Mystery Whale Accumulates 331M Pi Coins Amid 70% Price Drop

A mysterious wallet labeled GAS…ODM has quietly accumulated 331 million Pi coins over the past three months, amassing a value estimated at around $148.5 million according to tracking tools like Piscan. This accumulation occurred amid a 70% decline in Pi Coin's price since May, contrasting sharply with the broader cryptocurrency market’s mild altcoin season [1]. The wallet has repeatedly executed multimillion-PI transfers from major exchanges such as OKX, Gate.io, and MEXC, a pattern more indicative of long-term accumulation rather than short-term trading [1].

The wallet’s activity intensified during price dips, particularly when Pi approached key support levels. This behavior aligns with a long-term investment thesis, reinforcing the view that the address is not speculating, but rather building a significant stake in the ecosystem [1]. Now, GAS…ODM ranks as the sixth-largest Pi holder, surpassing major exchanges like Bitget and MEXC in holdings. The strategy involves consolidating supply off exchanges, potentially influencing liquidity and market dynamics [1].

The accumulation coincided with Pi’s underperformance compared to the broader altcoin season, which saw most other cryptocurrencies rising by around 30%. Despite Pi’s price sliding to between $0.44 and $0.48 by mid-July, the whale’s buying activity remained consistent, suggesting a deliberate attempt to stabilize or influence price movement [1]. Technical indicators like the RSI and MACD crossover have fueled speculation that Pi could break out to $0.60 or even as high as $0.75–$1.00 if bullish sentiment returns [1].

Two theories dominate the debate about who controls the GAS…ODM wallet. One suggests it belongs to the Pi Core Team, acting as a covert buyback mechanism to maintain liquidity and stabilize market perception. The alternative theory points to a major exchange quietly stockpiling Pi for a potential listing, a scenario that gains traction due to recent speculation about Pi’s possible exchange listing. Neither theory has been confirmed, and the Pi Core Team has not acknowledged any role in the accumulation, adding to the mystery [1].

The whale’s activity has had a tangible impact on the Pi ecosystem. The Pi App Studio saw the launch of over 7,900 decentralized applications within weeks, while Ecosystem Directory Staking attracted more than 37.7 million Pi coins, indicating heightened engagement and confidence in the project [1]. However, the concentration of 331 million Pi in a single address has raised concerns about centralization and potential influence over governance and pricing mechanisms [1].

Analysts suggest that similar whale accumulation patterns in the crypto space often precede significant market shifts. With over 5.2 billion Pi still locked in circulation and only 2.2 billion unlocked, the removal of a substantial portion of tokens from the market by this whale could ease sell pressure and provide additional price support. If the accumulation is part of a broader strategy by the Pi Core Team or a major exchange, it could signal a pivotal moment for Pi’s development and market legitimacy [1].

As speculation continues, the identity and intent behind GAS…ODM remain unknown, but its influence on Pi’s future is undeniable. Whether the move is intended to stabilize the network, prepare for a listing, or simply to position for long-term gains, the whale’s actions are shaping Pi’s trajectory. Traders and developers alike are watching closely, as the next steps could define the coin’s path in the evolving crypto landscape [1].

Source: [1] Why a mystery whale is quietly accumulating 331 million Pi coins (https://coinmarketcap.com/community/articles/688cec8f1900382a70ab08c1/)