Pi Network Price Eyes $1 Breakout Amid Strong Pi Coin Whale Accumulation
Highlights
- A significant purchase of 20 million PI Network tokens worth $14 million from OKX, shows strong whale accumulation.
- Analysts anticipate a potential Pi Coin rally beyond $1, amid Binance listing expectations.
- Payments platform Banxa acquired 10 million PI tokens yesterday, highlighting rising institutional interest.
Amid the broader crypto market rally, Pi Network price is showing strength with another 20% gains today, while breaking past convincingly above the $0.65 resistance level. Market analysts believe that the next destination could be beyond $1 as the native crypto Pi Coin sees strong whale accumulation.
Pi Network Trading Volume Shoots 150%
The Pi Network token has started to show significant movement on the charts, according to prominent analyst Moon Jeff. The cryptocurrency has successfully broken above the 0.65 micro resistance level, signaling a potential bullish trend.
Market watchers are now closely monitoring PI’s price action, with many anticipating the next milestone of $1. Interestingly, this Pi Coin target is very much possible as today’s price pump comes along with 150% surge in daily trading volumes, shooting past $308 million.
Reports of crypto exchange Binance listing Pi Coin have gathered steam once again, which could serve as an additional catalyst for the altcoin. A big exchange listing could provide huge liquidity to the cryptocurrency, raising the buying interest for Pi.
Furthermore, there were talks of the Pi Coin circulating supply shooting by 5 billion coins. However, a lot of them are moving out of centralized exchanges very quickly. Also, the Pi Core Team has hinted at key announcements coming next week on May 14, brewing excitement within the commuity.
Pi Coin Whale Accumulation Spikes
In a major development for the Pi Network, 20 million PI tokens, worth approximately $14 million, were purchased from OKX and transferred to private wallets in a single transaction earlier today.
This marks a continuation of a growing trend, as millions of PI tokens are being consistently bought back from exchanges and moved to wallets. Analysts suggest that this pattern is a positive sign for the cryptocurrency, as it reduces circulating supply on centralized exchanges (CEXs), potentially creating heightened demand and upward pressure on prices.
Additionally, on-chain data also reveals that Pi Network-based payments platform Banxa purchased 10 million Pi (PI) tokens yesterday. The acquisition underscores the increasing institutional interest in Pi Coin. Last week itself, Baxa secured KYB approval to sell Pi Coin globally.
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