
A mystery whale wallet, GASโฆODM, has withdrawn 331M Pi coins worth $148M from OKX and other exchanges over the past three months.
Theories swirl from a Core Team buyback to a major exchange prepping for a Pi Network listing.
With Pi supply already tight, such massive accumulation could set the stage for a potential breakout if selling pressure stays low.
Pi Coin has been in a slump, dropping nearly 70% since May, even as other altcoins have rallied. But one mysterious player isnโt backing down. Over the past three months, a wallet known as GASโฆODM has quietly snapped up 331 million Pi coins worth about $148.5 million. These buys arenโt random; data from Piscan shows repeated, wellโtimed withdrawals from top exchanges like OKX, Gate.io, and MEXC.
Whoโs Behind the Whale?
Nobody knows who owns GASโฆODM. Theories range from:
- Pi Core Team is secretly buying back tokens to reduce supply and stabilize the price.
- A major exchange is building liquidity ahead of a muchโanticipated Pi listing.
- An anonymous investor is stockpiling for longโterm gains before Piโs official launch.
Crypto user, Cobak, highlighted that the mystery wallet โGASโฆODMโ has become Pi Networkโs 6th-largest holder after scooping up 350M PI (~$125M) in just four months. The whaleโs pattern, large withdrawals from OKX and Gate.io, with buys during price dips, matches classic accumulation tactics.
The owner remains unknown, but theories range from an anonymous investor building a pre-listing stash to the Pi Network Foundation conducting a quiet buyback, or a major exchange preparing for a future listing. While no party has confirmed anything, an analyst notes that a listing hint would be bullish and urges watchers to keep an eye on the wallet.
Supply Shock in the Making
Out of roughly 7.4 billion Pi moved to the mainnet, about 5.2 billion remain locked, leaving just 2.2 billion in circulation. With 331 million coins under its control, GASโฆODM holds more Pi than some exchanges. This reduces available supply, potentially setting a price floor if selling pressure stays low.
Pi Price Struggling to Keep Up
While the crypto market gained about 30% during altcoin season, Pi has been stuck between $0.40 support and $0.50โ$0.52 resistance. Technicals now show an oversold RSI and a bullish MACD crossover, hinting at a potential rebound. If Pi can break above $0.52, analysts see a possible climb to $0.75โ$0.85, and in the best case, $1.00 by 2026.
Could a Breakout Be on the Horizon?
Some see the whaleโs moves as a vote of confidence, potentially sparking developer activity and staking growth. Pi App Studio has already hit 7,900 decentralized apps, with 37.7 million Pi coins staked in the ecosystem. Others warn that such a large concentration of Pi could hurt decentralization and give too much power to one entity.
If GASโฆODM turns out to be a major exchange preparing for a listing. The news could be the single biggest catalyst in Piโs history, instantly boosting liquidity, market access, and investor interest. If itโs a Core Team buyback, it would reflect strong internal conviction that Pi is undervalued and poised for a turnaround.
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FAQs
The identity is unknown; theories include a major exchange, Pi Core Team buyback, or a large private investor.
GASโฆODMโs buys match classic accumulation tactics, often during price dips to build a large position.
Holding 331M Pi cuts circulating supply, potentially creating a price floor if selling pressure stays low.