A mysterious Pi Network wallet has stirred excitement and suspicion across the crypto space after quietly amassing over 331 million PI coins—worth approximately $148 million—during a period of significant price decline.
Identified by the address GAS…ODM, the wallet has been actively pulling large amounts of Pi from exchanges like OKX, MEXC, and Gate.io over the past three months.
Despite Pi’s sharp drop from its May peak and its underperformance during the recent altcoin rally, the buying has only accelerated.
What’s raising eyebrows is not just the volume, but the timing. With Pi currently trading near $0.44—over 30% down from last month—many in the community see the accumulation as more than just opportunistic. Some speculate the wallet is linked to the Pi Core Team and could be part of a buyback strategy to manage supply during token unlocks. Others believe it may belong to a major exchange preparing liquidity ahead of a long-awaited listing.
The wallet now ranks among the top holders in the Pi ecosystem, surpassing balances of some major exchange wallets. However, neither the Pi Core Team nor any exchange has confirmed ownership, keeping the mystery intact.
Regardless of the source, the wallet’s steady activity has injected renewed optimism into the Pi community—even as the broader altcoin market has rallied over 30% in July, leaving Pi trailing behind.
Alexander Stefanov
Reporter at Coindoo
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/whale-activity-sparks-pi-network-speculation-ahead-of-potential-listing/