Pi Network’s meteoric rise earlier this year has given way to a brutal correction. The token, once valued near $20 billion, now sits closer to $2 billion after plunging more than 90% from its February highs.
At the center of the story is a mysterious whale who had been aggressively scooping up Pi Coin. Blockchain data shows he amassed more than 383 million tokens, worth about $100 million at current prices, becoming the largest holder outside of the Pi Foundation itself. For weeks, his consistent buying propped up sentiment. But that streak abruptly ended ten days ago, when his last recorded transfer brought 1.4 million Pi from OKX into self-custody.
Since then, traders have been left guessing. Did he simply reach his target? Is he pausing before resuming? Or has he soured on Pi altogether? Small outgoing transfers spotted in recent days have only added to the unease.
Market Loses Momentum
With that buyer on the sidelines, broader demand has thinned. Daily trading activity has slipped to around $30 million, unusually low for a token still carrying a multi-billion-dollar valuation. Even a keynote appearance by co-founder Dr. Chengdiao Fan at TOKEN2049 did little to revive confidence, as she offered no new details about exchange listings or tokenomics.
Technicals are flashing red. Pi has lingered below both its 50-day and 100-day moving averages after collapsing under $0.31 support. Analysts note the emergence of a bearish flag pattern – a setup that often signals further selling pressure.
If the slide continues, the next checkpoint is $0.18, this year’s low. Breaking that could open the door to a deeper retreat toward $0.10. Bulls, meanwhile, would need to reclaim the $0.31 zone to prove demand is returning.
For now, the market’s fate appears tied to one silent whale – and whether his next move is to buy again or start unloading his stash.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/pi-coin-news-90-crash-whale-accumulation-stalls-confidence-fades/