Pi Network is back in the spotlight, not for a new step, but for something more suspicious. Despite major developments such as the launch of the Pi applications studio to stimulate innovation, the price of the token has slipped unexpectedly. While many expected a rally, the opposite occurred, the price of PI fell 1.57% to $ 0.46, catching everyone off guard.
This sudden fall has aroused concerns among certain pioneers concerning the manipulation of PI network prices.
Order Book alludes to speculation on price manipulation
Looking closer to trading data shows something strange. There is more purchase (58%) than selling (42%) on the order book, but major sales orders appear at $ 0.459. At the same time, the right purchase orders wait just below $ 0.457.
It seems that someone handles the price and tries to maintain the price low while others are ready to buy at a lower price.
According to the pioneer concerned, they sell walls may not be normal market action. Instead, they believe that major holders, so-called whales, could deliberately lower the price.
Once this happens, they can buy more PI at a cheaper price. This tactic has already been seen on cryptographic markets and is often used before a sharp increase in prices.
The unlocking of monthly tokens adds more pressure
Adding to suspicions, the recent unlocking of 270 million Pi tokens on July 4. Although some sales are expected, the calendar and the volume of trades suggest more than just market behavior.
Meanwhile, analysts think that whales are trying to take advantage of this moment of uncertainty.
Why should the pioneers remain vigilant?
Price handling is not new in crypto. Whales often control supply and create fear to earn more coins quietly. The solid support for purchase shows that many believe in the future of Pi, but sudden discharges can shake small holders who sell too early.
Currently, the PI price is around $ 0.46, up 0.93% for the day with a greater intraday drop by 13%.
