- Pi Coin surged 5% after reports revealed a Pi Core Team-linked wallet accumulated 48.5 million Pi from centralized exchanges to stabilize the token’s price following recent market volatility.
- While the short-term strategy has boosted confidence and trading volume, experts warn that sustained accumulation may not be financially viable in the long run.
Pi Coin surged 5% in the past 24 hours, buoyed by growing optimism surrounding a strategic buying campaign allegedly orchestrated by the Pi Core Team (PCT). According to prominent cryptocurrency analyst Dr Altcoin, the PCT is taking decisive action to stabilize the Pi Network’s price following turbulence caused by a recent token unlock event.
In a post on social platform X, Dr Altcoin revealed that a sub-wallet, reportedly affiliated with the PCT, has been snapping up millions of Pi Coins from centralized exchanges in what he calls a “valiant attempt” to cushion the network against price volatility.
The wallet, created just two months ago, has already accumulated an eye-popping 48.5 million Pi Coins, valued at approximately $31 million.
This sub-wallet only recently began accumulating Pi and currently holds around 48.5 million coins,
Dr Altcoin explained.
It’s a smart alternative to burning tokens, but it is only a short-term strategy.
This revelation comes on the heels of community anxiety after the Pi unlock event, which initially sparked fears of a price crash. By aggressively acquiring Pi Coins from exchanges, the PCT appears to be buying time, quite literally, to prevent any steep price depreciation that could damage long-term investor confidence.
Currently, the Pi Coin price is trading above $0.60, marking a daily increase of nearly 6%. The market has responded positively to the PCT’s apparent intervention, with trading volume soaring by 53.86% to reach $116.4 million. The bullish sentiment is also being fueled by reports that whales have moved approximately 41 million Pi from exchanges — further tightening available supply and boosting speculative interest in the coin’s potential to reach the $5 mark.
However, despite the short-term price bump, questions loom about the sustainability of this accumulation strategy. “The million-dollar question is: Can the PCT afford to keep buying Pi from CEXs to stabilize the price, or are there better long-term plans in place?” asked Dr Altcoin, echoing concerns shared by many investors.
Adding to the market uncertainty are reports of suspicious trading behavior on Banxa, a fiat-crypto on-ramp service, which could introduce even more volatility into the ecosystem. With investors already skittish, all eyes remain on the Pi Core Team and whether it can continue providing a stabilizing force.
If the PCT is forced to halt its purchasing campaign due to financial constraints, analysts warn that Pi Coin could face a sharp decline, potentially plummeting back to $0.30. For now, though, the Core Team’s accumulation strategy appears to be buying not just coins, but also precious time.
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