Pi Network Community Questions 276 Million Pi Coin Holding By Foundation Wallet

Pi Network community members have recently caught the attention of the Pi Foundation 2 wallet account, which holds a massive 276.5 million Pi Coins. Dr. Altcoin, a popular community member, has raised questions over this massive ownership and what the intended purpose behind it. Actions of the Pi core team have been on investors’ radar as they have fallen on the community’s growth expectations.

Pi Network Wallet on Investors’ Radar

Dr. Altcoin has recently highlighted a wallet address ending in “ODM”, which supposedly belongs to Pi Network Foundation 2 is now holding a massive 276.5 million Pi Coins. So far, the Pi Core team has remained silent over what it intends to do with this wallet and its final purpose.

“Its already been three months and the Pi Core Team must be transparent about this wallet and its intended purpose,” wrote Dr. Altcoin. Interestingly, recent blockchain data reveals that the wallet, labeled “ODM,” made another substantial withdrawal of 7.38 million Pi tokens today.

Over the past three months, the wallet has been consistently withdrawing large sums of Pi coins from the OKX exchange on a weekly basis, said another Pi Network community member MOON JEFF.

Additionally, MOON JEFF also cited a 50 million Pi Coin internal transfer between Pi Foundation 1 wallet and Pi Foundation 2 wallet. Despite the ongoing transactions, there has been no official statement from the Pi Core Team regarding the wallet’s activities or its ultimate purpose. The lack of transparency has forced community members to demand clarity from Pi Network’s leadership.

Pi Coin Real-World Utility Is Soaring

In a recent cryptocurrency usage poll by Zypto App, Pi Coin stood at the top, beating the likes of XRP, DASH and others, in Zypto VISA card usage over the past week. This marks a standout achievement for the digital currency. Besides, it’s also gaining prominence in the gaming market with FuityPi launch last week.

In a recent poll, users were asked to identify the most frequently used digital currency for card top-ups. Pi Coin emerged as the top choice, securing the first position. DASH ranked second, with USD1 closely following in third place.

Despite this, Pi token price has struggled to kickstart an upside momentum. However, the recent chart formation for Pi token shows the possibility of a 60% rally ahead, as per CoinGape’s recent analysis.