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Patrick Johnson is a seasoned crypto journalist and analyst with a sharp eye for emerging trends in blockchain, DeFi, NFTs, and Web3 innovation. With a…
Kai Man Ng is an editor and translator with a strong passion for crypto, blockchain, and Web3 technologies. He specializes in transforming complex technical concepts…
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.
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.
Analysts point to several possible reasons:
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.
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Patrick Johnson is a seasoned crypto journalist and analyst with a sharp eye for emerging trends in blockchain, DeFi, NFTs, and Web3 innovation. With a background in tech writing and years of experience tracking digital assets, Patrick breaks down complex topics into clear, actionable insights for investors, builders, and curious readers alike. His work spans market analysis, crypto regulation, decentralized finance ecosystems, and interviews with founders shaping the next phase of the internet. Patrick’s writing has appeared in leading crypto publications and has earned a reputation for depth, clarity, and a no-hype approach to crypto journalism. When he’s not decoding the latest protocol upgrade or reporting on DAO governance shifts, you’ll find him experimenting with smart contracts or hiking off-grid — because even crypto authors need to unplug sometimes.
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