New data reveals a troubling trend for Pi Network (PI), while the PI supply on CEXs has surged by 30% in just three months, trading volume has plummeted by over 90%, signaling weakening market confidence. Analysts warn that this imbalance could trigger a sharp price decline unless demand rebounds soon.
PI supply on CEXs hits alarming highs
On-chain analytics from Piscan show that the PI supply on CEXs has skyrocketed from 263 million in March to 345 million by June—a clear sign of increasing sell-side pressure.
“The only consistent trend with PI right now is the relentless rise in exchange deposits. We’re seeing 347.6 million PI sitting on exchanges, and the number keeps climbing daily,” noted crypto analyst Investor Moon Jeff.
Adding to concerns, blockchain trackers have detected significant outflows from Pi Foundation wallets, suggesting team members may be offloading tokens. If this trend continues, the growing PI supply on CEXs could overwhelm buy-side liquidity, potentially pushing prices lower.
PI Coin Supply on Exchanges in June. Source: Piscan
While PI supply on CEXs grows, trading activity has collapsed. CoinMarketCap data shows weekly volume plunging from $5.4 billion in mid-May to under $500 million—a staggering 90% drop in just weeks.
“The market’s ability to sustain upward momentum is vanishing alongside volume. Without buyers, even modest sell pressure could trigger a steep decline,” warned an X (Twitter) trader.
Low liquidity often leads to extreme volatility, and with PI supply on CEXs expanding, the risk of a flash crash increases. Some analysts predict PI could nosedive to $0.10 if current trends hold.
Token unlocks and bearish sentiment add to the pressure
An additional 337 million PI is set to unlock in the next 30 days, potentially flooding exchanges with even more sell orders. BeInCrypto recently highlighted this as a major downside risk, noting that PI supply on CEXs could soon reach record highs.
Despite the bearish signals, Pi Network’s loyal community—known as Pioneers—remains steadfast. Many refuse to sell, citing the Global Consensus Value (GCV) of $314,159 as their long-term target.
“Most Pioneers aren’t selling, but they’re also not buying more until the Pi Core Team delivers real progress,” said a community moderator.
If PI supply on CEXs continues rising without matching demand, prices could spiral downward.
A sudden surge in buying interest could absorb excess supply and stabilize the market.
Crypto analyst Pinetworkmember outlined two possible scenarios:
Bearish case: PI crashes to $0.10 due to weak volume and high exchange reserves.
Bullish case: A community-driven rally pushes PI back to $1.70.
For now, the expanding PI supply on CEXs remains the dominant narrative. Traders should watch exchange flows closely—any further spikes in deposits could spell trouble.
Key points
PI supply on CEXs has jumped 30%, signaling rising sell pressure.
Trading volume has collapsed 90%, weakening price support.
Upcoming token unlocks could worsen the imbalance.
The Pi Network community remains hopeful but cautious.
Will PI supply on CEXs trigger a sell-off, or can Pioneers defy the odds? The next few weeks will be decisive.
Sunderland-born crypto enthusiast, cycling fanatic, and wordsmith. As co-founder and lead editor of The Bit Gazette, Mark combines his passion for blockchain with a knack for breaking down complex stories into engaging content. When he's not tracking the latest crypto trends, you'll find him on two wheels—exploring backroads or clocking miles on his favorite cycling routes. Dedicated to delivering sharp, insightful journalism in the fast-moving world of digital assets.
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