Pi Network price is currently facing uncertainty due to the potential impact of increased price volatility. Cryptocurrency analyst Dr Altcoin has raised concerns about a surge in new accounts on Banxa with small Pi balances, which could disrupt the stability of Pi Network price. The coordinated account activity on Banxa, each with a balance of 0.98 Pi valued at around $0.61, is seen as a potential trigger for price volatility in the near future.
There are suspicions that the entity behind the synchronized account creation may be engaging in wash trading scams to manipulate the market and create artificial sell pressure for Pi Network. By keeping the Pi balances under 1 Pi, the entity could be trying to evade exchange rules and detection. The recent integration of Pi Network on Banxa has led to over 1.2 million Pi Coin buys on the platform, indicating a growing interest in the cryptocurrency.
While the Banxa accounts are making small purchases of Pi, there has been significant whale activity with large-scale purchases of Pi Coins. The number of Pi Coins on exchanges has dropped from 365 million to 359 million in a short period, signaling that whales are accumulating the asset. The connection between the Banxa account activity and the whale purchases is not yet clear, but there are speculations of a potential pump and dump scheme in the works for Pi Network price.
Despite the concerns raised by Dr Altcoin and the observed whale activity, Pi Network price is currently trading at $0.6 with no significant price fluctuations. The momentum for Pi Network is on the rise, with indicators suggesting a potential push towards the $1 mark. Some analysts believe that Pi Coin could rally further, reaching highs of $30 if major banks start using Pi with integrations like Chainlink driving up short-term gains to $3.
In conclusion, the Pi Network price is facing a period of uncertainty due to the potential impact of increased price volatility from the activities on Banxa and significant whale purchases. Investors are advised to tread cautiously and monitor the situation closely to avoid any potential risks. With speculation of further price movements and the potential for partnerships with major institutions, the future of Pi Network remains uncertain but filled with potential opportunities for growth.
