Pi Network Price Soars Following Major Coin Withdrawal

The Pi Network experienced a significant price surge following the withdrawal of 86 million PI coins from the OKX exchange on May 21st. This move, which reduced circulating supply by a considerable margin, led to a 11.4% increase in the price over a 24-hour period, reaching $0.82. However, controversies arose around allegations that the Pi Network Core Team sold 50 million PI coins post-Consensus 2025. This fueled division within the community, with some viewing the price hike as promising, while others expressed concerns about transparency issues.