Allegations have surfaced that the Core Team sold up to 50 million PI tokens for profit after Consensus 2025. The claims have sparked outrage among some community members, raising questions about transparency.
A well-known PI supporter, Dao World, responded on X, saying the accusations are unverified and lack data-backed evidence.
He did confirm that between February 27 and March 4, nearly 9.99 million PI tokens were moved, some of which may have been sold. However, he argued that this amount is minor in comparison to the 7.17 billion PI migrated and is likely aligned with the project’s white paper.
Past Token Movements and Price Impact
- Between February 20–26, the PI market witnessed a dramatic 2,721.9% surge.
- However, following the token movements (Feb 27–Mar 4), PI faced its first major correction, dropping by 40.93%.
This pattern of sharp movement has fueled ongoing speculation about internal token management and its effect on market behavior.
Final Thoughts
The recent developments—massive PI withdrawals from OKX, price volatility, and leadership accusations—highlight the critical phase Pi Network is currently navigating. While the community remains largely bullish, calls for greater transparency and clear tokenomics continue to grow louder.
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