Over 15.7 Million Pi Coins Leave OKX as Price Slides Further

Over 15.7 million Pi Coins (PI) had been withdrawn from OKX previously 24 hours. This got here after the change resumed withdrawals following a brief suspension.

Large outflows from exchanges are usually considered as a constructive signal of investor confidence and long-term holding. However, Pi Coin’s worth nonetheless dipped throughout the identical interval, suggesting cautious market sentiment.

Investors Pull 15.7 million Pi Coins From OKX

OKX, the primary change to listing PI, lately paused withdrawals—a problem extensively highlighted by many Pioneers on X (previously Twitter). According to user-shared screenshots, the pause was attributed to pockets upkeep aimed toward enhancing safety.

It wasn’t simply OKX. Other pioneers highlighted that crypto change Pionex also applied an analogous suspension, elevating additional consumer issues.

While initially sparking frustration, these halts have additionally fueled hypothesis about upcoming technical upgrades or integrations associated to Pi Network’s mainnet transition.

“No official cause but — however historical past tells us: This usually occurs earlier than main integrations or upgrades,” a Pioneer noted.

Notably, after OKX reopened withdrawals, a pointy wave of outflows adopted. According to PiScan information, greater than 15.7 million PI tokens left OKX inside 24 hours, bringing the full withdrawn throughout all platforms to over 17.5 million throughout the identical timeframe.

While the latest withdrawals decreased change balances, general reserves have been trending upward — from 263 million PI in March to 409 million in August, and now over 433 million. This marked an increase of 65% since March.

This regular enhance signifies extra tokens being held on exchanges, a pattern usually seen as an indication of rising promoting strain.

Pi Coin Faces Selling Pressure 

Meanwhile, the promoting sentiment surrounding PI is obvious in its market efficiency, as even the token exodus did not affect its worth. While many cryptocurrencies have recorded features this month, PI has dipped 1.4%, transferring in the other way of Bitcoin and most altcoins.

Pi Network’s ongoing expansion, together with new DeFi instruments and token creation options, has additionally not translated into market features. According to BeInCrypto Markets information, PI’s worth fell 1.03% previously 24 hours, settling at $0.259.

Adding to the strain, Pi Coin faces ongoing oversupply issues. With 138.2 million tokens set to unlock in October alone, the inflow might weigh additional on the altcoin’s already fragile worth efficiency this month.

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