Pi Network Price Is Staring Down The Barrel Of A Gun As It Faces The Grim Prospects Of Heightened Price Volatility

Cryptocurrency analyst Dr Altcoin warns that an avalanche of new accounts on Banxa with small Pi balances poses increased danger for the Pi Network price.

Cryptocurrency analyst Dr Altcoin has warned that an avalanche of new accounts on Banxa with small Pi balances may spell doom for the token’s price.

Dr Altcoin Warns Of Price Volatility From Banxa Account Activity

Pseudonymous cryptocurrency analyst Dr Altcoin has urged members of the Pi Network community to prepare for the impact of incoming price volatility. In an X post, Dr Altcoin revealed that a coordinated account activity on the cryptocurrency trading platform Banxa may affect Pi Network (PI) price stability.

According to Dr Altcoin, Banxa is allowing the creation of multiple accounts, with a common denominator being their funding with small Pi Coin balances. The new accounts all have a balance of 0.98 PI valued at around $0.61 in coordinated fashion.

“Banxa is creating many new accounts, each with a balance of 0.98 Pi,” said Dr Altcoin. “This could lead to price volatility.”

According to Dr Altcoin, small wallets have seen action in wash trading scams to simulate fake market activity. Afterward, there is a concerted sale of Pi Coins in the wallets to create artificial sell pressure for Pi Network.

However, by keeping Pi balances under the 1 Pi mark, the entity is attempting to sidestep exchange rules and avoid detection.

In early April, Banxa rolled out support for Pi Network allowing users to buy, sell and hold Pi Coins on the platform. Since the integration, there have been over 1.2 million Pi Coin buys on Banxa, beginning in March 2024. At the time, Banxa announced that it had achieved a major milestone, integrating 60 blockchain networks onto its platform.

Pi Network Records Significant Whale Activity

While Banxa accounts are buying miniscule amounts of Pi, whales are loading up their holdings with seismic purchases. In the last 48 hours, the number of Pi Coins on exchanges dropped from 365 million to 359 million.

The decline of 6 million Pi Coins from exchanges is considered a clear sign of whales stacking up on the asset. At the moment, it is unclear if the heightened whale activity is connected to the Banxa account activity.

If connected, a classic pump and dump scheme may be in the offing for Pi Network price.

At the moment, Pi Network price is trading at $0.6 and shows no signs of wild price volatility. Pi Network’s momentum is surging to new levels, flashing indicators to reclaim the $1 dollar mark.

There is speculation that Pi Coin can reach highs of $30 if top banks start using Pi with a chain link integration driving up a short-term burst to $3,.