Mysterious Whale Hoards 331 Million Pi Coins, Sparks Speculation About Listing

In recent months, the Pi Network (PI) community has been buzzing with rumors about a mysterious whale wallet, identified by the gas address GAS...ODM. Within just three months, this wallet has accumulated over 331 million Pi coins, currently valued at $148.5 million.

This continuous accumulation is happening against the backdrop of a significant Pi price drop, falling over 70% from its peak in May. This move has triggered various interpretations within the community.

Who Owns the Whale Wallet Holding Over 330 Million Pi Coins

According to data from Piscan, this whale wallet has continuously withdrawn Pi coins from exchanges like OKX, gate.io, and MEXC over the past three months.

Despite Pi's continued price decline and absence from the July altcoin season, this address has not stopped accumulating. In fact, it has intensified its accumulation. Data shows the wallet has made multiple large transactions, withdrawing millions of Pi coins in just a few days.

Currently, this wallet holds over 331 million Pi coins, worth $148.5 million. Its balance has exceeded the wallets of gate.io, Bitget, and MEXC. It is currently ranked 6th among the top 17 Pi Network whale wallets.

Many speculate that this is not an ordinary user. It could be related to the Pi Core Team (PCT) – the official development team behind Pi Network. Some believe this might be a buyback wallet used to purchase tokens during unlocking stages to help stabilize price and manage supply.

"The 'ODM' wallet is currently accumulating PI at an unprecedented rate… This wallet is likely a buyback wallet. Suspected to be owned by the PCT team," Pi News reports.

However, this strong accumulation coincides with increasing market expectations about a potential Pi listing. This has led to speculation that "ODM" might belong to an exchange preparing liquidation for Pi's launch.

"It shows a whale accumulating Pi. It also raises speculation about a top exchange preparing to list Pi," investor Kim H Wong predicts.

To date, no exchange has officially confirmed that this wallet address belongs to them. The Pi Core Team has also remained silent about the wallet's activity.

Regardless of its owner, the accumulation has provided Pi holders with a positive sense of reassurance, especially as Pi's price seems to be moving contrary to the July altcoin season trend.

At the time of writing, Pi is trading stable around $0.44, down over 30% from last month's high. In contrast, the altcoin market capital (TOTAL3) has increased 30% in the same period, from $800 billion to over $1 trillion.