A mysterious Whale has swept up 331 million Pi coins in three months! The community speculates it is for the Pi core team's buyback or an exchange's coin reserve.

In the past three months, a mysterious Whale Wallet with the address "GAS…ODM" has stirred waves in the Pi Network (PI) ecosystem. This address has continuously withdrawn Pi coins from exchanges like Gate, accumulating a total of over 331 million PI. At the current price of $0.44, this amounts to a value of $148 million. Its holdings have surpassed those of wallets from exchanges like Gate, ranking it as the sixth largest Whale address in the top 17 of the Pi Network. This behavior occurred against the backdrop of Pi coin's price having fallen over 70% from its May peak and missing the July altcoin season, triggering strong community attention. Mainstream speculation points to the buyback wallet of the Pi core team (PCT) or liquidity reserves prepared by exchanges for the listing of PI.

Mysterious Whale goes against the trend to sweep up coins, holding amount ranks among the top

• Massive Accumulation: The blockchain data tracking platform Piscan shows that the address "GAS…ODM" has continuously withdrawn Pi coins from mainstream exchanges (including Gate) over the past three months.
• Ignore the slump: Despite the continuous fall in the price of Pi, and the inability to benefit from the altcoin season in July, the accumulation behavior of this Wallet has increased instead of decreased, with more frequent large withdrawal transactions recently.
• Remarkable Holding Size: As of the report, this Wallet holds 331 million PI coins, with a market value of 148 million USD. Its holding balance has surpassed the publicly available wallet balances of exchanges like Gate, ranking sixth among the known top Whale Wallets in the Pi Network (Top 17 Whale Wallets).

Two mainstream speculations in the community: official buyback vs exchange reserves The Pi community has formed two core inferences about the identity and intentions of this mysterious Whale:

1. Pi Core Team ( PCT ) Buyback Wallet: This is currently the most mainstream speculation. Community media such as Pi News have reported that this wallet (code-named "ODM") is accumulating PI at an "unprecedented" speed, and it is very likely to be the official buyback wallet ( Buyback Wallet ) controlled by PCT. Its purpose may be to buy back PI during the unlocking period to stabilize coin price, manage circulating supply, or for a potential token burn mechanism.
2. Exchange Liquidity Reserve: Another speculation suggests that "ODM" may belong to a certain top-tier exchange planning to launch PI coin (Top-Tier Exchange). Its substantial accumulation of PI is preparing sufficient liquidity reserve(Liquidity Pool) for the official listing(Listing) of Pi Network tokens. Investors like Kim H Wong believe this indicates that an exchange may be preparing to list PI.

Official silence, the market waits for answers

• As of now, no exchange has publicly confirmed the ownership of this Wallet Address.
• Pi Core Team ( PCT ) has also remained silent regarding the unusual activity of the Wallet, without making any official statements.
• Regardless of its true ownership, against the backdrop of the continued sluggish price of PI coin, such a massive on-chain accumulation behavior is viewed by some PI holders as a positive signal, suggesting that there is strong support at the bottom.

PI price goes against the trend, showing a clear differentiation from the alts market

• The current price of PI is stabilizing around $0.44**, but it has fallen over 30% from last month's high.

• In stark contrast, during the same period, the total market value of alts (TOTAL3) skyrocketed from $800 billion to over $1 trillion, with an increase of 30%. The Pi coin significantly missed the altcoin season trend (Altcoin Season Trend) in July, showing an independent divergence in its movement.

  

Tokenomics Perspective: The Potential Impact Behind Whale Behavior

• Supply Tightening: A large amount of PI has been withdrawn from the exchange and is being long-term hoarded in Wallets, indicating a reduction in circulating supply, which may create a deflationary effect on coin prices in the future (Deflationary Pressure ).
• Confidence Indicator: Large-scale accumulation during price deep corrections, whether due to official actions or institutional layouts, is interpreted as a confidence vote for the long-term value of Pi Network.
• Listing Expectation Warms Up: The "exchange reserve statement" further raises market expectations for Pi's upcoming listing on mainstream exchanges (Listing Expectation ), becoming a potential price catalyst.

Conclusion: Whales Stirring the PI Pool, The Mystery Influences the Ecological Direction The "GAS…ODM" Wallet has swallowed $148 million worth of 331 million Pi coins in just three months, and its scale and sustained accumulation actions have made a significant impact in the Pi community. The community is engaged in heated discussions surrounding the two major speculations of official repurchase by the Pi core team and exchange listing reserves, but the silence from the officials and the platform keeps the truth a mystery. This event highlights the significant influence of on-chain whale behavior on the ecosystem of emerging crypto projects. Regardless of its ultimate identity, the wallet's coin accumulation objectively provided significant on-chain support during the deep correction period of Pi coin prices, and may influence future trends by changing the supply-demand relationship. The market is closely monitoring the subsequent movements of this address and the potential responses from the Pi core team, as the answers may profoundly impact the development of Pi Network's token economic model(Tokenomics) and market confidence rebuilding process. Whether the Pi ecosystem can seize this opportunity to reverse the downward trend still requires time to verify, but this mysterious whale has become the most critical observation window at present.