Withdrawal of 86 million PI tokens from a popular platform $XRP
On May 21, 86 million PI tokens were withdrawn from a popular platform within hours, sparking speculation across the PI Network community. While many view this as a bullish indicator due to the decreased circulating supply, controversy arises with allegations that the core team may have sold up to 50 million PI tokens post-consensus 2025. Currently, the price of PI has risen by 11.4% in the last 24 hours, trading at $0.8268 - renewing strong bullish sentiment in the market. 86 million PI tokens were withdrawn from OKX Exchange. Source: Piscan.io According to pi.next.gen, a prominent X account covering PI Network developments, over 86 million PI tokens were withdrawn from OKX Exchange within hours. Blockchain data shows that only 21 million tokens remain in the OKX wallet now. The sudden and massive withdrawal has caused a supply shock, often considered a bullish driver in crypto markets. Supporters expect this could propel the market into a continued bullish PI rally in the coming days. PI price analysis: Beginning of May: PI was priced around $0.6141. Early volatility kept it within a tight range of $0.5791 - $0.6141. On May 8, a 10.66% spike broke this range. From May 8 to May 13, PI rose by 112.31%. However, from May 14 to May 17, a strong correction of 43.95% wiped out its value. Renewed optimism entered the market after the 2025 consensus keynote by PI Network's founder and CTO, Dr. Nicholas Kokalits. He explained how AI and blockchain could drive global adoption. Since May 18, the PI token has seen a 19.6% recovery, with a notable 11.4% increase in the last solitary 24 hours. Read also: Is PI Network the biggest crypto scam of 2025? The PI Network Core team was accused of dumping 50 million PI tokens. Allegations emerged that the core team sold up to 50 million PI tokens for profit after the 2025 consensus. This sparked outrage among some community members, raising questions about transparency. A known PI supporter, DAO World, responded on X, stating that the accusations are unfounded and lack data-backed evidence. He confirmed that between February 27 and March 4, nearly 9.99 million PI tokens were transferred, with some potentially sold. However, he argued that this amount is minimal compared to the 7.17 billion PI that migrated and likely aligns with the project's white paper. Past token movements and price impact: Between February 20-26, the PI market saw a dramatic 2,721.9% increase. However, following the token movements (February 27 - March 4), PI faced its first major correction, retreating by 40.93%. This pattern of sharp movement has fueled ongoing speculation about internal token management and its impact on market behavior. Final thoughts: Recent developments - the withdrawal of PI gains from OKX, price volatility, and leadership allegations - highlight that the PI Network is currently navigating a critical phase. While the community remains largely optimistic, calls for more transparency and clearer tokens continue to grow louder. Don't miss a beat in the crypto world! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, Altcoins, Defi, NFTs, and more.
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