On May 21, 2025, over 86 million PI tokens were withdrawn from the OKX crypto exchange. The data came from Pi Next Gen, a community monitoring account on X. The event reduced OKX’s total PI holdings to just 21 million tokens.
This movement triggered a sharp response in the market. Within hours, Pi Network’s price surged by 11%. According to CoinGecko, PI traded at $0.8062 after the transfer.
The account wrote,
“This isn’t just a withdrawal, it’s a POWER MOVE by the Pi community… Scarcity is kicking in, and the market is feeling the heat.”
No official response from OKX has clarified the reasons for the transfer or identified the wallet owner.
Pi Network Price Reaction to Supply Drop
The massive outflow of PI tokens coincided with a noticeable spike in price. Investors often interpret large exchange withdrawals as a sign that holders plan to keep assets off trading platforms. This reduces available supply, sometimes affecting short-term price movement.
The PI token became one of CoinGecko’s most searched assets on the day of the transfer. Community posts suggested a coordinated move to reduce supply pressure. While speculative, the visible shift in liquidity led to immediate market effects.
A second post by Pi Next Gen stated,
“Pioneers are draining the supply, and the price is about to explode.”
The keyword “Pi Network price” began trending across several crypto platforms as interest spiked.
Pi Network Exchange Listings Still Missing
Despite the price increase, Pi Network has not yet secured a listing on major crypto exchanges like Binance. The lack of exchange support continues to limit trading volume and visibility for the token.
The circulating supply of PI remains unverified on top data aggregators. CoinMarketCap and CoinGecko still do not show up-to-date information on the actual circulating supply. A Pi community member commented,
“If CoinMarketCap and CoinGecko would only update the actual circulating supply… investors would really see the actual scarcity of Pi coin.”
The unconfirmed supply figures continue to cause confusion. Without clear metrics, traders rely on third-party community data for market context.
Pi Network Mainnet and Circulating Supply Unclear
Pi Network, known for its mobile mining approach, still has not launched a full mainnet. This delay affects confidence in tokenomics and use-case development. Although tens of millions of users have mined PI through the mobile app, the project’s blockchain infrastructure is still incomplete.
The circulating supply of PI tokens remains a debated topic. Without a complete mainnet or clear on-chain metrics, verifying real-time figures remains difficult. Pi Network has not released updates on when the full mainnet will go live.
These gaps in infrastructure and listing continue to limit the PI token’s access to broader markets. The Pi Network community remains active, but the lack of formal recognition on data platforms and exchanges keeps visibility low.
Pi Token Decouples from Bitcoin Price Trend
Recent data shows Pi Network’s price movement decoupling from Bitcoin. This is uncommon in the crypto market, where altcoins usually follow Bitcoin’s trend. In recent weeks, PI token has shown independent movement during market swings.
This separation may create increased volatility for Pi Network. In the absence of strong technical fundamentals or exchange listings, independent price movements expose the token to wider fluctuations.
While Pi Coin remains one of the most downloaded crypto applications, its transition to a fully functional mainnet remains incomplete. Until then, price shifts like the one on May 21 may continue to draw attention without resolution on long-term fundamentals.
