Pi Network price has crashed by over 90% from its highest level since its mainnet launch in February. This plunge has led to a $18 billion wipeout as the valuation has dropped to $2 billion. Pi Coin could continue falling as one mysterious whale who has been buying stops accumulating.
Pi Network Price Could Crash as Whale Stops Buying
One of the recent catalysts for the Pi Network has been accumulation by a mysterious whale. A look at PiScan shows that this whale was buying the coin almost daily.
His buying brought his total holdings to over 383 million coins, which are now worth over $101 million. He has become the biggest holder of Pi Coins after the Pi Foundation, which holds over 90 billion coins.
Recently, however, the whale has stopped accumulating. His last purchase was ten days ago, when he moved 1.4 million tokens worth over $380,100 from OKX to his self-custody wallet.
There are three potential reasons for the pause in purchases. First, the whale is likely taking a breather after buying coins worth over $100 million in less than 30 days.
Second, the investor may have achieved his goal of his accumulation, which is understandable. Finally, the whale may be changing his mind about Pi, which could see him start selling. This is possible as he has been making some small transactions to one account in the past three days.
Meanwhile, Pi Network price has crashed as demand from investors waned. Data compiled by CoinMarketCap shows that the 24-hour volume has plunged by 20% to $30 million, a tiny amount for a coin valued at over $2 billion.
Pi Coin price crashed even after Dr. Chengdiao Fan, its co-founder, talked at the TOKEN2049 event in Singapore. This decline is likely because she did not provide any detail about Pi’s future, including its tokenomics and exchange listings.
Pi Coin Price Technical Analysis
The daily timeframe chart shows that the Pi Coin price crashed below the important support level at $0.3173 in September as the crypto market plunged. Unlike other coins, however, Pi has remained in a deep bear market, partly because the whale has stopped purchasing. Its token unlocks are also accelerating.
The Pi Network price has formed a bearish flag pattern, which often leads to more downside over time. This pattern is made up of a vertical line and a horizontal channel.
Pi has remained below the 50-day and 100-day moving averages, a sign that bears remain in control. Therefore, the most likely Pi forecast for 2025 is bearish, with the next key target level being the year-to-date low of $0.1837, its lowest level in September. A drop that support will point to more downside, potentially to $0.1.
On the other hand, a move above the resistance at $0.3173 will invalidate the bearish outlook as it will be a sign that there is robust demand from investors.