Pi Network Price Rebound: KYC Rollout and 10M Token Withdrawals Fuel Optimism

Pi Coin (PI) has recorded a modest price increase over the past 24 hours as selling pressure continues to subside. Recent data indicates that nearly 10 million PI were withdrawn from exchanges in October.

The shift comes amid Pi Network’s latest authentication update, a key milestone aimed at enhancing user verification and ecosystem security. The rollout appears to have strengthened community confidence, driving a notable outflow of tokens from exchanges.

What’s Behind Pi Coin’s Price Recovery?

Markets data showed that over the past 24 hours, the mobile-mined cryptocurrency has seen a 0.91% uptick in value. At press time, it was trading at $0.20.

While the broader trend for PI still remains bearish, the latest uptick highlights that the altcoin is gaining modest momentum. But what’s behind this rise?

Well, PiScan data showed that over 2.6 million Pi Coins have left exchanges over the past 24 hours. Overall, in October, users withdrew nearly 10 million tokens from exchanges. As a result, centralized exchange supply dropped to 410 million, down from 420 million in September.

When coins move off exchanges, it generally means holders don’t intend to sell soon. Traders and investors usually withdraw to hold long-term, indicating rising confidence in the asset’s future price.

The change in sentiment is not without reason. It comes amid a resolution of verification challenges, leading to renewed optimism.