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The price of Pi Network (PI) has plummeted more than 90% since its mainnet launch in February, wiping out $18 billion in value and reducing its market capitalization to just $2 billion. Analysts warn the token could fall further, potentially testing the critical support level of $0.10, as a mysterious whale halts its aggressive buying spree.
Whale Activity Behind Pi’s Volatility
For months, Pi Network’s price action was strongly influenced by the steady accumulation of one major whale. According to PiScan data, this whale had been buying nearly every day, eventually amassing 383 million PI tokens, valued at over $101 million. This made him the largest private holder of PI, second only to the Pi Foundation, which controls more than 90 billion tokens.
🐋 Who’s the whale behind wallet “GAS…ODM” accumulating $Pi Network tokens? And why?
Over the past 4 months, this wallet — now the 6th-largest Pi holder — has scooped up 350M Pi coins
(≈ $125M USD)📊 Accumulation pattern:
– Large withdrawals from OKX & Gate io
– Activity… pic.twitter.com/1ITYKEl9EV— Cobak (@CobakOfficial) August 4, 2025
However, activity has suddenly stopped. The whale’s last major purchase was 10 days ago, when he moved 1.4 million tokens worth $380,100 from OKX to his self-custody wallet.
Why Did the Whale Stop buying PI?
Analysts point to several possible reasons:
- Profit-taking pause – After acquiring more than $100 million worth of PI, the whale may simply be resting.
- Accumulation target met – He may have reached his intended portfolio allocation.
- Loss of confidence – Small transfers from his account in recent days suggest he may be preparing to offload tokens.
Pi Price Crashes Despite TOKEN2049 Speech
Investor confidence was further shaken when Pi Network co-founder Dr. Fan spoke at TOKEN2049 in Singapore. Many expected details on tokenomics or exchange listings, but the presentation provided no new information, leaving investors disappointed.
Dr. Chengdiao Fan speaks at the Token 2049#Picommunity #PiGCV #PiCoin #PiNetwork #TOKEN2049 #LiveEvent #Blockchain pic.twitter.com/Ll8GbP6mMW
— ONE WORLD DIGITAL CURRENCY (@gfc199) October 1, 2025
Meanwhile, trading volumes have dropped sharply, signaling weakening demand. Combined with the whale’s inactivity, this has accelerated Pi’s decline, with analysts warning of additional downside risks.
