Following the release of Pi Network tokens (PI), a suspicious wallet is buying millions of Pi coins from centralized exchanges. According to Dr. Altcoin, a market expert, this wallet is linked to the Pi Network development team, aiming to stabilize the price of the PI token. In just two months, this wallet has purchased approximately 48.5 million Pi coins worth around $31 million, mainly from centralized exchanges. Concerns arose within the Pi Network community after a significant drop in the PI price post-token release event. To control the situation and create stability, the development team seems to have engaged in extensive token purchases. Dr. Altcoin sees this approach as a smart alternative to burning tokens in the short term but warns that it may not be a permanent solution. As a result of these purchases, the PI token price has now exceeded $0.6 and grown by approximately 6% in the last 24 hours. Additionally, its daily trading volume has increased by 75% to over $126 million. On the other hand, news of a 41 million PI token transfer by whales has raised hopes for the price to reach $5. However, doubts about the development team’s financial capability to continue this buying trend exist, and a price drop to $0.3 is not far-fetched if support ceases. You can monitor the live prices of all tokens and cryptocurrencies on the Momentary Digital Currency Prices page.
