Pi Network (PI) is trading at $0.5371 at the time of reporting, reflecting a 4.30% decrease in the past 24 hours. Over the past seven days, the token has decreased by 15.53%. The recent sell-off occurred after a broader decline in market activity, with 24-hour trading volume down 13%, now at $108 million, according to CoinGecko.
The price of this token has remained between $0.5314 and $0.5663 over the past day and between $0.5328 and $0.6414 over the past week. With a circulating supply of 7.4 billion PI, the current market capitalization of Pi Network is estimated at $3.99 billion.
While many traders are cautious due to the ongoing downtrend of PI—currently 68% lower than its all-time high of $2.98—a large investor has taken a different path. This whale is said to have purchased 290 million PI over the past three months, an amount worth approximately $150 million.
The supply of PI on exchanges has skyrocketed, raising concerns about a sell-off.
Data from Piscan shows that the supply of PI held on centralized exchanges has surged. From 263 million coins at the beginning of March, this number has increased to 284 million in May and is now around 345 million—an increase of over 30% in three months.
This increase in supply has raised concerns about increased selling pressure. A market watcher, known as Moon Jeff, stated,
The only consistent point about PI is the increasing number of coins on exchanges. The current figure is 347.6 million PI. It has been increasing every day.
Activity of the Pi Foundation Wallet and community feedback.
Wallets linked to the Pi Foundation group have shown increased outflows, causing speculation. Some community members believe these moves suggest a transfer of funds to exchanges, while others argue that these coins may be used for internal purposes.
Community figure Mr. Spock has called on Pi Network developers to share detailed updates about the project. He mentioned key areas including verified user data, app download metrics, partnerships, ecosystem updates, and tracking supply as essential information for greater transparency and trust.