PI Whale Made a Huge Move: Pi Network Price Surge Incoming?

TL;DR

• A mysterious investor has recently scooped up over 48 million PI tokens, signaling strong confidence and potentially setting the stage for a rally.
• However, nearly 210 million PI are set to be released in the next 30 days, and a possible wave of selling from early adopters could drag prices down.

This Whale Goes on a Buying Spree

In the past several hours, the cryptocurrency market has experienced an evident revival, with some leading digital assets charting significant gains. Bitcoin (BTC) surged past $87,500, while Ethereum (ETH) hit $1,650.

Pi Network (PI) is also in the green, albeit registering a more modest rise than most market leaders. It currently trades at around $0.63 (per CoinGecko’s data), meaning a 1.5% uptick on a daily scale.

The increased whale activity, though, suggests the price might be on the verge of a further rally. Earlier today (April 21), Pi News (a news channel dedicated to covering Pi Network activities) revealed that a mysterious large investor purchased 7.5 million PI from the crypto exchange OKX and transferred the stash to an external wallet.

The entity added that the same whale has accumulated more than 48 million tokens (worth over $30.5 million) in the past few days alone.

Such actions reduce the token’s supply on the open market and could positively impact the price (assuming overall demand stays the same or heads north).

Additionally, the whale’s buying spree could reflect strong conviction in PI’s future price performance, which could encourage smaller players to hop on the bandwagon and inject fresh capital into the ecosystem. 

Keep in Mind the Token Unlocks

Contrary to the potential bullish narrative mentioned above, the major release of tokens could have the opposite effect. CryptoPotato previously warned that a substantial amount of PI will be freed up in the short term, giving early adopters a chance to cash out – a move that could put downward pressure on the price.

Data shows that almost 210 million tokens will be freed up in the next four weeks. April 30 is expected to be the record day, with 11.2 million PI scheduled for release. 

It is worth noting that the major token unlock accelerated approximately a week ago. The move coincided with a double-digit price decline within an hour or so for Pi Network’s native cryptocurrency.