Pi Coin has been in a slump, dropping nearly 70% since May, even as other altcoins have rallied. But one mysterious player isn’t backing down. Over the past three months, a wallet known as GAS…ODM has quietly snapped up 331 million Pi coins worth about $148.5 million. These buys aren’t random; data from Piscan shows repeated, well‑timed withdrawals from top exchanges like OKX, Gate.io, and MEXC.
Who’s Behind the Whale?
Nobody knows who owns GAS…ODM. 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 much‑anticipated Pi listing.
- An anonymous investor is stockpiling for long‑term gains before Pi’s official launch.
Crypto user, Cobak, highlighted that the mystery wallet “GAS…ODM” has become Pi Network’s 6th-largest holder after scooping up 350M PI (~$125M) in just four months. The whale’s 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, GAS…ODM 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 $0.50–$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 $0.75–$0.85, and in the best case, $1.00 by 2026.
Could a Breakout Be on the Horizon?
Some see the whale’s 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 GAS…ODM turns out to be a major exchange preparing for a listing. The news could be the single biggest catalyst in Pi’s history, instantly boosting liquidity, market access, and investor interest. If it’s a Core Team buyback, it would reflect strong internal conviction that Pi is undervalued and poised for a turnaround.
Never Miss a Beat in the Crypto World!
Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.
FAQs
The identity is unknown; theories include a major exchange, Pi Core Team buyback, or a large private investor.
GAS…ODM’s 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.
