In recent months, the Pi Network community has been buzzing about a mysterious whale wallet identified by the address GAS…ODM. In just three months, this wallet has accumulated over 331 million Pi, with a current value of $148.5 million.
This persistent accumulation occurs against a backdrop of a sharp decline in the price of Pi, down over 70% from the peak in May. This move has sparked various interpretations within the community.
Who Owns the Whale Wallet Containing Over 330 Million Pi?
According to data from Piscan, the whale wallet has continuously withdrawn Pi from exchanges like OKX, Gate.io, and MEXC over the past three months.
Although the price of Pi continues to decline and is no longer appearing in the altcoin season of July, this address shows no signs of slowing down. In fact, it is accumulating even more robustly. Data shows that the wallet has executed several large transactions, withdrawing millions of Pi in just the past few days.
As of now, this wallet holds over 331 million Pi, worth $148.5 million. The wallet's balance has surpassed that of the trading wallets on Gate.io, Bitget, and MEXC. Currently, this wallet ranks 6th among the top 17 Pi Network wallets.
Many speculate that this is not an ordinary user. It may be related to the Pi Core Team (PCT) - the official development team behind Pi Network. Some believe this could be a buyback wallet, used to buy back tokens during the unlock period to help stabilize prices and manage supply.
“The 'ODM' wallet is currently accumulating PI at an unprecedented rate… This wallet may be a buyback wallet. Suspected to be owned by the PCT team,” Pi News reports.
However, this strong accumulation coincides with growing market expectations for the potential listing of Pi. This leads many to believe that “ODM” may belong to an exchange preparing liquidity for the launch of Pi.
“This indicates that a whale is accumulating Pi. It also raises speculation about a leading exchange preparing to list Pi,” investor Kim H Wong predicts.
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.
Regardless of who owns it, this accumulation has given Pi holders a positive sense of reassurance, especially as the price of Pi seems to be going against the trend of the altcoin season in July.
At the time of writing, Pi is trading steadily around $0.44, down more than 30% from last month’s high. In contrast, the market capitalization of altcoins (TOTAL3) has increased by 30% during the same period, from $800 billion to over $1 trillion.