Is the "under-the-table" wave of "dumping" causing the price of Pi Network to plummet?

Pi Network, a cryptocurrency project that once created a frenzy and drew attention from the investment community, has once again become the center of discussion in the market — but this time not because of positive news. In just three days, over 102 million Pi tokens have been withdrawn from the OKX exchange, raising concerns that the project’s insiders may be starting to “liquidate their holdings.” Is this a warning signal of a significant bearish trend or just a necessary wave of adjustment on Pi Network’s development journey?

Significant fluctuations of PI: A sign of progress or a signal of risk?

According to analysis from the famous anonymous investor Mr. Spock, in mid-May 2025, more than 102.7 million Pi tokens were transferred out of OKX in less than three days. Notably, among these were massive transactions such as a single transfer of 70 million tokens – a level of on-chain activity never seen before in the history of Pi Network.

Many members of the community view this event as evidence of the development and increasing adoption of Pi coin. Despite experiencing fluctuations, the price of Pi remains stable around the 0.77 USD mark – a figure not too low compared to the general level of the current crypto market. Therefore, some see this as an important step in the journey of building the value of Pi.

However, alongside the positive signals, many investors and experts remain cautious. They question the withdrawal of a large amount of tokens in a short period, fearing this could be a sign of potential sell-offs that undermine confidence in the project’s future.

Insider selling rumors draw attention in the community

The anxiety in the community has deepened as Dr.Altcoin – a reputable blockchain investigator – discovered 1.4 million Pi tokens transferred from a previously inactive wallet, which were then quickly sold on the Gate exchange. Notably, this is not the only case. Several other large transactions have also been identified as being related to wallets believed to be closely associated with the core team of Pi Network, with the total number of tokens in these wallets estimated to exceed 90 billion Pi.

This information raises questions within the community about the level of control concentration by the development team, which in turn casts significant doubt on the trust in the transparency and fairness of the project.

Price War and Pressure from Token Unlocking Volume

Technically, Pi coin is facing a significant challenge as it continues to struggle to break through the resistance level of 0.85 USD. Many analysts warn that if it doesn’t break out soon, the price of Pi risks turning bearish, potentially dropping to the support level of 0.66 USD or even lower at 0.55 USD — a price that was recorded earlier this year.

PI price chart 1 day | Source: TradingViewNot stopping there, the pressure from the massive amount of unlocked tokens expected to exceed 1.4 billion Pi will continue to flood the market in the coming year, adding further burden to the price of this currency. In just the past month of May, about 110 million tokens were put into circulation. If this flow of tokens is not tightly controlled, the risk of increasing selling pressure could cause the price of Pi to fall deeper, creating an unavoidable adjustment spiral.

Uncertain future

Pi Network is entering a challenging and crucial phase in its development journey. Although there are still positive signals such as increased trading activity and widespread acceptance, unusual fluctuations on the chain along with questions about insider selling activities have raised many concerns about the transparency and long-term direction of the project.

The future of the Pi coin will largely depend on how the development team manages the token supply, especially the volume of tokens unlocked in the near future, as well as the level of transparency in disclosing information to the community. If not handled carefully, these factors could become the biggest barriers preventing Pi from advancing further on the global cryptocurrency map.

In this context, investors need to maintain a clear-headed attitude, closely monitor new developments, and build investment strategies based on long-term analysis rather than chasing crowd psychology or short-term volatility that can easily lead to losses.

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