Pi Network has always promoted itself as one of the world’s most accessible cryptocurrencies, allowing anyone with a smartphone to mine Pi for free. Today, the project claims to have over 70 million registered users worldwide.
But on-chain data reveals that just 21 wallets hold more than 10 million PI each, raising a big question: Is Pi Network really decentralized, or could a small group of whales manipulate Pi Coin’s price?
According to blockchain data from PIScan, fewer than 10,000 wallets hold at least 1 million PI.
Most of them, around 9,961 wallets, hold between 1 million and 10 million PI, while another 766 wallets own between 100,000 and 1 million PI.
At the very top, however, only 21 wallets hold more than 10 million PI, making them the network’s biggest whales.
Even more striking is the Pi Foundation itself. Its largest wallet reportedly controls more than 52 billion PI, representing a significant share of the network’s total supply.
The distribution becomes even more noticeable when compared to Pi’s overall user base.
Although Pi Network has reported more than 70 million registered Pioneers, only around 16.7 million users have successfully migrated to the mainnet. Meanwhile, blockchain data shows that over 80% of all Pi holders, roughly 14.5 million accounts, own fewer than 10 PI.
This creates a sharp difference between a small number of whale wallets controlling large amounts of PI, while the majority of users hold only small balances.
The distribution data comes as Pi Network prepares for another major increase in circulating supply.
Around 1.21 billion PI is expected to unlock during the second half of 2026, averaging nearly 6.5 million PI entering circulation every day.
The concerns are raised more as sentiment around Pi Coin continues to weaken. Crypto influencer Tabraiz Shams, who previously supported the project, recently called Pi Network a “dead project.”
Pi Coin is now trading around $0.11, reflecting a drop of roughly 97% from its all-time high.
Large holders could also have a bigger influence on market movements. If even a single whale decides to sell a significant portion of its holdings, smaller investors could face increased price volatility.
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