PI just fell below $0.35! 380 million Pi coins mysteriously withdrawn, is the Mainnet fully opening soon?

Pi Network (PI) is a network created by Stanford University graduates in 2019. It is so popular because people can mine on their mobile phones without the need for expensive hardware. Over 50 million users worldwide have signed up for the application. However, due to excessive hype, the launch of Pi has also experienced latency. Its mainnet (where tokens can be freely exchanged) has not yet fully opened. Exchanges often experience slow withdrawal situations, or require KYC checks before activating the wallet.

380 million Pi coins mysterious withdrawal: market shocked

(Source: Trading View)

On September 22, Pi dropped sharply in the short term, currently reported at 0.34 USD.

The transfer of 380 million Pi to CEX is equivalent to 140 million dollars at the current market price. This is a huge number, although it only accounts for a small portion of the total supply. Large-scale withdrawals are often influenced by rumors. In the cryptocurrency space, they sometimes indicate significant announcements or announcements prior to price surges. In other cases, they are related to price manipulation schemes, where prices are artificially inflated and then sold off.

Some online users have indicated that this may be related to the release of the Pi Mainnet. Some believe it is, but it's just market noise. This massive movement of funds has sparked intense discussions within the community, with many speculating that this could be an important turning point in the development of the Pi Network.

The current market position of Pi and community response

CoinGecko records show that Pi currently has a market capitalization of 31.29 (0.37), with a valuation close to 1.5 billion USD. Its trading volume is still high compared to Bitcoin or Ethereum. The Pi core team has not officially announced this withdrawal in the past 24 hours. Instead, most of the heated discussions stem from social media, with optimistic supporters expecting a price increase, while pessimistic supporters believe the price may be overvalued.

Some members of the Pi community are excited. They believe that this withdrawal is a signal that major investors are about to take significant action. A comment on X said, "A strong surge is coming soon." However, not everyone is convinced. Another user rebutted this figure, stating that 380 million is negligible compared to the total supply of Pi circulating tokens (over 8 billion).

This split response raises a deeper question: Is Pi a project that truly needs to break through, or is it a project that is overly hyped and has too many obstacles?

Possible Explanations and Market Impact

This large-scale withdrawal may have several explanations:

· Mainnet fully open preparation: This may be a signal that Pi Network is preparing to fully open the mainnet, allowing all users to freely trade their tokens.

· Institutional investors entering the market: Large investment institutions may be accumulating Pi coins in preparation for future price increases.

· Strategic adjustments by the core team: The Pi core team may be reallocating funds in preparation for upcoming development or marketing activities.

·Market Manipulation: It cannot be ruled out that this is a form of market manipulation, aimed at creating an illusion to attract more investors to enter the market.

A Bigger Picture and Future Outlook

Pi is often compared to those nascent cryptocurrencies that have built strong communities but have no actual value. However, critics point out that the blockchain invented by Pi is not fully decentralized, and its economic model has yet to undergo peer review.

At the same time, the withdrawal of 380 million Pi has also sparked speculation. However, before CEX or the Pi core team confirms it, it is difficult to determine whether this is a real change in the situation or just another hype.

For Pi holders and potential investors, this event reminds us to stay vigilant and pay attention to official announcements from official channels, rather than relying solely on community speculation to make investment decisions.

Regardless, this large-scale fund movement has indeed added a layer of mystery to the future development of the Pi Network, and the market will closely monitor any potential official statements or price changes that may occur next.