Pi Network is back in the spotlight, not for a new milestone, but for something more suspicious. Despite major developments like the launch of the Pi App Studio to drive innovation, the token’s price has unexpectedly slipped. While many expected a rally, the opposite happened, Pi’s price dropped by 1.57% to $0.46, catching everyone off guard.
This sudden fall has sparked concern among some Pioneers about Pi Network price manipulation.
Looking closer at the trading data shows something strange. There is more buying (58%) than selling (42%) on the order book, yet large sell orders are showing up right at $0.459. At the same time, big buy orders are waiting just below that at $0.457.
This looks like someone is manipulating the price and trying to keep the price low while others are ready to buy at a lower price.
According to the concerned Pioneer, these sell walls might not be normal market action. Instead, they believe that big holders, the so-called whales, could be purposely pushing the price down.
Once that happens, they can buy more Pi at a cheaper price. This tactic has been seen in crypto markets before and is often used before a big price rise.
Adding to the suspicions is the recent unlock of 270 million Pi tokens on July 4. While some sell-off was expected, the timing and volume of the trades suggest more than just regular market behavior.
Meanwhile, analysts believe the whales are trying to take advantage of this moment of uncertainty.
Price manipulation is not new in crypto. Whales often control the supply and create fear to gain more coins quietly. The strong buy support shows that many believe in Pi’s future, but sudden dumps can shake out small holders who sell too soon.
As of now, Pi’s price sits at around $0.46, up by 0.93% for the day with a bigger 13% intraday drop.
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