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Question:
Why is the price of Pi increasing despite the circulating supply rising to 6.91 billion coins? Also, why is the available supply in CEXs decreasing even though more Pi is being unlocked?
Answer:
The Pi Core Team, through its Pi Foundation 2 wallet, has created a sub-wallet:
GASWBDATCXXIUGHR7DWSFAAONZB2L5NFMBTDCYQQ2TQLRQNCTKJ2AODM
This sub-wallet has been actively buying Pi from OKX to absorb the impact of newly unlocked Pi heading to CEXs. In just the past 24 hours, nearly 27 million Pi have been transferred from CEXs to this sub-wallet.
What does this mean?
The Pi Core Team is taking action to reduce market supply by purchasing Pi, which helps stabilize the price. If they continue this strategy, we may not see a sharp decline in Pi’s price despite the increased unlocking.
Well played, PCT — a solid short-term strategy!
@PiCoreTeam@nkokkalis@Chengdiao
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