Since launching 12 years ago, Bankless Times has brought unbiased news and leading comparison in the crypto & financial markets. Our articles and guides are based on high quality, fact checked research with our readers best interests at heart, and we seek to apply our vigorous journalistic standards to all of our efforts.
BanklessTimes.com is dedicated to helping customers learn more about trading, investing and the future of finance. We accept commission from some of the providers on our site, and this may affect where they are positioned on our lists. This affiliate advertising model allows us to continue providing content to our readers for free. Our reviews are not influenced by this and are impartial. You can find out more about our business model here.
Pi Network price has crashed since its mainnet launch in February, resulting in substantial losses for its holders. The coin was trading at $0.34 on Thursday, down by over 88% from its all-time high. This article looks at the Pi Coin and examines who owns the most tokens.
Pi Network is a cryptocurrency launched in 2018 to address the main challenges of Bitcoin. The primary challenge was that mining Bitcoin is highly complicated and expensive. It solved that by creating a coin that people can mine using their smartphones.
On top of this, Pi Network developers hoped to create a cryptocurrency with utility. To achieve this, they launched the Ad network, providing developers with a technology to monetize their apps. They then launched the Pi App Studio and Pi AI Studio to help creators build their applications.
Pi Network offers additional features, including Know Your Customer (KYC), which allows pioneers in the enclosed mainnet to transfer their mined tokens to the mainnet.
To a large extent, Pi has been a disappointment, failing to achieve most of the goals it initially set. For example, while the developers promised an active ecosystem, it is largely a ghost chain with apps that almost no one uses. Also, no major company accepts Pi as a payment option.
READ MORE: Pepe Price Pattern Points to 40% Surge Despite Red Flags
Data compiled by PiScan shows that there are ten Pi whales holding tokens worth over 10 million coins, worth $3.4 million and above. The biggest Pi Network whale holds over 377 million coins worth over $128 million.
The identity of this whale is anonymous. There is speculation that this whale is Justin Sun, the billionaire founder of Tron. He might be buying with hopes that the coin will surge when it gets listed by exchanges, including HTX, which is associated with him. In addition to Sun, the whale could be an insider in other major exchanges.
The other top holders of the Pi coin are the Pi Foundation, an obscure entity that holds billions of these coins. Not much is known about the foundation. As such, we can assume that Nikkolas Kokkalis and Chengdiao Fan, its founders, control these wallets.
Four anonymous wallets hold 100 million Pi coins worth $34.38 million. It is unclear whether these accounts are related. Another large wallet holds 30.1 million coins, and another one 21.4 million coins.
Data shows that almost 10,000 accounts hold Pi coins worth between $343,800 and $3.4 million, and 356 of them have holdings between $34,380 and $343 million.
READ MORE: Ethereum Rich List Revealed as ETH Price Prepares to Surge
We`ve got crypto covered – every trend, every insight, every move that matters. Add us to your feed and stay ahead of the market.
Since launching in 2012, Bankless Times is dedicated to bringing you the latest news and informational content within the alternative finance industry. Our news coverage spans the whole crypto-sphere so you’ll always stay up to date — be it on cryptocurrencies, NFTs, ICOs, Fintech, or Blockchain.