Suspicious Activities on Banxa : Impact on Pi
An expert has urged investors to brace for token price volatility in the Pi network due to the creation of numerous accounts on Banxa with 0.98 Pi.
This expert is sounding the alarm on new multiple accounts with small Pi amounts. However, if major US banks adopt it, the Pi Coin could reach a new all-time high.
Crypto analyst Dr. Altcoin warns that the creation of an avalanche of new accounts on Banxa with small Pi balances poses an increased risk to the Pi network’s price stability.
Dr. Altcoin revealed in a message X that the coordinated activity of accounts on the cryptocurrency trading platform Banxa could impact the stability of Pi network.
He believes Banxa allows the creation of multiple accounts, with a common denominator being their funding with small token balances. The new accounts all have a balance of 0.98 Pi, worth approximately $0.61 in a coordinated style.
“Banxa is creating numerous new accounts, each with a balance of 0.98 Pi,” said Dr. Altcoin. “This could lead to price volatility.”
While the entity behind the synchronized account creation remains unknown, Dr. Altcoin points out that extreme price volatility is on the horizon.
Firstly, small wallets have been involved in wash trading scams to simulate fake market activity. Secondly, a concerted token sell-off in wallets can create artificial selling pressure on the network.
By keeping token balances below the 1 Pi mark, the entity is suspected to be trying to circumvent exchange rules and avoid detection.
Significant Whale Activity for the Pi Network
While Banxa accounts buy tiny amounts of Pi, whales load up their holdings with seismic purchases. The number of tokens on exchanges has decreased from 365 million to 359 million in less than 48 hours. The 6 million token drop from exchanges is seen as a clear sign that whales are accumulating for the long term.
Currently, it is unclear if the increased whale activity is related to Banxa account activity. If linked, a classic pump and dump scheme could also be in the works for the network’s price.
Currently, the token price is trading at $0.6, and significant volumes have been placed at this level, as indicated by the Volume Profile Fixed Range (VPFR). This may suggest whale accumulation and a defense of this support.
The Pi momentum could thus pick up again towards new highs, showing indicators to reclaim the $1 mark.
Despite this, the CMF is still deeply negative in 12H, and the PI price has fallen back below the Ichimoku cloud. A move above $0.71 with volume could reignite hopes.
In conclusion, there is speculation that the Pi Coin could reach highs of $30 if major banks start using Pi, with integration leading to a short-term explosion up to $3.
For investors looking to invest in Pi Coin, here is a practical guide to buy on Weex:
- Create a Weex account
Visit the official Weex site and sign up with your email or phone number. - Validate your identity (KYC)
Complete the KYC verification by submitting an ID and, if required, proof of address. This quick step is necessary to unlock all trading features. - Add funds
In “Deposit,” fund your wallet with cryptos (USDT, BTC, etc.) or through fiat (credit card, bank transfer, depending on availability). - Access the spot market
Go to “Trading Spot,” type “PI” in the search bar, and select the PI/USDT pair to open the interface. - Make the purchase
Choose a market order for instant purchase or a limit order to set a specific price. Enter the desired amount of PI and confirm.
