Pi Network's (PI) price experienced a noteworthy surge of more than 10% within the last day following the withdrawal of 86 million PI tokens from the OKX cryptocurrency exchange. This unexpected action has sparked speculation about a potential scarcity of supply and has reinvigorated bullish sentiment among the community.

According to Pi Next Gen, a reputable community account, there was a significant withdrawal of over 86 million PI tokens from the OKX exchange, drastically reducing its PI balance to just 21 million tokens. This move has been characterized as a strategic maneuver by the Pi community to create scarcity in the market, resulting in a noticeable price surge of 11% for Pi Coin.

This surge in price is attributed to holders transferring their PI tokens from centralized exchanges to self-custody wallets, indicating their reluctance to sell. This trend has led investors to anticipate a potential breakout, assuming that large holders possess insider information.

Despite the positive market response, uncertainties persist regarding Pi Network's long-term prospects. While the project boasts a large mobile mining community, concerns remain about its listing on major platforms like Binance and the recognition of its circulating supply by key tracking platforms such as CoinMarketCap and CoinGecko.

Furthermore, questions surrounding Pi Network's mainnet launch and the development of its use cases and tokenomics continue to cast doubt on its trajectory. The recent divergence of PI coin's price from Bitcoin suggests growing independent momentum but also introduces potential volatility unless supported by concrete fundamentals.