- Pi coin recorded a weekly drop of more than 11%
- Pi community is questioning the core team regarding 276 PI holdings in the Foundation wallet
- Pi coin utility has increased following the FruityPi game launch
The crypto market is witnessing price surges of various tokens, but Pi coin is not one of them. It is currently trading sideways at around $0.65 with no significant daily gain or drop. However, the token is trading much below its recent highs witnessed in May. Amidst the Pi Core Team’s continuous disregard of the community’s issues, a new suspicion emerged.
One of the active Pi community members, Dr. Altcoin, posted intriguing information regarding the Pi Foundation wallet earlier today. They found a three-month-old wallet named “Pi Foundation 2 wallet” and discovered that it held more than 270 million Pi coins.
This is raising concerns about what the true intention behind this large PI token accumulation by the team is. Dr. Altcoin tagged the Pi Core Team, its founder Nikolas Kokkalis, and Chengdiao Fan, demanding transparency. In one of his recent posts, Dr. Altcoin has called on the Pi community to pressurize the team to focus on long-standing issues like KYC and migration.
Another Pi community member, MOON JEFF, has also discovered the wallet transactions of the Pi Foundation wallet. It withdrew another 7.38 million Pi coins earlier today. With this, the total holdings of the wallet increased to 276.5 million Pi coins. He further warned,
“The wallet has been withdrawing PI weekly from the OKX exchange. Something big is cooking here. Don’t sell your coins to whales.”
However, there is no response yet from the team. The community is confused about what could be the reason behind holding large numbers of PI tokens.
Pi Coin Drops Over 11%, What’s Ahead for PI?
The Pi coin is currently trading at $0.6526 with a weekly drop of around 11.75%. There is no noteworthy price change today, as the token is seeing a sideways movement. Its 24-hour trading volume has dropped by around 15%, indicating a further drop in the short term.
Meanwhile, the Pi token utility is increasing considerably with the launch of the FruityPi gaming platform. Despite several issues continuing to disappoint the community, the FruityPi has brought a slight ray of hope into the project, increasing the usage of the token.
The future market movements of Pi coin price remain unpredictable. However, the lack of transparency and accountability from the Pi Core Team will definitely impact the project adversely in the market. Unless there is a significant catalyst, PI will continue its dull market performance, with no room for further growth.
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