Banxa’s 30.5M PI Coin Purchase Triggers Volatility Amid Community Doubts

Global payments platform Banxa has acquired over 30.5 million PI Coins, valued at nearly $19 million. This strategic purchase spurred a 10% price surge, with PI prices oscillating between $0.41 and $0.79. The acquisition comes at a time when the PI Network community is vocal about concerns over transparency and centralized control, despite the network's unique distribution model that bypassed an ICO by making tokens freely available. Industry figures, including Bybit CEO Ben Zhou, have expressed skepticism, further fueling market debate. Although the move underscores a degree of market confidence in the PI infrastructure, the long-term outlook will depend on the network's mainnet progress, regulatory developments, and actual token utility. Overall, the situation presents a mix of short-term gains paired with a cautious longer-term perspective.