A single unidentified wallet holding over 400 million PI tokens has become the largest known holder of the cryptocurrency, even as the token trades near its lowest price ever. The wallet, labeled 'GAS…ODM,' added more than 1.5 million PI in a single day and has been accumulating almost daily through May, according to blockchain data. PI currently changes hands at roughly $0.143, just a step above its all-time low of $0.1296.
Whale accumulation pattern
The whale's stash crossed the 400 million mark during a period when daily unlocks are adding roughly 6.5 million new PI to circulation — about $29 million in fresh supply per month at current prices. No party has confirmed who controls the wallet. Some analysts speculate it could serve a buyback or treasury function, but that's just guesswork. What's clear is the steady buying: the wallet has been picking up tokens through May, a pattern that's drawn attention from traders watching the supply dynamics.
Protocol upgrades and user base
Pi Network is pushing ahead with three scheduled protocol upgrades in June. Protocol 24 has a deadline of June 2, v25.1 lands on June 8, and v26.0 follows on June 22. The network now reports 18.1 million verified users, 16.72 million migrations to the mainnet, and more than 119,000 second migrations. Those numbers show continued adoption, though the price hasn't reflected it yet.
Exchange flows and market pressure
Exchange wallets together hold about 545 million PI, and net inflows over the past 24 hours hit roughly 1.5 million PI. That's a sign that some holders are moving tokens to exchanges, possibly to sell. Combined with the daily unlocks, the market is absorbing a steady stream of new supply — and the whale is absorbing a chunk of it.
MACD crossover hints at upside
A bullish MACD crossover is setting up for early June. Looking back, past successful signals on the PI chart have produced notable moves. The cross on Oct 17, 2025 lifted the token 53.56%; the Nov 16 signal brought 30.39%. The Dec 20 signal failed, but Feb 13 delivered a 122.07% jump. The most recent on Apr 15 gave 21.36%. If history is any guide, a similar move from current levels could push PI to around $0.22. That's not a prediction — just what the chart has done before.
The big question nobody can answer yet: who's behind the wallet that now holds more PI than any exchange. Until someone steps forward, it's just a number on a screen — but it's a number that keeps growing.
