In recent months, the Pi Network (PI) community has been buzzing with speculation about a mysterious whale wallet identified by the GAS…ODM address. This wallet has accumulated over 331 million PI coins in just three months, currently valued at $148.5 million.
This continuous accumulation occurs while Pi's price has dropped by more than 70% from its May peak. This movement has sparked various interpretations within the community.
Who Owns the Whale Wallet with 331 Million PI Coins?
According to Piscan's data, this whale wallet has been consistently withdrawing PI coins from exchanges like OKX, gate.io, and MEXC over the past three months.
Despite the decline in Pi's price and the absence of an altcoin season in July, this address has not stopped accumulating. In fact, it has intensified its accumulation. Data shows that this wallet has executed several large transactions, withdrawing millions of PI coins in recent days.
Currently, this wallet holds over 331 million PI coins, amounting to $148.5 million. Its balance exceeds the wallets of gate.io, Bitget, and MEXC exchanges. It is currently ranked 6th among the top 17 Pi Network whale wallets.
Many speculate that this is not an ordinary user and could be related to the Pi Core Team (PCT), the official development group of Pi Network. Some believe it might be a buyback wallet to stabilize the price and manage supply during the unlock period.
"The 'ODM' wallet is accumulating PI at an unprecedented rate... This wallet is likely a buyback wallet and is suspected to be owned by the PCT team," reported Pi News.
However, this aggressive accumulation coincides with growing market expectations for a potential Pi listing. This has led some to believe that "ODM" could belong to an exchange preparing liquidity for Pi's debut.
"This indicates that whales are accumulating Pi. It has also sparked speculation that top exchanges are preparing to list Pi," predicted investor Kim H Wong.
So far, 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.
Whoever the owner may be, this accumulation has provided positive reassurance to Pi holders, especially as Pi's price seems to be moving contrary to the July altcoin season's trend.
At the time of writing, Pi is trading stably at around $0.44, down more than 30% from its peak last month. In contrast, the altcoin market cap (TOTAL3) has increased by 30% during the same period, rising from $800 billion to over $1 trillion.
